Lorca-Susino, María (2011) The US Economy and the Great Recession. Jean Monnet/Robert Schuman Paper Series Vol. 11, No. 5, October 2011. [Policy Paper]
Abstract
Excerpt from the Introduction: This paper discusses the currently troubled economic situation of the US, which has become a vicious cycle, led by low consumer spending and business investment due to high unemployment, and a stagnant real estate market. Despite signs of solid recovery in 2010, financial woes continue to plague the US as of the summer of 2011. The economy is facing a dramatic setback led by a controversial sovereign credit rating downgrade. The US is suffering more than expected due to the rise of the debt ceiling without a clear cut agreement on the budget; however, the US Treasuries have become a safe haven and the US dollar seems to be maintaining its reign as a hegemonic reserve currency, despite the current downgrade.
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