The Importance Of Recession In The United States

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The United States, along with many other countries, began to feel the downfall of the economy around the world. In 2007, the United States officially declared itself in a recession. Although, many steps were taken to terminate the recession, nothing for a while seemed to work. As budgets were being cut and jobs were being lost, families began to worry for their future. Would they be able to pay their mortgage, car notes, or simply put food on the table? The unemployment rate is one of the most commonly distinguished characteristics of a recession (Juergensmeyer 417-423). In December of 2008, the National Bureau of Economic Research, NBER officially announced the start of the recession in the United States was in December 2007. This announcement…show more content…
Many Americans were nervous, and still are, every recession has recovered. The 2010 recovery, however, is not as strong as others have been. This is partially due to the recession still alive in housing. In 2003, home prices declined although the cost did not. The value of taxes on items also decreased. Revenues gained from new development were also decreased, leading to the unemployment rate. Although the 2007-2009 recessions had many hardships the economy will recover. The unemployed workers still feel the effects of this recession. It was devastating and painful to them and their families. It will probably change the face of the future of America. The young are unemployed, living home, and playing video games. As Americans, there is a lot to be learned from this recession. Works Cited Berg-Cross,Linda, andRodney Green. "The Impact Of The Recession On College Students." Journal Of College Student Psychotherapy 24.1 (2010): 2-16. AcademicSearchComplete.Web.5 Dec.2011. Charles B. Lowry (2010): Year 2 of the “Great Recession”: Surviving the Present by Building the Future, Journal of Library Administration, 51:1, 37-53 Juergensmeyer, Julian C., and James C. Nicholas. "Loving Growth Management In The Time Of Recession." Urban Lawyer 43.1 (2011): 417-423. Academic Search Complete. Web. 5 Dec. 2011. Sekimori. “Understanding the Recession that started in December 2007.” Understanding the Market. (2008) <http://understanding the
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