Hey there! Sign in to join this conversationNew here? Join for free
x Turn on thread page Beta
    • Thread Starter
    Offline

    0
    ReputationRep:
    Hey,

    Need some help with my report. Much help appreciated ^^

    What sort of social policies and measures did the US and the UK undertake to recover from the economic/financial crisis?

    Thank you
    Offline

    21
    ReputationRep:
    Depends what you call a recovery.

    The UK is currently undergoing an aggressive fiscal consolidation programme and as a result it's economy is still around 3% smaller than before the financial crisis.

    The USA economy is now larger than before the financial crisis because they have made only minor attempts to address their fiscal deficit.

    If you mean the actual crisis then there were stimulus programmes.
    Offline

    3
    ReputationRep:
    (Original post by Rakas21)
    Depends what you call a recovery.

    The UK is currently undergoing an aggressive fiscal consolidation programme and as a result it's economy is still around 3% smaller than before the financial crisis.

    The USA economy is now larger than before the financial crisis because they have made only minor attempts to address their fiscal deficit.

    If you mean the actual crisis then there were stimulus programmes.

    Try reading a newspaper. They made minor changes due to an election and now the elections over they're making bigger more necessary ones.
    I'd agree that the economy is still smaller but that's probably because pre crisis was invented on debt.
    Offline

    21
    ReputationRep:
    (Original post by MatureStudent36)
    Try reading a newspaper. They made minor changes due to an election and now the elections over they're making bigger more necessary ones.
    I'd agree that the economy is still smaller but that's probably because pre crisis was invented on debt.
    The crisis was far bigger in the USA so it's not a simple matter of being based on debt, our smaller economy is due to a combination of the EU crisis (trade) and the aggressive fiscal consolidation (the result being that we've gone from a larger deficit than them to a smaller one).

    I'm fully aware of the reasoning.
    Offline

    3
    ReputationRep:
    (Original post by Rakas21)
    The crisis was far bigger in the USA so it's not a simple matter of being based on debt, our smaller economy is due to a combination of the EU crisis (trade) and the aggressive fiscal consolidation (the result being that we've gone from a larger deficit than them to a smaller one).

    I'm fully aware of the reasoning.

    Just checking

    i know its painful but I think it needs to happen
    Offline

    21
    ReputationRep:
    (Original post by MatureStudent36)
    Just checking

    i know its painful but I think it needs to happen
    Certainly, i'm not saying its wrong and the result is that we will probably see higher growth than the USA in the medium to longer term. Just pointing out to OP that the long/short term approaches have led to the different effects.
    Offline

    3
    ReputationRep:
    (Original post by Rakas21)
    Certainly, i'm not saying its wrong and the result is that we will probably see higher growth than the USA in the medium to longer term. Just pointing out to OP that the long/short term approaches have led to the different effects.

    I think that's a very good point. The government can borrow and create in sustainable jobs short term but will just create bigger problems later on.
    Offline

    21
    ReputationRep:
    (Original post by MatureStudent36)
    I think that's a very good point. The government can borrow and create in sustainable jobs short term but will just create bigger problems later on.
    Yes.. 2013-2015 - Uk probably worse growth... 2016-2020 - US probably worse growth... 2020+ - Back to long term averages (US may have an edge here)
    Offline

    3
    ReputationRep:
    (Original post by Rakas21)
    Yes.. 2013-2015 - Uk probably worse growth... 2016-2020 - US probably worse growth... 2020+ - Back to long term averages (US may have an edge here)

    Im on an I phone so can't check it, but there was a thread about trade deals between the EU and the us a few weeks back.

    somebody posted a link for a PWC report pushing out to 2030. It would appear that we'll be top dog in Europe by then.
    Offline

    21
    ReputationRep:
    (Original post by MatureStudent36)
    Im on an I phone so can't check it, but there was a thread about trade deals between the EU and the us a few weeks back.

    somebody posted a link for a PWC report pushing out to 2030. It would appear that we'll be top dog in Europe by then.
    Yes, that should be of benefit to us all.

    That was me i believe, by 2050 we could have the 3rd largest GDP per capita of the western world and overtake France and potentially Germany.
    Offline

    3
    ReputationRep:
    (Original post by Rakas21)
    Yes, that should be of benefit to us all.

    That was me i believe, by 2050 we could have the 3rd largest GDP per capita of the western world and overtake France and potentially Germany.


    So I've just quoted something back to you

    circular reporting at its best!

    Some thoughts though that maybe you can help me out on.

    firstly, the economy is cyclic. Do you think this durn turn is because we missed out on the last one? I.e. it's double the fun?

    secondly, do you think people forget easily that these things are cyclic?


    thirdly, are things really as bad as they seem. Everybody I speak to seems to think its bad but on a personal level they're ok?


    fourthly, do you think the cuts made are because we thought we'd never have a recession again and over stretched ourselves?
 
 
 
Poll
Do you agree with the proposed ban on plastic straws and cotton buds?
Useful resources

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.