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The Great Recession cost millions of jobs initially and high unemployment lingered for years after the official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the American Recovery and Reinvestment Act (ARRA) in January 2009.
In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. [1] [2] Recessions generally occur when there is a widespread drop in spending (an adverse demand shock).
Throughout the Great Recession, the Australian economy remained resilient and stable. [118] [119] Poland was the only member of the European Union to avoid a GDP recession during the Great Recession. As of December 2009, the Polish economy had not entered recession nor even contracted, while its IMF 2010 GDP growth forecast of 1.9 percent was ...
The Great Recession–aka The 2008 Financial Crisis. December 2007. June 2009. 1 year, 6 months. The Early ’80s Recession. July 1981. November 1982. 1 year, 4 months. The Mid-’70s Recession ...
The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed.
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
Differences explicitly pointed out between the recession and the Great Depression include the facts that over the 79 years between 1929 and 2008, great changes occurred in economic philosophy and policy, [9] the stock market had not fallen as far as it did in 1932 or 1982, the 10-year price-to-earnings ratio of stocks was not as low as in the ...
United States policy responses to the late-2000s recession explores legislation, banking industry and market volatility within retirement plans. The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19, 2008, to intervene in the crisis caused by the late-2000s recession .