It has become common to hear politicians talk about “the economy of yesterday,” but the US has been in a tailspin of its own for the past few years.
That trend has accelerated with the Trump administration, and now, some analysts are predicting a “disaster” for the country in 2017.
Here’s how the country’s recovery has played out since 2010, and what it means for the economy in 2017: * 2010: The financial crisis of 2008 brought about the worst economic downturn in US history, leaving tens of millions of people unemployed and sending the country into a recession.
* 2010 saw the creation of the Federal Reserve System, the countrys central bank.
It later expanded its balance sheet and created the Federal Deposit Insurance Corporation, or FDIC, to protect against bank failures.
* 2012: The Obama administration began an ambitious and unpopular push to overhaul the US financial system.
The effort included the Federal Home Loan Bank, which was created to help homeowners pay down their mortgages.
The Bank of America, Citigroup, JPMorgan Chase, and Bank of New York Mellon formed a super-majority to oversee the banking system.
* 2013: The Federal Reserve began to slowly ease monetary policy, by lowering interest rates, gradually lowering interest payments, and gradually increasing the money supply.
This gradually reduced unemployment.
* 2014: The US economy started recovering in 2015 and 2016.
But, as the economy recovered in 2016, unemployment rose sharply, and inflation began to spike.
Unemployment fell to 3.6% in early 2018, then to 7.4% in late 2018.
* 2016: The Fed started to gradually ease monetary and fiscal policy, allowing the economy to regain some of the slack it had lost from 2008 to 2017.
This gradual easing continued for several years, as interest rates were gradually lowered, and the money stock expanded, with an average annual increase of roughly 2%.
* 2017: The Trump administration announced it was ending its $85 billion stimulus program, and would instead use $1.5 trillion in tax cuts, $700 billion in infrastructure spending, and $3 trillion in other stimulus measures to create jobs.
This resulted in the largest unemployment reduction since World War II.
* 2018: In February 2018, the Trump Administration ended its $1 trillion stimulus program and instead focused on tax cuts and spending on infrastructure.
This led to the largest reduction in unemployment since World Wars II.
Unemployment dropped to 4.1% in February 2019, then dipped to 2.9% in May 2019, before slowly rising to a record high of 6.7% in September 2019.
* 2019: The economy rebounded strongly in the first quarter of 2019, and unemployment dropped again in October 2019, which helped to ease fears of a possible depression.
Unemployment had dropped to 2%.
Unemployment in 2018 rose to 4%, but was still nearly double its pre-recession peak of 3.8%.
Unemployment is expected to drop to 2% by mid-century.
* 2020: The Clinton administration’s stimulus package of $1,250 billion in tax increases, $1 billion in spending on roads, and billions of dollars in infrastructure projects was a massive economic boon for the US.
The government’s job creation actually increased in the second quarter of 2020, and jobs expanded by nearly 10 million.
Unemployment was at a record low of 4.9%.
Unemployment fell again to 4% in November 2020.
* 2021: The Great Recession ended in the middle of the decade, and in 2022, the unemployment rate dropped to 3%.
Unemployment was once again at a historically low 5.1%.
Unemployment peaked at 5.8% in December 2022.
* 2022: The next recession, the Great Recession of 2017, was one of the deepest economic downturns since World WAR II.
The economy was in its weakest growth period since World Trade Center collapse in 2001.
Unemployment reached a record 12.4%, the lowest level since World World War Two.
Unemployment is predicted to decline further to 4%.
* 2022-2023: Unemployment started to recover in early 2022, but has since fallen again.
Unemployment in the third quarter of 2022 was 3.4%.
Unemployment has remained in a relatively low range of 5.6%.
Unemployment dropped further to 2%, and has remained at a relatively high level of 6%.
Unemployment for 2020 is expected in 2021 to drop below 3%, as well.
* 2024: The Carter administration was not happy with its stimulus program.
In fact, the Carter administration started a full-blown recession in 2019, when the unemployment rose to 10.7%.
Unemployment increased again in 2020, reaching 10.9%, and continued to rise in 2021.
Unemployment for 2021 is forecast to be 7.9%-8.4%-8%.
The economy has been recovering for a while now.
Unemployment has dropped below 3% in 2020.
Unemployment remains at a low level of 5%.
Unemployment declined again in 2021, to 4%; unemployment is expected at 5% by 2020.
The unemployment rate for 2021 will be 7%.
Unemployment will reach 8