Humanities 12 - Essay assessment of the macro economy

(distributed 8/23/2016)

The Obama Administrations Economic Record in

Response to the 2008 Recession as an example of
How The Economic Machine Works

Type of report - Individual persuasive essay (200 assessment points)

Due: Thursday, September 1, 2016 - when class begins (week 5)
Requirements:
Option 1 - Individually done. 3 page minimum (750 words) + supporting charts or data tables +
bibliography of sources
Option 2 - Joint paper, 2 students. 4 page minimum (1.000 words) + supporting charts or data tables +
bibliography of sources+ at least two additional sources beyond the ones required. (Additional rigorous
expectations will be held for the quality of the editing, the depth of the argument, and use of sources).
Both authors must participate in discussions on the paper to demonstrate understanding.
Sources: Use and cite the following sources at a minimum. (1 Text, 2 videos and 9 articles), including:
The Economic Machine video + Dalio interview on the 2008 crisis prediction
The Economy and economic cycles (text from class)
Primary data sources shared in the attached list on the Obama record. And at least the two interpretive
articles that provide background and interpretation, like the New York Time and others
See writing rubric - published on Weebly.

Central question: How has the Obama administration managed the economy in
response to the recession of 2008 and what results have they been able to achieve in
comparison to prior presidential administrations (20th and 21st centuries, as cited in the
data records)? How does this reflect the ideas explained in Dalio, How the Economic
Machine Works?

Supporting questions:
Does the severity of the 2008 crisis help to explain the limitations of the economic record?
To what extent might other structural factors (eg, globalization, technology, and other factors help to
explain) also help to explain the record?
Suggested Topics to Cover in the paper:
(The following types of issues should be covered at a minimum, This is also a suggested flow for the
paper for you to consider. Feel free to modify this outline for fluidity and comprehensiveness. Do not just
answer the items below. Make it a coherent paper.)

1. Thesis statement and overview paragraph(s).

What is the main thesis you will present and defend? What are some of the dramatic highlights
the readers can expect to find in the paper?
2. How the economic machine works. Ray Dalio explains that the economy works in the following ways....
(see the video, summary article on the video, and interview with Dalio on the 2008 recession). In this
paper, I will compare and assess Obamas policies in relationship to some key aspects of the Machine
model Dalio presents..
3. The state of the economy in 2008-2009 when Obama took office.

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What was the 2008 recession? What were some of the main causes? How severe was it? What
was the worst that could have occurred?
The Debate. Different points of view on the Obama Administration response to the recession There are
multiple points of view on the Administrations successes and failures in responding to the 2008 crisis.
What are these points of view, in essence? (In a couple paragraphs maybe)
My Point of view, after having digested the data and main arguments. Here is what I will argue.. (The
main argument)
The Evidence. Here is the data I will draw upon to explain the argument. Here is what I believe after
having reviewed the evidence and arguments..xxxxx occurred.
(Optional-brief for aspiring A+ grade papers). Given economic cycles, and where we are today, what
might cause the next recession and when? (This is a very brief exercise in forecasting the futurea risky
business. See articles links on the subject below
In summary. Recap in 1 paragraph.
Conclusion. Make it interesting.
Step-by Step preparation process, in-class and as homework: This essay should be written over a period
of the next 3 class sessions and the weekend.
Review articles distributed. Some copied for all. Others included in list of supporting articles for access
online.
Identify key economic indicators.
Prepare group poster with main indicators of the Obama administration
Present summary to class to explain your understanding and answer questions. Compare data.
Take notes in-class during presentations
Begin outlining research paper (part in-class, part outside of class)
Write a draft paper and bring draft to class next Tuesday August 30.
Conduct peer review. Identify corrections, clarification of ideas, and ways to strengthen the paper.
Correct and refine paper for presentation next Thursday, Sept 1st.

BIBLIOGRAPHIC RESOURCES - including

Video 1 - How the Economic Machine Works
https://www.youtube.com/watch?v=PHe0bXAIuk0
Video 2 - Ray Dalio predicted the 2008 Economic Crisis before it happened
http://www.bing.com/videos/search?
q=the+economic+machine+video&view=detail&mid=CF66A5645C7ACAF475F2CF66A5645C7ACAF
475F2&FORM=VIRE
How the Economic Machine Works
Obama Administration Economic Record
Obama - slow jams the economy (5 minutes)
https://www.youtube.com/watch?v=ziwYbVx_-qg
** ESSENTIAL ARTICLES TO CONSULT AND USE (ARTICLES 1 TO 8) ****
Text 1- The Economy and Economic Cycles (handed out in class)
ARTICLE 1 - Economic Record: President Obama
http://politicsthatwork.com/economic-record-president/obama
ARTICLE 2 - Bloomberg brief review

https://www.bloomberg.com/view/articles/2016-05-02/measuring-president-obama-s-economicperformance
ARTICLE 3 - Grading the Obama economy, by the numbers
http://www.cnbc.com/2016/07/15/grading-the-obama-economy-by-the-numbers.html
ARTICLE 4 - New York Times - Narrative analysis
http://www.nytimes.com/2016/05/01/magazine/president-obama-weighs-his-economic-legacy.html?_r=0
ARTICLE 5 - Synthesis of structural issues
http://fivethirtyeight.com/features/the-economys-crisis-ended-under-obama-but-its-long-term-problemsdidnt/
ARTICLE 6 - CLAIM THAT OBAMA ADMIN SAVED THE US FROM A DEPRESSION
http://www.nytimes.com/2010/07/28/business/economy/28bailout.html?_r=0
ARTICLE 7 - An Obama boom? Yes, say economists, but not as much as hes taking.
http://www.politico.com/story/2015/01/does-obama-deserve-credit-for-economy-114107
ARTICLE 8 - U.S. Macro Outlook: The Global Standout
http://www.taxadmin.org/assets/docs/Meetings/16am/2016-05-9-U.S.-Macro-Outlook-The-GlobalStandout.pdf
---------------------------------------------------------------------------------------------------------------THE 2008 RECESSION (IN BRIEF, a couple sources. Many more can be found.)
ARTICLE 9 - 11 Things That Can Cause a Recession
https://www.thebalance.com/causes-of-economic-recession-3306010
A recession worse than 2008 is coming (discussion of things that can cause another recession)
http://www.cnbc.com/2016/01/15/a-recession-worse-than-2008-is-coming-commentary.html
---------------------------------------------------------------------------------------------------------------SOME OTHER POSSIBLE SOURCES REGARDING OBAMAS ECONOMIC RECORD
(some sources below are conservative critiques)
Forbes critique
http://www.forbes.com/sites/stevemoore/2016/01/05/obamas-economic-record-dismal/print/
Salon - Brief summary of key indicators. Includes video of Obama talking about his economic
achievements (1min 30 seconds)
http://www.salon.com/2016/05/02/its_time_to_get_real_about_the_obama_legacy_why_his_economic_re
cord_is_much_more_complicated_than_either_party_wants_to_admit/
Forbes critique
http://www.forbes.com/sites/stevemoore/2016/01/05/obamas-economic-record-dismal/print/
Conservative critiques
http://www.nationalreview.com/article/434781/barack-obama-economic-recovery-lame-duck-economy
Fact Check - Economy and other numbers
http://www.factcheck.org/2016/01/obamas-numbers-january-2016-update/