The+Bailout

Economic Downfall:
 ====Just as the country was looking to their President elect, Barack Obama, for a nation to be changed, our nations economy came crashing down. Although uncertain, the causes for this dramatic bailout are most commonly accounted to real estate booms, international issues, and liquidity traps. This bailout set our country billions of dollars into debt and left it for new president, Barack Obama, to recover. The effect on the American people, however, was probably the most notable to this piece of history. The nation’s poverty rate rose to 13.2 percent in 2008. Americans were losing money, jobs and homes fast. The vicious cycle came from businesses losing money, and therefore not being able to pay their employees, who in turn lost their jobs, lost money, and could no longer buy the products being sold by businesses. Federal policies were needed to be put in place to bring the country back up. Recieving no benefit from the Bush era, which promised to give more money to the people, the federal leaders planned on organizing tax cuts to get the job market back open to those who lost their jobs in the bailout. These plans are still being planned and played out today, in 2010, and jobs are still scarce for many, but the nation is slowly climbing back to the top.==== [|News Coverage]