Government policy designed to promote affordable housing, widespread failures in corporate and regulatory governance, and historically low interest rates set by the Federal Reserve led to the mid-2000s housing bubble, which culminated with the 2008 financial crisis, the nation's largest economic contraction since the Great Depression. Barack Obama, the first African-American and multiracial president, was elected in 2008 amid the crisis, and subsequently passed stimulus measures and the Dodd–Frank Act in an attempt to mitigate its negative effects and ensure there would not be a repeat of the crisis. In 2010, the Obama administration passed the Affordable Care Act, which made the most sweeping reforms to the nation's healthcare system in nearly five decades, including mandates, subsidies and insurance exchanges.
In 1774, the Spanish Navy ship Santiago, under Juan Pérez, entered and anchored in an inlet of Nootka Sound, Vancouver Island, in present-day British Columbia. Although the Spanish did not land, natives paddled to the ship to trade furs for abalone shells from California. At the time, the Spanish were able to monopolize the trade between Asia and North America, granting limited licenses to the Portuguese. When the Russians began establishing a growing fur trading system in Alaska, the Spanish began to challenge the Russians, with Pérez's voyage being the first of many to the Pacific Northwest.
More InfoThe United States fought Indian Wars west of the Mississippi River from 1810 to at least 1890. Most of these conflicts ended with the cession of Native American territory and their confinement to Indian reservations. This further expanded acreage under mechanical cultivation, increasing surpluses for international markets. Mainland expansion also included the purchase of Alaska from Russia in 1867. In 1893, pro-American elements in Hawaii overthrew the monarchy and formed the Republic of Hawaii, which the U.S. annexed in 1898. Puerto Rico, Guam, and the Philippines were ceded by Spain in the same year, following the Spanish–American War. American Samoa was acquired by the United States in 1900 after the end of the Second Samoan Civil War. The U.S. Virgin Islands were purchased from Denmark in 1917.
More InfoAmericans' eagerness to expand westward prompted a long series of American Indian Wars. The Louisiana Purchase of French-claimed territory in 1803 almost doubled the nation's area. The War of 1812, declared against Britain over various grievances and fought to a draw, strengthened U.S. nationalism. A series of military incursions into Florida led Spain to cede it and other Gulf Coast territory in 1819. The expansion was aided by steam power, when steamboats began traveling along America's large water systems, many of which were connected by new canals, such as the Erie and the I&M; then, even faster railroads began their stretch across the nation's land.
More InfoWith the advancement of European colonization in North America, the Native Americans were often conquered and displaced. The first Europeans to arrive in the contiguous United States were Spanish conquistadors such as Juan Ponce de León, who made his first visit to Florida in 1513. Even earlier, Christopher Columbus landed in Puerto Rico on his 1493 voyage. The Spanish set up the first settlements in Florida and New Mexico such as Saint Augustine and Santa Fe. The French established their own as well along the Mississippi River. Successful English settlement on the eastern coast of North America began with the Virginia Colony in 1607 at Jamestown and with the Pilgrims' Plymouth Colony in 1620. Many settlers were dissenting Christian groups who came seeking religious freedom. The continent's first elected legislative assembly, Virginia's House of Burgesses, was created in 1619. The Mayflower Compact, signed by the Pilgrims before disembarking, and the Fundamental Orders of Connecticut, established precedents for the pattern of representative self-government and constitutionalism that would develop throughout the American colonies.
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