The Recession Of The Great Recession Essay

1202 Words Nov 29th, 2016 5 Pages
The Great Recession represents the sharp decline in economic activity during the late 2000s which officially started in December 2007. It featured a gross domestic product (GDP) decline more than 10% and an unemployment rate that at one point reached 9.5%. Gross domestic process is when all the finished goods and services are produced within a country’s geographic borders in a specified time region. GDP played a big part in the timeline of the Great recession. The recession during June 2009 is when the madness of U.S. worst economic disaster came to an end. There are plenty reasons why the economy started out of control and the housing bubble bursting, consumer age, lack of regulation and government policies and are the main parts of its imminent fall. Our economy is far from being recovered from this recession although the recession is still an ongoing disaster.
In respect to The Great Depression which experienced more turmoil The Great Recession is very similar. The first thing people tend to compare between the two is the unemployment rate which was 25% for the Depression and 10% for the Recession. “When the job market first collapsed in 1930, workers could not depend on unemployment insurance, food stamps, Social Security or any government help (Geewax, 2012).” Without these resources being available to people back, then you would think the Recession doesn’t come close in comparison. The unemployment today remained high for three years after the end of the Recession…

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