America has in history suffered 13 economic recessions, but the most profound and the longest financial and economic …show more content…
Though nearly all of them were hurt in one way or another, there are some groups of people who suffered more than others. For instance, there was a disproportionate share of the job losses among the blacks, young adults, and the Hispanics (Putnam, 2016). Men lost many jobs that women did. Further, those with less education were hit harder than those with college degrees. The great recession, resulted in America, having the smallest rate of social mobility compared to other industrialized nations. The prosperity in America was being propped up by borrowing funds from sovereign wealth funds from countries like China. The recession is said to have eroded more household wealth than any other recession in American