The Great Recession Essay

1593 Words4 Pages
bulb-icon

Recommended: Age discrimination introduction

In December 2007 to June 2009 labor markets were greatly affected. This time period was known as The Great Recession. The results ultimately took a huge impact on individuals and the environment itself. Many people lost their jobs and it eventually cut back consumer spending, which ultimately led to a collapse in business investment. We can say that it caused unemployment in the economy significantly. It is crucial for the economy to realize what affects unemployment and who is unemployed due to immoral issues. Across the country, some people tend to be less employed than others. Unemployment isn’t just measured by the number of people who do not have a working status, it can be measured across ages, genders, races, and education. Below, …show more content…

The red shaded boxes show the estimates that are statistically significant. Meaning that we are doing everything correct to detect the effect of state laws. We have measured changes in the average unemployment in weeks for older workers comparative to younger workers. We compared states with specific age discrimination protection laws and states that do not offer protections against age discrimination (FRBSF Economic Letter: Age Discrimination and the Great Recession). To elaborate, this figure shows that no statistical substantial effects due to age discrimination laws with “lower employer size minimums.” But, states with laws that allow “larger damage awards have an additional 5.57 weeks of unemployment for older men relative to younger men during the recession, and an additional 5.04 weeks of unemployment after the recession” (FRBSF Economic Letter: Age Discrimination and the Great Recession). On the other hand, in these states, “the unemployment duration of older women increased by 4.35 weeks less than that of younger women during the recession” ((FRBSF Economic Letter: Age Discrimination and the Great Recession). After the recession, we can conclude that unemployment for older women also declined. For women, unemployment was larger, but it was not as significant as it was for men in this

Show More
Related

  • ECN 440 Term Paper

    847 Words  | 2 Pages

    2007-2008-2009 global financial crisis - many people compared to the experience to another large scale depression - now coined “great recession”

    Read More

  • Dbq Essay On The Great Depression

    1807 Words  | 4 Pages

    The Great Depression was the biggest and longest lasting economic crisis in U.S history. The Great depression hit the united states on October 29, 1929 When the stock market crashed. During 1929, everyone was putting in mass amounts of their income into the stock market. For every ten dollars made, Four dollars was invested into the stock market, thats forty percent of the individual's income (American Experience).

    Read More

  • The Causes Of The July 1990-March 1991 Recession

    1206 Words  | 3 Pages

    Throughout all of my research over the recession of July 1990-March 1991 I have concluded that it was not one of the largest recessions the United States has ever seen, but it was also not the smallest. This recession was only eight months long and did some damage, but not a lot. The Gulf War had the biggest impact on this recession along with the oil spill causing a rise of oil prices. The economy hit a low point and was not able to come out of it until the following year after the recession had already technically ended. Unemployment rates were at a low point towards the ending of the recession and because companies were hesitant about hiring new employees’ unemployment did not start getting better until the following year after the recession ended.

    Read More

  • Essay On The Causes Of The Great Depression

    827 Words  | 2 Pages

    The occurrence of the Great Depression was an inevitable economic disaster that was caused by a variety of reasons and events that happened in the U.S. and across the world. The lack of diversification was one of the main causes of the Great Depression as the dependence on only certain industries like the automobile industry began years before; and because of the prolonged success of such industries, their demise could not have been predicted. World War I was an event that had a major impact on the Great Depression because of the complexity of the international debt owed to the U.S, and the decline of international trade. In addition, the failure of the bank system and the reckless investments that banks, businesses and the American public made contributed to the manifestation of the Great Depression.

    Read More

  • The Great Recession

    670 Words  | 2 Pages

    Every few years, countries experience an economic decline which is commonly referred to as a recession. In recent years the U.S. has been faced with overcoming the most devastating global economic hardships since the Great Depression. This period “a period of declining GDP, accompanied by lower real income and higher unemployment” has been referred to as the Great Recession (McConnell, 2012 p.G-30). This paper will cover the issues which led to the recession, discuss the strategies taken by the Government and Federal Reserve to alleviate the crisis, and look at the future outlook of the U.S. economy. By examining the nation’s economic struggles during this time period (2007-2009), it will conclude that the current macroeconomic situation deals with unemployment, which is a direct result of the recession.

    Read More

  • The 2008 Economic Recession

    1050 Words  | 3 Pages

    Between January 2008 and February 2010, employment fell by 8.8 million, the largest decline in American history. The 2008 Recession, which officially lasted from December 2007 to June 2009, began with the bursting of an 8 trillion dollar housing bubble. Job losses during the recession meant that family incomes dropped, poverty rose, and people all over the country were suffering. Things like this don’t just happen. Policy changes incorporated with the economy are often a major factor. In this case, all roads lead to one major problem: Deregulation. Deregulation originating from the Carter and Regan Administrations, combined with a decrease in consumer spending, and the subprime mortgage bubble all led up to the major recession of 2008.

