BFG (Bust For Greece) meaning help from the BFG's (Big Friendly Giant's)?

Hey Guys. A critical update on Greece here. Has anyone been monitoring the bad economical situation in the past year? It may come as a shock to some, but even though Greece are the 34th largest economy worldwide with a $292 billion nominal GDP, and have EU power, their 2010 government debt crisis dragging up to now, received a further blow.
Economists in the past year, predicted that this financial issue would be rectified in the coming years, however, in the July, the economic index fell from 93.5 to 91.7. Big blow to the future prospects of Greece. What do you think?
Sources claim that the decrease in consumer index has risen from the decline in consumer trust which has an impact mainly on industry. Will Greece need any sort of help from its fellow EU siblings or the US in order to re-instill the prosperity and positive future for itself?

If you have any ideas or opinions, feel free to post them in comments.

The American Dream..?

On July 24th President Obama gave a mesmerizing and hope filled economical speech. Obama focused on the factors that can allow the economy to grow moreover the factors that will not. However the future of the Americans on various blogs, books and social networks questions the optimism of this Utopia as the attitude and ideologies of the Americans are determinants.  

LINK:  http://kunc.org/post/video-transcript-president-obamas-knox-college-speech-economy

The Changing Economy vs The Middle Class

The Great recession started to create great problems for the Middle class citizens

E.g.

Salaries did not keep up with inflation rates 

Kids who were talented and smart enough couldn't afford to go to college

Taxes were raised and for the Middle class citizens ate more out of them than Upper class citizens which resultingly created disparity.

Before the Great Recession

After WW2 the middle class was part of a prosperous economy. This prosperous economy consisted of fair wages which meant life was generally fair.

Sadly the engine of the prosperous economy began to stall as global competition arised forming more jobs oversea, stripping the American economy of jobs. It then became difficult for the union to fight for the middle class and the situation of taxes increasing also arised.

Obama's economical aims and progressions

Obama has said that he will not wait until another president is elected and will use every minute he has left effectively. 

Obama aims to:

• use new energy 
• have more manufacturers
• improve healthcare
• invest in new technology
• monitor banks 

What has been achieved

• Invested in new technology
• Took on a broken health care system
• Enforced tough new rules on big banks e.g. cut down on credit cards
• Changed the tax code
• Created 7.2 million new jobs in the business sector
• Deficits are falling by the fastest rate in 60 year

Is it enough?

Although Obama is beginning to pick up the economy and aims to improve it gradually, the question asked is, is it enough? For example will these changes in the economy be sustainable or in fact prove to be successful only in the short term.

Which is why we would love to know your opinion through comments

:)

Great Britain sees recovery in exports

Hey guys and girls! Hope the summer period is going well for everyone? It looks like it's great news for the UK as there are finally some signs of recovery since the mind blowing economic collapse in 2007. Government figures suggest that the British Chambers of Commerce are accurate on this occasion as trade index has reached 118.2 which is a 2.9% rise from that of last year. According to John Longworth, director general of the BCC, optimism for for future prospects are high as well as consumer confidence being on a high.
So on the whole, it can be suggested that the UK is rising out of the Economic depression as Exports are one of the components of AD. Does anyone remember being taught AD = C+I+G+(X-M)? The X stands for exports, which further suggests that AD is possibly rising, potentially raising GDP levels. Great right?
Nonetheless, Ernst & Young have predicted that the UK is expected to gather pace as early as 2014! This is mainly due to a steep rise in exports and business investment. It has also been calculated that GDP is expected to rise by 2.2% for 2014 and 2.5% for 2015. However, there are some conditions to go by. This figure can only be reached if there is a maintenance in consumer spending and housing recovery as this will cause AD to rise through less saving and more spending.
Exciting stuff! I will ensure to keep everyone posted. Thanks for reading!

Welcome everyone!

Good day everyone, welcome to Written By Students. This first blog post is written by myself - Daniel Yamoah and my class mate, Mosope Onanuga. Together we will effectively be the the authors and main owners of Written by Students (WBS). We aim to post as frequently as possible as long as we discover the most interesting current affairs cutting across the continents of this world on any Economics related topic such as Real GDP rates, currency changes, etc. We are A Level students envisaging ourselves in the Economics related world around 10 years from now, we are fans of Economics which is why we have chosen to post about it. Thank you for reading and enjoy!