Great Recession Research Paper

Good Essays
The Great Recession started for the United States in December of 2007 and lasted until June of 2009. This was the worst recession in U.S. History since World War II. During this time, there was a 6.1 % loss in jobs, due the job shortages about 27 million people we either unemployed or underemployed. This affect the age household many people household income dropped increasing the poverty in America. In economics, a recession is a decline in economic activity affecting Gross Domestic Product or GDP for at least two consecutive quarters causing negative economic growth (Downes and Goodman). In order the help end the recession the United States government along with the Federal Reserve used Fiscal and Monetary to help prevent a worst catastrophe. Fiscal Policies During the Great Recession, there were quite a few Fiscal Policies implemented. The first policy to be implemented was the Economic Stimulus Act of 2008.…show more content…
Many families and businesses struggled to make ends meet. Many of the Fiscal and Monetary policies implemented received a lot of criticism due to the amount of money that had to be initially invested to help get the economy flowing again. From 2007 to 2009 the government implemented Economic Stimulus Act, the Emergency Economic Stabilization Act and the American Recovery and Reinvestment Act. The three fiscal policies were designed to help get the housing market up and running again, as well as help provide tax incentives to families and businesses. Also, some of these did help bail out some major banks and even car dealers. Besides fiscal policies there were also monetary policies that were implemented during this time that helped provide much need liquidity and better financing options within the market. Without these much-needed policies the Great Recession would have lasted much longer than in did. Even today we are still feeling the ramifications of the Great
Get Access