Summary of Nine Facts about the Great Recession and Tools for Fighting the Next Downturn

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Nine Facts about the Great Recession and Tools for Fighting the Next Downturn summary
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8

Qualities

  • Analytical
  • Eye Opening

Recommendation

Today, the American economy continues to live with the aftermath of the 2007–2009 recession, despite the effectiveness of many of the fiscal and monetary policy tools that officials deployed to address it. getAbstract recommends this insightful analysis from the Hamilton Project/Brookings Institution, which offers nine results from battling the Great Recession that might help policy makers in tackling future recessions.

About the Authors

Diane Whitmore Schanzenbach et al. work for the Hamilton Project, part of the Brookings Institution.

 

Summary

Nine facts about the Great Recession can provide guidance in combating future downturns:

  1. “The Great Recession was unprecedented in the postwar period for its severity and duration” – GDP declined more than 4% during the three years from late 2007. Today, the economy still operates far below its “maximum sustainable output.”
  2. “Employment losses in the Great Recession were greater among men and the young” – Men suffer more during recessions more because they tend to work in cyclical sectors of the economy. Moreover, employers lay off young, relatively inexperienced people first.
  3. “Fiscal...

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