what seniors write

writing ideas for your essay

The Great Recession

INTRODUCTION

There have been many recessions to date but none that lasted as long as the Great Recession of the 21st century. The Great Recession began in December 2007 and finally came to an official end in June 2009 although the economy took even longer to recover and in some areas the economy is still in recovery today.

HOW DID THE GREAT RECESSION BEGIN?

The initial cause of The Great Recession began in December 2007 with the fall of the housing sector. The housing sector during this time lost approximately 8 trillion dollars. This one loss lead to many jobs being lost and in turn the economy suffered as consumer spending became an all-time low. This in turn has led to consequent events such as:

  • Business Investment dries up
  • Consumers spend less
  • Job loss at an all-time low

These events have led to the biggest and the longest recession that America has seen to date. Even though there have been many different recessions in America’s history, the worse have been The Great Depression of the 1920s and The Great Recession that lasted a long three years.

HOW HAS THE GREAT RECESSION IMPACTED ON AMERICAN LIFE?

The most important aspect of change that has been attributed to The Great Recession has been the dramatic loss of jobs. Extreme job loss on this scale has caused further issues such as:

  • Rise in unemployment figures
  • Pay cuts
  • Rise of poverty
  • Loss of health insurance
  • Forced redundancies

The most effected by the job losses has resulted in those Americans who come from a working class background. Here the loss of money has resulted in many families unable to keep their heads above water and public spending has been cut as a result.

RECOVERY FROM THE GREAT RECESSION

Even though The Great Recession officially ended in 2009, the recovery of economy and national wealth takes far longer. When going on the recovery rates of past recessions, it becomes clear to see that the recovery from The Great Recession could be the longest that we have seen in history. Previous recovery rates that have been seen include:

  • World War II recovery was 10 months
  • Recession of 1990s was 2 years
  • Recession in early 200s was over 3 and a half years

CONCLUSION

As the above statistics show, The Great Recession is set to see the longest recovery period of all recessions however the economy as always will recover until the next recession strikes.

© WhatSeniorsWrite.com. All rights reserved.

#