The Great Recession
Publication Year: 2011
Published by: Russell Sage Foundation
Title Page, Copyright
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The Great Recession, as it has come to be called, has been covered relentlessly in conventional print, radio, and television media as well as by bloggers and the sprawling network of less conventional media. If the Second Gulf War of 2003 was the first Internet-covered war, arguably the Great Recession is the first major recession covered ...
Part I. Introduction
Chapter 1. The Consequences of the Great Recession
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After eighteen months of recession, the longest since the Great Depression of the 1930s, growth returned to the U.S. economy in the summer of 2009. The recession may now be officially over, but its effects live on in the form of high unemployment, a host of associated labor-market problems, and the ongoing threat of a double-dip ...
Chapter 2. The Roots of the Great Recession
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The proximate cause of the “Great Recession” was the unraveling of the mortgage securitization industry beginning in 2007. What had been a relatively small niche market at the beginning of the 1990s was, from 1993 to 2007, transformed into the core activity of the rapidly expanding financial sector. At the peak of the mortgage business, ...
Part II. Economic Effects: The Labor Market, Income and Poverty,and Wealth and Housing
Chapter 3. Job Loss and Unemployment
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Americans work for their living. Having a job is an economic and moral imperative for most Americans. The wages they earn fuel the rest of the economy. Employment begets the spending that begets more employment. In good times, it is a virtuous cycle reinforcing consumer-driven capitalism. Events like the ﬁnancial crisis of ...
Chapter 4. Poverty and Income Inequality in the Early Stages of the Great Recession
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In this chapter we attempt to capture the effects of secular and cyclical forces on the incomes and economic well-being of Americans who are suffering through the Great Recession. Whenever useful and possible, we will compare this recession to earlier ones. Although our charge in this chapter is to examine how poverty and economic well-being have ...
Chapter 5. How Much Wealth Was Destroyed in the Great Recession?
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The United States has now undergone the worst recession since the Great Depression of the 1930s. The Great Recession has clearly taken a toll on people’s income and employment. While adequate levels of income are vital to everyday lives of Americans, the current recession is particularly notable for its enormous destruction of ...
Part III. Social Effects: Consumption,Attitudes, and Family
Chapter 6. An Analysis of Trends,Perceptions, and Distributional Effects in Consumption
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Consumption decisions are crucial determinants of business cycles and growth. As a share of U.S. gross domestic product (GDP) personal consumer expenditure has grown steadily since the early 1970s to reach, by 2008, 70 percent of GDP. The particularity of severe downturns is that consumer spending is likely not only to decline ...
Chapter 7. The Surprisingly Weak Effect of Recessions on Public Opinion
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Has the Great Recession altered Americans’ views about business, finance, government, opportunity, inequality, and fairness? Has it changed the public’s preferences about the appropriate role of government in regulating the economy and helping the less fortunate? Has it shifted political orientations or party ...
Chapter 8. The Great Recession’s Influence on Fertility,Marriage, Divorce, and Cohabitation
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The experience of the Great Recession is not confined to the spheres of jobs, earnings, and wealth. Amid the turmoil and economic upheaval in the wider economy, individuals and families go about their lives, planning marriages, suffering through breakups and divorces, planning families, and sorting out their living ...
Part IV. The Collective Response: The Government and Charitable Giving
Chapter 9. The Federal Stimulus Programs and Their Effects
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The recession that began in December 2007 ranks as the longest and deepest economic downturn since World War II. The American government’s response to it was also distinctive and aroused intense political controversy. In some ways this should not be surprising, since some of the measures adopted by the Congress, two presidents, ...
Chapter 10. Has the Great Recession Made Americans Stingier?
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Americans have long been, and continue to be, a particularly charitable people. Whereas Europeans have well-developed and comprehensive welfare states, the United States has always relied more on private charity to support a multitude of causes, including aid and assistance to the poor (Alesina and Glaeser 2004). But how does ...
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Page Count: 224
Publication Year: 2011