The U.S. economy is experiencing a severe recession phase, especially in the third quarter of 2008. Consumer spending, which comprises about 70% of aggregate economic activity has declined significantly, with an additional payment of personal mortgages. This, in turn, has resulted in a drastic shortfall in aggregate demand in all sectors of the economy, including the domestic market. In fact, according to experts, the current economic crisis is the worst since the Great Depression of the 1930s. In such a scenario, it is not surprising that the domestic market (particularly housing) experienced the largest decline in 25 years. Professional financial planners and advisers, however, are optimistic about a recovery in U.S. economic system. If appropriate measures adopted aggressively, chances are that the economy will start moving in the right direction again in 2009. The victory of Barack Obama (the first black U.S. president) is believed to be a blessing for the purposes of this recovery. Obama’s campaign was based on increased public spending and lower tax rates. These measures, together with measures of adjustment in the rate of the U.S. Federal Reserve can provide the necessary stimulus for economic recovery tax in the country.
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