Friday, February 24, 2012
Rolling Back the Years
Due 24 Feb 2012. Analyze the graphs in this article. What has America lost during the financial crisis?
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Welcome. This is a blog dedicated to the students enrolled in the CSHS AP Economics classes. Click on the title of the article, read, and click comment.
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The graphs clearly demonstrate the negative status of the current world's economies. Greece, a financially troubled country in Europe, is shown as the most setback nation. The US has also backtracked in the economy as our GDP "was at a higher level than today back in 2005." Our economy is not as strong as it used to be. Most of the countries, except for "six of the 34 "advanced" economies, have a GDP per person lower in 2011 than in 2007. The countries with the weakest economies (PIIGS) are experiencing extreme unemployment, currently averaging almost 16%. America has lost many jobs during this financial crisis, as represented in the graph. Unemployment has slowly increased since 2008, when the recession was at its beginning. America has lost some of its reputation as a strong economic force in the world.
ReplyDeleteAlthough we are “advancing into the future” our economies are taking a nice stroll to the past. These graphs indicate how the economies are worse today then they were in the past. The first graph shows how Greece is living in their countries economics times in the ‘90’s; meaning that the number same today as they were in 1990. The second graph shows how the majority of the strong economic countries did better in 2004 then in 2011. Finally, the third graph indicates that the US and Germany unemployment rates have risen dramatically since 2008. PIIGS, which include the 5 Eurozone nations, Portugal, Italy, Greeceand Spain, is at a relatively high number compared to 2008. Since Greece is having such a hard time, the third graph shows how they are dramatically impacted the Eurozone numbers. All in all, the US has lost the ability of being the world’s economic leading country. Other countries used to look to our economy to boost their country’s economy up. US is no longer a strong leader in the economy world.
ReplyDeleteThe graph shows how the nation's economies are resorting back to previous times when they were in decline. One of the graphs show that Greece's economy is doing just as bad as it was about 20 years ago. Also, another graph reveals that the economies are getting worse as compared to 2004. The last graph shows the increase in unemployment rate. the PIIGS nations with very weak economies is experiencing a great deal of unemployment. US has lost its ability to be seen as the leader in world hegemony due to its declining economy.
ReplyDeleteThe graphs in the article shows how what our current economic looks like (by year, compared to other countries). One graph shows that the United States;s current economy is like we were back in around 2001-2002. Even Greece has fallen back to where their economy is like when they were in 1999. This shows how many countries economies are going down and they are going back to what they use to be. They aren't getting better but worse for some countries. Unemployment is rising and falling in many countries. But US has been constantly increasing the last few years.
ReplyDeleteAmerica has lost nearly a decade of progress to the financial crisis. However, this serious problem not only takes place in the United States, other countries, European countries, also face this threat. "six of the 34 'advanced' economies categorized by the IMF have GDP per person higher in 2011 than in 2007." By looking at the unemployment graph, we can see that the pattern happened during 1992-2000 happened during 2000-2008. The pattern is repetitive, however, our unemployment rate rose to a all-time-high ever since 1992. Our unemployment now is higher than the ones in Britain and Germany.
ReplyDeleteAmerica has time traveled a decade in the past based on their current GDP and unemployment rates. Many countries have also gone back in time based on their levels, most noticeably Greece and Iceland who are in the year, based on economic terms, 1999 and 2000, respectively. Furthermore, most countries, especially in the EU, have had their GDP per person levels lower in 2011 than in 2007. The unemployment graph clearly depicts sharp increases in unemployment rates since 2008 for the US, Britain, Germany, and PIIGS. The PIIGS have a shockingly close 16% unemployment rates compared to the average 8% in the other three categories. Overall, the graphs summarizes the troubled times around the world.
ReplyDeleteThese graphs both show the nations current GDP and unemployment. They show what some countries current economies look like and how we are reverting back to old times when they were declining. They show that things aren't getting any better and the unemployment rate continues to increase.
ReplyDeleteThe graphs show the U.S. economic progress, or lack there of, and compares it to other coutries. During the financial crisis America's unemployment rate has increased many Americans lost their jobs or took a pay cut. The U.S. has lost its financial stability and its citizens have lost their confidence.
ReplyDeleteThe graphs in the article show us that the country's economic progress is slipping back to the point it was at ten years ago. As seen by one graph, there are rising unemployment rates, which has obviously worsened the economy. I believe that in order for this decline to reverse itself, the government is going to figure out someway to lessen the blow of inflation.
ReplyDeleteStatistics can be manipulated to say whatever you want them to say, and graphs are just graphical representations of that BS to make people say "Well, there's a graph on it, so it has to be true"
ReplyDeleteSure, in terms of GDP per capita, numbers may appear similar to past years, but it doesn't necessarily reflect the same economic situation. A more accurate representation would have to measure performance and production in various areas, such as EDUCATION, textiles, automotive, etc..
And if the data presented isn't even inflation-adjusted, the data is pretty much worthless for comparing the economic status between different countries.