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.
After a series of headline-grabbing statements about the possibility of “switching” European consumers over to American gas, the US media hastened to announce the launch of Obama’s oil and gas offensive against Russia. In reality, the EU is not prepared, neither technically nor in terms of price, to buy its energy resources from the US. It would take at least ten years to adapt even the technically advanced German energy system to work with American gas supply.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. IMF’s Chief Economist from September 2003 to January 2007. Inaugural recipient of the Fischer Black Prize.
CEO and co-CIO of PIMCO. Served as President and CEO of the Harvard Management Company for 2 years, while also working at the IMF for 15 years. In 2008, his book "When Markets Collide", won the Financial Times award for Business Book of The Year in addition to being named as the one of the best business books of all time by The Independent.