Changes

The merchandise trade deficit reached a record $840 billion in 2008 before shrinking to $506 billion in 2009, and ramping back up to $630 billion in 2010. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a [[recession]] by mid-2008. [[GDP]] contracted until the third quarter of 2009, making this the deepest and longest downturn since the [[Great Depression]]. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and other industrial corporations, much of which had been returned to the government by early 2011.  

The merchandise trade deficit reached a record $840 billion in 2008 before shrinking to $506 billion in 2009, and ramping back up to $630 billion in 2010. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a [[recession]] by mid-2008. [[GDP]] contracted until the third quarter of 2009, making this the deepest and longest downturn since the [[Great Depression]]. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and other industrial corporations, much of which had been returned to the government by early 2011.  

In January 2009 the US Congress passed and President [[Barack Obama]] signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. Approximately two-thirds of these funds were injected into the economy by the end of 2010. In March 2010, President Obama signed a health insurance reform bill into law that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a bill designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.  

In January 2009 the US Congress passed and President [[Barack Obama]] signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to promote a more government-regulated economy. Approximately two-thirds of these socialist funds were injected into the economy by the end of 2010. In March 2010, President Obama signed the [[Patient Protection and the Affordable Care Act]], in order to promote government-controlled healthcare. In July 2010, the President signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a bill designed to promote a government-controlled [[Wall Street]], ending taxpayer bailouts of financial firms, taxing the troubled banks that are "too big to fail," and promoting accountability and transparency against the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.  

In November 2010, in an attempt to keep interest rates from rising and snuffing out the nascent recovery, the US Federal Reserve Bank (The Fed) announced that it would purchase $600 billion worth of US Government bonds by June 2011.

In November 2010, in an attempt to keep interest rates from rising and snuffing out the nascent recovery, the US Federal Reserve Bank (The Fed) announced that it would purchase $600 billion worth of US Government bonds by June 2011.