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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 ...
Household incomes, as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level. [83] Additionally as of September 2012, the long-term unemployment is the highest it had been since World War II, [ 84 ] and the unemployment rate peaked several months after the end of the recession ...
The 1990s were the longest period of economic growth in American history up to that point. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks, [73] brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow.
The Voyager 1 spacecraft blasted off into space 35 years ago, and it's still hurtling away from the sun at over 38,000 miles per hour toward the border of our solar system and beyond. It is the ...
On this day in stock market history... "Prices of Stocks Crash in Heavy Liquidation; Total Drop of Billions" read the New York Times headline following a 6.3% drop in the Dow Jones Industrial ...
Iceland fell into an economic depression in 2008 following the collapse of its banking system (see 2008–2011 Icelandic financial crisis). By mid-2012 Iceland is regarded as one of Europe's recovery success stories largely as a result of a currency devaluation that has effectively reduced wages by 50%--making exports more competitive. [131]
Regardless of how the transition happens, the pending collapse of America's current Social Security system makes it perfectly clear that the sooner it happens, the better for all involved. If ...
The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. [2] In contrast, in the five years prior to 2008, only 10 banks failed. [ 2 ] [ 3 ] At the end of 2022, the US banking industry had a total of about $620 billion in unrealized losses as a result of investments weakened by rising interest rates.