Economic recovery
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February 4, 2010
Filed under News
It’s been over a year since the Emergency Economic Stabilization Act of 2008 was passed. At the time of its passing, the public were told that it would take some time to see results. Big businesses saw benefits almost immediately; it’s taking local business and citizens much longer. Most are still waiting.
Kali Hinman, a sophomore, has seen no benefits personally from the government spending 2,295$ of her money, (the estimated cost of the bailout per person). But perhaps her family, local business owners have seen some benefits? No. They have been able to keep their business stable and productive, but it is not growing, even though the general sandwich market is.
Federal Reserve Chairman Ben Bernanke is up for re-appointment, and his job performance has been a major issue for republicans looking to block him from another four-year appointment. They claim that the bailout has caused major federal debt and did little to relive the economic crises. Although some are saying that they will do whatever it takes in order to prevent his re-appointment, there are enough democrats on the committee that his job seems safe for now.
The unemployment rate has slowed its decline in recent months, and there is some growth in certain economic sectors. When the Black Friday numbers come in, economists should have a better idea about which sectors of the economy will have success in the coming months. For now, retailers must hope that Christmas brings in enough revenue to get them through the spring and wait until the economy starts to recover.
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Schuyler Foulke
Last 5 posts in News
- Tempting but Terrifying Habit - March 3rd, 2011
- Making Up for Lost Time - March 1st, 2011
- Spring is in the Air - February 17th, 2011
- Numana Project - January 26th, 2011
- Finals Under Way, Students Under Pressure - December 17th, 2010
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