The Great Recession Research Paper

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The Recession of 2009, also known as “the Great Recession”, began in December of 2007 . The Recession caused the middle class to lose ground, jobs were lost, wages were cut, and the housing industry shrunk. When thinking of the Recession, one think we can compare it to is the Great Depression, which began in 1929 and ended in 1939. The Recession of 2009 was a major worldwide economic downturn. Paul Krugman even calls it a lesser depression . Some causes of the Recession were the rise in household debt, consumer pull back, and the fall in global exports . With the rise in household debt, home construction plunged and families in debt cut back on spending. Also some Governments had to slash spending to deal with the falling revenues . The …show more content…
Before the Depression, economy was booming and all seemed well until the 29 of October, 1929; the Stock Market crashed . The Stock Market crashing wasn’t the only cause of the Great Depression. The nation’s wealth was not divided evenly, the industry was producing more than needed causing loss in jobs, and the Stoke Market was based and being built on borrowed money. Also the Government not having enough money in circulation caused the economy to not be able to recover . As the Depression began and continued on through the years many people lost jobs, homes, and had to beg for food. With such losses happening people set off to shantytowns, riding the rails, or moving to find work . It also took away an entire social class in society, the middle class. During the Depression you were either extremely poor or wealthy, no in-between. To bring the Depression to an end, The New Deal was put into effect by President Roosevelt. The New Deal would bring one-quarter of a million jobs, bring mortgage distress to an ease for farmers and home owners, grant half a billion to help the states, and allow beer to be sold where needed
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