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Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
The debt ceiling issue was one of the causes for the 2013 government shutdown, and a lack of a budget bill over the issue forced the government to sequester its budget. The crisis, as well as the government shutdown, ended on October 17, 2013, with the passing of the Continuing Appropriations Act, 2014.
Several major U.S. economic variables had recovered from the 2007-2009 Subprime mortgage crisis and Great Recession by the 2013-2014 time period. The recession officially ended in the second quarter of 2009, [3] but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011. [80]
The state of Michigan is still dealing with the economic fallout from the COVID-19 pandemic.
As a result, the correction will be nothing like the utter collapse of property prices during the Great Recession, when some housing markets experienced a 50 percent cratering of values.
2013 China: 2011 Super Outbreak + Hackleburg–Phil Campbell and Tuscaloosa–Birmingham tornadoes: $10.2 [24] $14.3 348 Tornado outbreak 2011 United States 2021 Western North America heat wave: $10.1 [74] $11.7 1,400 Heat Wave 2021 Canada, United States: 2016 Louisiana floods: $10 – $15 [86] $13.1 – $19.7 13 Flood 2016 United States
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By comparison, the GDP has grown by less than 2% in 2013. [179] The negative economic effect of the shutdown will be particularly severe in the Washington, D.C. metropolitan area. Approximately 700,000 D.C. area jobs could be affected at a cost of $200 million a day. [180]