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From Financial Crisis to Global Recovery$
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Padma Desai

Print publication date: 2011

Print ISBN-13: 9780231157865

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157865.001.0001

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Is the U.S. Economy on the Mend?

Is the U.S. Economy on the Mend?

(p.45) 3 Is the U.S. Economy on the Mend?
From Financial Crisis to Global Recovery

Padma Desai

Columbia University Press

This chapter examines the financial status of the U.S. banking sector in early 2009 by considering the ongoing debates from five perspectives. The first argument holds that banks around the country failed to extend loans to small and medium businesses that could provide job opportunities to the unemployed. The second argues that the federal budget deficit posed a staggering challenge of bringing the deficit under control soon enough. The third claims that the monetary policy of the Federal Reserve has become more or less steadfast and easy. The fourth monitors the recovery of the U.S. real gross domestic product (GDP). The fifth perspective projects the uncertainties faced by the U.S. economy at the time of the rise of unemployment benefits, decline in home sales, and slow-paced manufacturing activities.

Keywords:   financial status, banking sector, federal budget deficit, monetary policy, Federal Reserve, real gross domestic product, real GDP, U.S. economy

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