How Did The Great Recession Affect The Economy

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During the past 100 years, there have been various sparking economic incidents that have occurred in the United States. The most typical ones well known to the U.S. citizens would be the Great Recession and the Great Depression. As stated in the name of these issues, we could see that both events had led to a significant decline in the United State’s economy due to various factors such as a decrease in the stock market and possibly an increase in the unemployment rate which damages the economy as workers will be unable to obtain a job. The great recession happened in 2008 and ended approximately in June 2009 which was quite recent compared to the great depression which happened in 1929 and ended briefly in 1939 which was roughly 100s of years ago. Both significant economic events that led to a decline in the U.S. economy have …show more content…
To begin with the severity between the two events, it can be concluded that the great depression was more severe relative to the great depression. The Great Depression, whereas the GDP decline was way deeper than the Great Recession. It has been stated that during the great depression in the 1900s United States, the GDP has declined 30 percent at that time compared to the great recession that has recently occurred in 2008 has only declined 4.3 percent. Nevertheless, the Great Recession is the deepest recession since World War II, and it still is relatively lower than the Great Depression in the 1900s. However, what’s more was the decrease in industrial production after the decline in national GDP. During the Great Depression, industrial production decreased by up to 50% while the Great Recession’s decrease in the United States GDP also had a significant decline in the national industrial output but by less than the Great

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