1. 42 – 44
USH-8.5 .

2. 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

3. 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

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

5. 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

6. 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

7. 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

8. III. Bush Administration
No Child Left Behind Act
Legizlation passed to imporve American edumacation sistem
This is y ewe take standerdised tests

9. 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

10. 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