Buy an essay on Current recession of the U.S. economy and measures of the U.S. government

The economic crisis hit the U.S. economy rather seriously, and its results are still felt. “The U.S. economy still faces considerable challenges, but the most likely outcome is “moderate” growth with subdued inflation” said Federal Reserve Chairman Ben Bernanke in his speech to the Congress: “We avoided a complete collapse of the global economy, but we still feel the taste of the financial crisis. In the second half of 2008 and early 2009 the economy of the world was struck by a powerful blow. Now we are just emerging from it, and are recovering more slowly than we would like “- said Bernanke. (Bloomberg)
National Bureau of Economic Research published its report on the U.S. recession. According to the National Bureau of Economic Research in the U.S. recession began in 2007, and economic growth was renewed only in June 2009. (Bureau of Economic Analysis)
After that report, the U.S. president said in his annual economic report in early 2010, that the restoration of the American economy will take longer than it was expected. According to the report of the President, a recession in the United States lasted one and a half years and was the longest in postwar history. (Economic report of the President 2010)

In that situation it is necessary to point out the measures taken by the Fed, or the Federal Reserve Policy, aimed to increase GDP as a precondition for economic stabilization. For that purpose in 2008 and 2009 the Federal Reserve together with other government economic agencies took “extraordinary actions to arrest the financial crisis and help restore normal functioning in key financial markets”. (Bureau of Economic Analysis)
Also the Fed has taken measures to ease monetary and financial conditions, that is necessary to provide further support for the economic recovery while maintaining price stability. The head of the Federal Reserve System (FRS) Ben Bernanke believes that measures to stimulate the economy are too early to turn off, as the fragile economy of the country still needs the support of government, and such incentives just are designed to strengthen the economic recovery and help reduce unemployment. “I think that government should continue to stimulate the U.S. economy in the short term,” – said B. Bernanke in his speech to the U.S. Congress. (Bloomberg)
The chief of the Fed called on the Congress to develop an effective plan to reduce the prohibitive budget deficit, which reached a record 1.4 trillion dollars in 2009. That is the top priority, according to B. Bernanke, for the US economy in the long term. At the same time, the Fed chief said that at the present time the government should not drastically cut spending or raise taxes because it can be disastrous for the U.S. economy.
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Conclusion
Officially the beginning and end of recession is announced by the NBER, that studies and reports about main macroeconomics indicators. According to the NBER, a recession the U.S. economy started in December 2007, and lasted for one and a half years, so has become the longest in the country’s history since the Second World War.
In the fourth quarter 2008 U.S. GDP decline was a record for 50 years, but a year later, in the fourth quarter of 2009, the Ministry of Commerce of the country presents report on economic growth, which was the highest in six years. Recession process in the economy of the United States ended in June 2009” – this was stated in the official press release the Office National Bureau of Economic Research (NBER).
In October 2009 it was already possible to speak of volume that the economy of the United States withdrew from recession as well as the country’s GDP grew for the first time in post-recession period – by 3,5 %.

References:
Rampell Catherine. (2010). “US Economy Grew at Vigorous Pace in Last Quarter.” New York Times January 29 2010.