Barack Obama, new President of US has introduced a comprehensive US economic policy to deal with economic crunch. Though US is facing an economic crisis at present and there is threat of recession, various US economic policies have been undertaken to normalize problems. He did not waste any time to launch domestic economic initiatives after assuming his office. He has asked Congress to grant him an economic stimulus package worth more than $800 billion so that he can deal with present situation. This is an integral part of his economic policy of US.
As part of his economic policy in US Barack Obama also had a talk with banking sector to introduce new banking policies for benefit of its customers. While he is busy with formulation of his economic policy for US, report and sources say that no international policies have been initiated by him. He has remained silent on issues of world recession, which were taken up at various meetings.
First preference of Obama’s American economic policy is to improve trade relationships with other countries. Economic conditions of US are going through a difficult phase at present. There has been a constant economic growth in economy of US, but it has faced financial crisis in recent times and its economic growth has thus been severely impeded. Economy of US has been among most developed and fast growing in world. Monetary and fiscal policies are being updated and are taken special care of to stabilize present economic crunch. Several US economic policies are introduced by government to make financial sector steady.
Economic policies of US are meant to strengthen and solidify economic productivity and growth. However, development and growth are not evenly distributed in recent times. US economic policy puts stress on equality in financial access and health care. Health insurance reforms are put forward to ensure better health for residents of US.
US economic policy is intended to make America a market oriented economy, where most decisions are taken by private individuals and business firms. More flexibility is enjoyed by business firms of US than Western Europe and Japan. Introduction of new products would help in economic growth of US. Great developments are showing in field of computers, aerospace, medical and military equipment. Per capita gross domestic product needs to grow as per new US economic policy. Rate of unemployment and underemployment needs to be decreased and exports of items should be looking up soon, according to US economic policy.
The proposed Asian infrastructure bank could galvanize growth in emerging Asia and boost lingering global recovery. According to Western media, the Asian Infrastructure Investment Bank (AIIB) is to rival the World Bank and the Asian Development Bank (ADB). In reality, the idea of the AIIB was put forward more than a year ago; not to undermine either the World Bank or the ADB, but to deliver the promise that both have failed to deliver – sustained growth in emerging Asia.
Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.
Professor of Economics & Director of the Earth Institute at Columbia University. Special Adviser to the UN Secretary-General on the Millennium Development Goals. Founder & co-President of the Millennium Promise Alliance.
Chancellor of the Exchequer of the United Kingdom from 1992 to 2007. Prime Minister of the UK between 2007 and 2010. Inaugural 'Distinguished Leader in Residence' at New York University. Advisor at World Economic Forum