Great Depression Vs Great Recession Essay

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In previous years the United States have gone through some rough economic times. During the 1930’s the Great Depression occurred and the Great Recession occurred in 2007 and has helped shape the US into a better economy so that it does not happen again. Both events had some similarities and differences to why they occurred and how they affected the people at that When the economy falls during a recession this causes many things to happen in the as an effect. Unemployment rates rose increasingly. During the Great Depression the unemployment rates were at 25%, which is extremely high for that time, and the rates for the Great Recession was 9% which is comparable to then because there are more people in the world than there was at the time of the Great Depression. This unemployment rate affect many people causing them to lose their job and find new work even though it was hard due to the economy being bad and this makes things get worse and a worse till something comes along and changes the outcomes. Also both of the declines in the economy had warning signs that either the government or people who knew the stock market backwards and forwards knew that something bad was about to happen and there was no way to fix it because it had already gone too far in the hole for them to fix it without having a catastrophe of some sort. Although…show more content…
Although both events are very similar in nature and where both apart of a recession in the business cycle they had some differences in how many people were affected and how they came to be in the first place. Although these where hard time for America the people came out on top and were able to once again create a more steady
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