The United States Of America was left economically broken and devastated for the all at once stock market crash in October 1929. As a result the people’s spending and investment decreased radically decreased thereby decreasing the production and employment. There was even a huge downfall in the Baking service, creating a huge depression in the financial market thereby, as people on panic started to remove their savings from the bank. This created pressure on Banks to encash loans and resulted into failure of banking facilities.
After the last Great Recession that took place in USA, on being at little say, people of the nation are of the opinion that the economic state of the country is no more secured as it was before. After the latest national survey conducted, it has been seen that 54% of the household incomes have hardly recovered after recession. The government policies that were granted for recovery from recession also didn’t have much impact on the conditions. Majority are of the opinion that much of couldn’t do any help to the poor, 71% for the poor and 67% for small businesses.
In my opinion few of the immediate policies that should be considered by the government for a better economic condition are summed as follows:
More interest rates should be charged at banks so as to investments by people. Fiscal Policies like choosing to raise direct tax, controlling aggregate demand etc. Some of the other policies reduction in company taxes, policies to develop open markets, increase amount in indirect taxes etc.
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