Economic Depression 2008 Essay

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Economic Depression in 2008
Harini Sivaraman
Broward College
Author Note
This research paper is created by Harini Sivaraman to discuss about the economic depression of 2008 and how it had affected major economic sectors.
Abstract
This paper discusses about the Great Depression of 2008 and how similar was it to the previous Great Depression that occurred in 1930s. This paper discusses about the effects of Depression on the various sectors of the economy to cover a wider range of impact deeply. Additionally, this paper includes the research of the economists such as ???? who uncovers briefly as to what are the reliable predictors of economic and fiscal crisis, achievements and pending issues in context of global crisis and a researched analysis …show more content…
The Great Recession of 2008 began during December 2007 and lasted until 2009 transforming economic growth into contraction in many …show more content…
Also, President Hoover signed into law Smoot-Hawley Tariff, which damaged American exports throughout the 1930s. The seeds of the Great Recession of 2008 were planted when the government in the 1990s began pushing homeownership, even for uncreditworthy people.
Massive Federal Spending.
President FDR spent lots of money on welfare programs like AAA (Agricultural Adjustment Act) and Finance Reconstruction with the motive of expanded spending on public works and targeted subsidies to special interests. President Obama signed into law a $787 billion stimulus package that sent tax dollars to cities and voting groups. In fact, the increase in federal debt under Obama and Roosevelt is similar. The national debt more than doubled in Roosevelt’s first two terms, and it is projected to double again in eight to ten years.
Spending Fails
After the large increases in federal spending under Roosevelt and Obama, unemployment remained high. In April 1939, toward the end of Roosevelt’s second term, unemployment was almost 21 percent. When Obama took office unemployment was at 8 percent, and in the next year it steadily increased to over 10 percent before falling back just under that

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