analyze the Great Recession of 2007–2009. In response to each post, discuss the consequences of the financial crisis. As Americans assessed the causes identified in your peers’ posts, what lessons did the nation take away from the crisis? How did America’s political and economic structures change afterward?
Post 1 – Zivia
The Great Recession, known as the longest recession since World War II, began in 2007 and ended in June of 2009. A major effect was the financial downfall. With unemployment on the rise, and significantly increasing all the way up to 10% by October of 2009, prices for selling houses continued to drop as well. As the recession went on, the United States was hyper-aware of the negative effects it was having on the entire nation. As the government strived to make a fix, it took time and thought. The first attempt was reducing federal fund rates, these rates significantly dropped all the way down to 0-0.25%. This significant reduction in federal rates, had a positive outlook continuing to decrease inflation. The Great Recession has taken a turn to the left and has seriously hurt the economy and federal government, still, 11 years later we are recovering from this downfall. While unemployment is still high at 7.3% the federal government continues to strive to find the most effective and beneficial plan for the entire nation. The government continues to work for a better economy, a better system, and a more unified front, this is to ensure that another Great Recession doesn’t happen again.