20pts!! :) please answer. From The Annual Report of the Council of Economic Advisers, 1989:

When the President took office in January 1981, the condition of the U.S. economy was bleak. . . .

As the President leaves office in January 1989, the economy is in its seventh year of expansion. This is the longest peacetime expansion in recorded U.S. history. . . . Real output has grown 4.2 percent per year on average between the fourth quarter of 1982, and the third quarter of 1988. Nonfarm employment has increased by almost 19 million jobs through November 1988. The inflation rate has fallen from double digits and has averaged about 3.3 percent in the past 5 years. Manufacturing productivity has increased at an average annual rate of 4.4 percent. . . .

The prosperity of the past 6 years is in no small measure attributable to the economic policies fostered and implemented by this Administration. Tax reform has improved the incentives to produce, save, and invest. Slower growth of Federal spending has freed resources for the private economy. Prudent monetary policy has lowered and stabilized the rate of inflation.

1.In general terms, how, according to the Council of Economic Advisers, did the U.S. economy in 1989 contrast with the U.S. economy in 1981?

2.What are three specific changes that occurred in the economy during the 1980s, according to the Council?

3.Why, according to this report, did the U.S. economy change in the 1980s?

Answers

Answer 1

Answer: 1. The Council of Economic Advisers described the U.S economy in the year 1981 as bleak, which it made it seem like the US economy would face a bad hit in the near future. But in contrast, on the year 1989 the economy was well and steadily improving.

2. First change was that real output grew by 4.2 percent. Nonfarm employment increased by almost 19 million jobs and the inflation rate fell from double digits averaging in about 3.3 percent.

3. According to the Annual Report of the Council of Economic Advisers the change in the U.S economy during the 1980’s was attributable to the economic policies fostered and implemented by the administration. Tax reform, Slower growth of federal spending and prudent monetary policy.

I hope this helps, Regards.

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