Graphs that will help with this assignment can be found here: https://fred.stlouisfed.org/
(or any other economic website you may find easier to access)
In this part, you will be looking at the outlook of the U.S. economy. You are to do this part by writing about the effect of COVID_19 on the economy. Clearly explain how the stay home orders affect businesses (both big corporations and small businesses) and how it affects some key macroeconomic indicators like GDP, government spending, unemployment rate, unemployment insurance, consumer spending, consumer income. Is the second stimulus package necessary? Why/why not? What do the indicators you discussed above suggest? Use graphs or tables to support your explanations when necessary. Just a brief summary of the current economy outlook. However, a minimum of TWO pages is required in this part.
Due to COVID-19 there has been an economic crisis in the United States. This pandemic disrupted the lives of Americans and has pushed Americans to adapt to a new way of living. Americans were told to stop working, and if possible, to work from home. They were told to avoid any interactions with other people and to not go outside unless it was necessary. This stay at home order affected almost every business in the United States, whether that be big corporations or small businesses. As a result of COVID-19 many small businesses that were not considered essential were mandated to close and were allowed to continue operations so long as they can be carried on remotely. The businesses that are unable to operate remotely took the biggest hit and created a ripple effect because those businesses hire accountants and advertisers and other small businesses, so if they don’t have the funds to keep running then they can’t support the people they hire. Also, a lot of small businesses that closed were put in a position where if they reopened then it would be like opening for the first time because they don’t have the type of cash on hand to weather a crisis like COVID-19. Therefore, a lot of small businesses went out of business. To continue, big corporations were affected as well. Large business take market share from small businesses, but because these big corporations are huge, they usually have an online retail market, like Target, Walmart, Best Buy, etc. therefore, these big corporations were able to double their internet sales and is likely to stick among some consumers, as an acquired habit (washingtonpost.com). The stronger companies will also buy up weaker businesses that have valuable brands and other assets, therefore affecting the distribution of resources among business owners, managers and workers. The bigger companies will end up winners.
To add on, the effects of these big corporations and small business impacts key macroeconomic factors such as GDP because GDP fell at a 32.9% annualized rate and 30.2 million Americans were receiving unemployment rates (weforum.org). Due to the unemployment rates increasing consumers were spending less and private sectors were investing less. Spending on services dropped 43.5%, while spending on nondurable goods, such as groceries, toiletries and clothing fell by 15.9% (USA today). Due to the lockdowns, exports fell 64.1% and American imports were 53.4% less because COVID-19 cut domestic demand for foreign goods (USA Today)
In this part you are to examine the Current Fiscal Policy of the United States. What Are Some of the Pitfalls? What Factors Have Contributed to Recent Economic Growth or Decline? You are to do this part by comparing Obama’s last term in office with Trump’s first term. A minimum of TWO pages is required here.
Part 3: Housing
Page count is not really a big issue for me but you are to do this part with at least a minimum of 2 pages. Some of the key areas you will want to look into in this part might include the relationship between:
growth rate in real private residential fixed investment from the past 7 years, look for trends like recessions, boom etc and what is the economic rationale behind it?
permits and real private residential fixed investment trends
unemployment rate and real private residential fixed investment. What is their relationship (if any?)
mortgage rates and demand for housing. Do people really buy more houses when mortgage rates are low? How does COVID_19 affect mortgage rates and Demand for housing?
linear trend between housing price and income growth, look at the relationship for the past 5 years.
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