Brazil’s President, Dilma Rousseff, visited President Obama Tuesday at the White House as Brazil’s economy continues to shrink. When Obama visited Rousseff in 2011, Brazil was coming off a stellar year of economic growth and the U.S. was making tepid progress in its recovery from the #recession.
Brazil’s economy slammed the brakes in the past year. It’s main engine of growth — commodities — has slowed to a stop as prices for oil, gas and metals have plummeted since last summer. Unemployment recently hit a four-year high, and inflation is causing people’s bills for things like electricity to rise sharply.
The turbulence is paying out with Brazil’s currency. The Real has lost about 30% of its value in the past year alone. After years of a gaining steam, the Real began a sustained
Obama, meanwhile, is having one of the best weeks of his presidency after major Supreme Court victories. The U.S. economy is also on the upswing — at least compared to where it was.
When Obama went to Brazil in 2011, U.S. unemployment was still 9%. The #Federal Reserve was pumping money into the economy with its stimulus program to try to finally get the U.S. on the right track after the Great Recession.