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The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—$691 billion (~$960 billion in 2023) in assets—alone surpassing all past ...
January 22, 2008: The US Federal Reserve cut interest rates by 0.75% to stimulate the economy, the largest drop in 25 years and the first emergency cut since 2001. [ 113 ] January 2008: U.S. stocks had the worst January since 2000 over concerns about the exposure of companies that issue bond insurance .
The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery. [29] Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. [30] Median household wealth fell 35% in the US, from $106,591 to $68,839 between 2005 and 2011. [31]
December 1, 2008: United States; The US economy has been in recession since December 2007, the National Bureau of Economic Research announced in December 2008. The bureau is a private research institute widely regarded as the official arbiter of US economic cycles. It said a 73-month economic expansion had come to an end. [62]
The United States economy collapsed from within, while the Canadian economy was being hurt by its trade relationship with the United States. Second, commodity prices continued to rise through to June 2008, supporting a key component of the Canadian economy and delaying the start of recession.
The United States has a highly developed mixed economy. [41] [42] [43] It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). [44]As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). [10]
USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. [67] U.S. home mortgage debt relative to gross domestic product (GDP) increased from an average of 46% during the 1990s to 73% during 2008, reaching $10.5 trillion. [68]
November 4 – 2008 United States presidential election: Democratic U.S. Senator Barack Obama is elected as the 44th president of the United States and U.S. Senator Joe Biden is elected the 47th vice president. Barack Obama becomes the first African-American president-elect. [53] [54] [55] November 11 – Taylor Swift releases her second studio ...