    Read More

  • Homeless People During The Great Depression

    549 Words  | 2 Pages

    Unemployment hit half the population like a train and they couldn’t do anything but sit and wait. Slowly jobs were getting hard to find, people started to lose the little that they had. Lines of men filled the streets for an opportunity to fill out papers for any job. They didn’t care what it was the time was bad and a job was a job to help the family that they had. With everything that started happening the economy was just not getting any better. The impact of the depression had been just 25% of the population without jobs or any money coming on, that was so much and affect more than anyone can think of. This created so many global problems and people knew it. Many people strongly think that unemployment was one of the biggest impacts of that era and by the looks of it certainly

    Read More

  • The Great Recession Essay

    1080 Words  | 3 Pages

    What caused the Great Recession that lasted from December 2007 to June 2009 in the United States? The United States a country with abundance of resources from jobs, education, money and power went from one day of economic balance to the next suffering major dimensions crisis. According to the Economic Policy Institute, it all began in 2007 from the credit crisis, which resulted in an 8 trillion dollar housing bubble (n.d.). This said by Economist analysts to attributed to the collapse in the United States. Even today, strong debates continue over major issues caused by the Great Recession in part over the accommodative federal monetary and fiscal policy (Economic Policy Institute, 2013). The Great Recession of 2007 – 2009 enlarges the longest financial crisis since the Great Depression of 1929 – 1932 that damaged the economy.

    Read More

  • Great Recession Essay

    760 Words  | 2 Pages

    In economics, a recession occurs when there is a slowdown in the spending of goods and services in the market. A recession causes a drop in employment, GDP growth, investment, as well as societal well-being. All recessions are caused by a specific cause, but the Great Recession of 2007-2009 was caused by a crash in the housing market. This crash was triggered by a steep decline in housing prices. All of a sudden, people bought houses because there was an excessive amount of money in the economy and they thought the price of houses would only increase. (Amadeo, 2012). There was a financial frenzy as the growing desire for homes expanded. People held a lot of faith in the economy and began spending irrationally on houses that they couldn’t afford. This led to overvalued estate and unsustainable mortgage debt. (McConnell, Brue, Flynn, 2012).

    Read More

  • The Causes Of The Great Depression

    1180 Words  | 3 Pages

    When the stock market started failing, many factories closed production of all types of goods. Businesses and banks started closing down and farmers fell into bankruptcy. Many people lose everything, their jobs, their savings, and their homes. More than thirteen million people are unemployed. The Great Depression caused major political changes.

    Read More

  • 2008 Financial Crisis Essay

    1536 Words  | 4 Pages

    I. Introduction. How to use a symposia? The "subprime crisis" was one of the most significant financial events since the Great Depression and definitely left a mark upon the country as we remain on a steady path towards recovering fully. The financial crisis of 2008, became a defining moment within the infrastructure of the US financial system and its need for restructuring. One of the main moments that alerted the global economy of our declining state was the bankruptcy of Lehman Brothers on Sunday, September 14, 2008 and after this the economy began spreading as companies and individuals were struggling to find a way around this crisis.

    Read More

  • The Great Recession 2007-2008 Research Paper

    714 Words  | 2 Pages

    THE GREAT RECESSION 2007-2008 reffered to the period of decline in the world economy during the late 2000's and early 2010 which led to the collapse of the financial sector of the world's economy. The crisis began when the housing market in US went from boom to burst and a a great number of mortgage securities lost the significant value it had. Not only the US economy, but the world economy was in turmoil. The GREAT RECESSION was caused by a no. of factors, all happening simultaneously, which caused a dounturn in the economy at a global level. The primary causes included : High level of private debts in US economy.

    Read More

  • 2008 Financial Crisis Essay

    877 Words  | 2 Pages

    The 2008 financial crisis is an interesting event in history, one which nearly caused global economic collapse as well as another Great Depression. Greed and abuse of cheap credit were the leading causes of what would eventually lead to this financial peril. The housing market was a huge factor in causing near economic collapse, as well as the sheer amount of people who were investing based on speculation. The aftermath following the crisis resulted in bankruptcy everywhere - no one was safe, as can be observed from the bankruptcy of Lehman Brothers and Chrysler. Unemployment rose - and it took government action to finally help stabilize the economy.

    Read More

  • The Great Depression Essay

    1508 Words  | 4 Pages

    The Great Depression was the deepest and longest-lasting economic downfall in the history of the United Sates. No event has yet to rival The Great Depression to the present day today although we have had recessions in the past, and some economic panics, fears. Thankfully the United States of America has had its shares of experiences from the foundation of this country and throughout its growth many economic crises have occurred. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors ("The Great Depression."). In turn from this single tragic event, numerous amounts of chain reactions occurred.

    Read More

  • Thesis On Third World Relief

    2398 Words  | 5 Pages

    Unemployment is one of major problems the United States has within its country. In this article it states, “The US economy added 236 thousand jobs in February, bringing down the number of unemployed people from 12.3 million to approximately 12 million people. Slightly more than a quarter of those are in their teens, 6.8% are white, 9.6% are Hispanics and 13.8% are African Americans. ”(Unemployment Rate In US Lowest In Four Years 1)

    Read More

More about The Great Recession Essay

Open Document