In 2008, the United States, as well as the rest of the world, felt the effects of the recession. After the collapse of the housing market, people lost their jobs and they quit spending money. Many people could not afford their mortgages anymore and their homes went into foreclosure. For many people, it was a time of _________________.

the financial crisis of 2008, the biggest economic meltdown in the U.S. since the Great Depression, lasted a little more than 18 months, and ended long ago. From December 2007 to June 2009, the GDP contracted sharply, and then the economy began growing again.

At ground level for many, though, the world has never been quite the same.

“One in five employees lost their jobs at the beginning of the Great Recession. Many of those people never recovered; they never got real work again,” says Wharton management professor Peter Cappelli, director of the school’s Center for Human Resources. “The spike in disability claims was in part caused by the difficulty laid-off people had in securing any jobs. A generation of young people entering the job market had their careers disrupted by it. The fact that this age group continues to delay buying houses, having children, and other markers of stable, adult life is largely attributed to this.”

Reference:

How the Great Recession Changed American Workers

Sep 10, 2018

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