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The Great Depression
This depression lasted from 1929-39, and was the worst economic downturn in the history of the industrialized world. It began after the Stock Market Crash of 1929, which sent Wall Street into a panic and wiped out millions of investors. By 1933, the Great Depression reached its lowest point, 15 million Americans were unemployed and nearly half the banks had failed. -
The Early 80s Recession
A.K.A. Reagan's Recession, lasted from July 1981 to November 1982, the economic downturn was triggered by tight monetary policy in an effort to fight mounting inflation. This was the worst economic downturn since the Great Depression. Unemployment during the 1981-82 recession was widespread, auto industry jobs, manufacturing, construction were particularly affected. In 1982, with the unemployment rate 10.1%, most Americans were far pleased from with the state of the economy. -
The Great Recession (2008)
This economic slump started with an $8 million housing bubble and became an economic boom, but later was later made into a bust. Resulting loss of wealth led to sharp cutbacks in consumer spending. This loss of consumption, combined with the financial market chaos of the popped housing bubble, also led to a collapsed in business investment. U.S. labor market lost 8.4 million jobs/ 6.1% of payroll employment. By comparison, in the early-80s recession, job loss was 3.1%; only about half as severe. -
How These Events Connect
These economics events in the United States all experienced an economics downturn, causing citizens to lose their jobs and homes. Companies also failed in these time periods as well. Before all the these downturns, the country was at its peak, until the bubble popped.
