Great Recession

My definition of a recession is when the average American struggles, because there are no jobs, and barely any money to survive off of. “The economic meaning of a recession is when the economy declines significantly for at least six months. That means there's a drop in the following five economic indicators: real GDP, income, employment, manufacturing and retail sales.” (Amadeo, 2017) A recession doesn’t usually hit very hard so that it is immediately noticeable. It can start up pretty slowly several months to years before the economy changes dramatically and begins to affect everyone. During the Great Recession, which spanned from 2008 to 2012, the government used fiscal and monetary policies to implement change in our economy. There were major adjustments to the budget and a huge focus on the countries debt and how it was effected by the war. “The Great Recession is a term that represents the sharp decline in economic activity during the late 2000s, which is generally considered the largest downturn since the Great Depression.” (The Great Recession, n.d.) In this essay, I will briefly discuss the use of fiscal and monetary policies implemented during the Great…

Many times throughout world history, economic downturns called recessions or depressions have devastated both individual lives and countries’ economies. On a microscale, many people lose their jobs, businesses, and in extreme cases, their homes. On a macro level, unemployment rises, and gross domestic product (the way economists measure the success of an economy) sinks to new lows. Recessions and depressions are the cause of the ruination of many. Although these economic crises are seen as…

The great recession is when a country experiences an extreme decline in economic activity for 2 or more consecutive quarters within the year. Each quarter represents 3 months out of the year. The United States experienced a Great Recession in December 2007 all the way until January 2009. There are many factors that contribute to the great recession that occurred as the years went by. During the years from the 1980s until 2007, demand in the U.S. was controlled by the fast paced growth of…

The Great Recession is a time of economic decline observed in world markets during the early 2000s. It is a period of declining aggregate output in the economy. The majority of consumers not only in America, but also in most Western nations and many other areas of the world have been impacted by the Recession, 86% of the US and almost 55% of Europe. Business cycles affect all of us in immediate and important ways. For example, when output is rising it is easier to find a good job, but when…

The United States grants the responsibility of officially determining when a recession begins and ends upon the National Bureau of Economic Research (NBER). Within the National Bureau of Economic Research their Business Cycle Dating Committee handles this job. The NBER has come to define this period of substantial economic decline as a recession. However, the official definition the NBER uses for recession is “a period between a peak and a trough where, a significant decline in economic activity…

A recession is usually a period of time that lasts for about six months and the economy declines significantly. That includes ruining one's finances, employment going down, unemployment going up inclining to ten percent, income going down, and prices of products also going down. The unemployment rate is the most common method to determine the health of an economy. It is the measure of individuals who are not currently in the work force. Having a job during a recession is probably the most…

Thesis: The actors involved in the Great Recession as well as those that facilitated the current Chinese real estate bubble have yet to face any criminal prosecution; which stands in disproportionate contrast to the hundreds that were jailed in the better handled Savings and Loan Crisis that was significantly less impactful on the global economy. The recent 2008 Financial Crisis, dubbed the Great Recession, has been one of the worst financial panics to grip this nation since the Great…

Recession (Contraction) definition The NBER’s Business Cycle Dating Committee keeps records of the U.S. business cycle. The records include alternating dates of peaks and lows in the economy. The committee keeps track of the business activity in the economy by keeping records of employment, production, income and sales. The committee considers a recession; a significant decline in economic activity spreads across the economy and can last from a few months to more than a year (NBER).…

A recession is a period of time were the economy temporary declines during which trade and industrial activity can be reduced. Recessions will last longer than a couple of months, typically it can last anywhere from six to eighteen months. A recession is however less severe than a depression. High interest rates are a cause of recession because they liquidity and the amount of money available to invest. Another factor that can contribute to a recession is reduced real wages, when real wages…

The Great Recession began in December of 2007 and ended in June of 2009. The trigger of the Great Recession was caused by financial panic causing the demand for consumption and new houses to collapse. A recession is a reduction in the amount of goods and services produced and sold. Usually a recession is a slow down in economic activity. The largest component of U.S. demand is household consumption. Since the American’s borrowed money it caused extreme debt. Americans were content to borrow more…