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Paul Kennedy posits that continued deficit spending, especially on military build-up, is the single most important reason for decline of any great power. The costs of the wars in Iraq and Afghanistan were as of 2017 estimated to run as high as $4.4 trillion, which Kennedy deems a major victory for Osama bin Laden, whose announced goal was to humiliate America by showcasing its casualty ...
The recession was short, but extremely painful. The year 1920 was the single most deflationary year in American history; production, however, did not fall as much as might be expected from the deflation. GNP may have declined between 2.5 and 7 percent, even as wholesale prices declined by 36.8%. [32]
The ideology of Trumpism broadly adheres to a deeply-held belief that America was founded as a Christian nation. Philip Gorski, a Yale professor of the sociology of religion, calls this "a mythological version of American history." Movement adherents believe their Christian dominance has been usurped by other races and faiths, which Gorski ...
Infamous stock market crash that represented the greatest one-day percentage decline in U.S. stock market history, culminating in a bear market after a more than 20% plunge in the S&P 500 and Dow Jones Industrial Average. Among the primary causes of the chaos were program trading and illiquidity, both of which fueled the vicious decline for the ...
That was after a decline by 1.8 years from 2019 to 2020, producing the worst two-year decline since 1921-23. These figures open a window on a set of pathologies unique to America among developed ...
The United States, in particular, has a history of predicting its own downfall, beginning with European settlement. [19] The so-called "American declinism" has been a recurring topic in the politics of the United States since the 1950s. [citation needed] "America is prone to bouts of 'declinism,'" The Economist has noted. [20]
A Monetary History of the United States, 1867–1960. Chicago: University of Chicago Press. pp. 231– 239. ISBN 978-0691003542. Leab, Daniel, ed. Encyclopedia of American Recessions and Depressions (2 vol ABC-CLIO, 2014). Meltzer, Allan H. (2003). A History of the Federal Reserve – Volume 1: 1913–1951.
Despite the decline in commercial areas, he noted that residents have reportedly been pushing their local government to create more parks among other government-created community spaces with the ...