Question

In: Economics

For this task you will write a persuasive letter, create a PowerPoint presentation, or create a...

For this task you will write a persuasive letter, create a PowerPoint presentation, or create a video presentation to respond to a scenario.

Scenario

You just got hired as an economic advisor to the President of the United States. You have a difficult task ahead of you. Currently the country is stuck in a crippling recession. The unemployment rate has risen to 8%, and your predecessor made the unwise decision of printing more money to solve the problem. Now, along with the high level of unemployment, the inflation rate is rising rapidly. The President has given you full access to all of the resources the government has to offer. You are tasked with stabilizing the economy within one year. If you succeed, the President will make you his next Secretary of Commerce. If you fail, you will be sent to the basement of the White House to alphabetize old documents for the rest of your career.

Performance Task Options

  1. Persuasive letter: Write a persuasive letter to the president explaining your plan for fixing the economy.
  2. Presentation: Create a PowerPoint or Google Slides presentation you would share with the president, outlining your plan to fix the economy.
  3. Video presentation: Create a video presentation you would share with the president, outlining your plan to fix the economy.

Requirements

In your response, you must include the following:

  • The involvement of at least one regulatory agency with specifics on how it will help.
  • The involvement of the Federal Reserve in creating a successful monetary policy.
  • A strategy to redistribute wealth to the people who are struggling.
  • A proposed budget for the upcoming year that focuses on the economic needs of the American people.
  • A strategy to stabilize the economy and reverse the rise in unemployment and inflation.
  • A proposed tax plan that will spark the economy and relieve the financial burden of people with a lower income.

Solutions

Expert Solution

To,

Mr. President,

I am writing to suggest a few initiatives to stabilise economy. In the past, we have two major events of depressionary and recessionary gaps. 1930 Depression and 2008 subprime crisis.

During both these times government had adopted expansionary fiscal and monetary policy.

In 2008 sub prime crisis, government adopted expansionary fiscal policy and Fed had expansionary monetary policy. With these policies almost more than $3 trillion were pumped in an economy to shift aggregate demand to the right so that real GDP will increase, more jobs will be generated and a virtuous cycle of high income-high savings-high investments-high productivity will start and again economy will start expanding.

These efforts had given good results and unemployment was at lowest level in 2018. Price levels were also stable.

I suggest a few following ways along with policies explained above. Direct benefit transfer to eligible peoples account can be done to reduce income inequality. Education, health facilities to be made more inclusive. Corporation taxes can be reduced to encourage production in USA which will generate more jobs. Outsiders can be allowed to stay in USA for jobs but a tax can be imposed to cover certain expenses. Housing sector can be given a major push. Agricultural exports can be encouraged to cover current account defict.

Kindly consider all these and allow me to give a detailed presentation on these issues.

Yours sincerely,


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