42 – 44 USH-8.5 .

I. Globalization The integration and expansion of worldwide trading networks People are introduced to new products and technology Environment is not always treated very well European Union (EU) Started as European Common Market Cooperation between European nations in: Politics Trade Building economies Currency

I. Globalization North American Free Trade Agreement (NAFTA) Canada, US, and Mexico Elimination of tariffs Allows for freer trade General Agreement on Tariffs and Trade (GATT) Freer trade around the world Has promoted jobs moving to other nations Cheaper labor costs Cheaper taxes

I. Globalization Businesses move oversees Retirees and newly unemployed have moved from “rust-belt” to the “sunbelt” North to South Right-to-work states

II. Clinton Administration Economy has declined before 1992 when Bill Clinton is elected Deficit reduction plan Tax increase Spending cuts Earned income tax credit Federal Reserve slowed inflation by managing interest rates Low unemployment but economic disparity increased Left office with budget surplus and national debt shrinking

III. Bush Administration Election of 2000 Heavily contested for weeks Ballots in Florida were recounted Supreme Court stopped the recount and George W Bush wins Tax cuts for the wealthy Spend their extra money Supposed to trickle down to average Joe’s Doesn’t work well

III. Bush Administration September 11, 2001 World Trade Center and Pentagon attacked by al Qaeda US invades Afghanistan and Iraq Defense spending increases Deficit spending

III. Bush Administration No Child Left Behind Act Legizlashun passed to imporve american edumacation sistem This is y ewe take sckanderdised testez

III. Bush Administration Housing Bubble People bought homes with NINJA loans “no income, no job, and no assets” Unemployment, foreclosures, etc. tank economy Stimulus package and bank bail-out slows the oncoming recession Worst since Great Depression

IV. Obama Administration Barak Obama was elected president in 2008 Passed a stimulus package to jump start faltering economy Critics object b/c deficit spending leads to higher national debt Affordable Care Act Known as Obamacare Health care requirements Extremely controversial