The economic slump goes on and on and

"During the unhappy winter of 2008-09, the global economy teetered on the brink of a complete breakdown. The financial crisis, which began in 2007 in the U.S. with its toxic subprime mortgages, spread quickly to Europe and then threatened to engulf the rest of the world. In the darkest period i...

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Bibliographic Details
Published in:	USA today (New York, N.Y.) N.Y.), 2011-01, Vol.139 (2788), p.10
Main Author:	Thomson, James W
Format:	Magazinearticle
Language:	eng
Subjects:	Academic Achievement Banks and banking, Central Central banks Debt (Financial) Economic aspects Economic conditions Economic forecasts Economic Progress Federal Reserve banks Federal Reserve System (U.S.) Financial crises Financial crises, International aspects Financial markets Government (Administrative Body) Government spending policy Job creation Keynesian economics Mathematics Instruction Monetary policy Recessions Small Businesses U.S., Economic conditions U.S., Economic policy U.S., Economic policy, Global impact Unemployment United States economic conditions
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Summary:	"During the unhappy winter of 2008-09, the global economy teetered on the brink of a complete breakdown. The financial crisis, which began in 2007 in the U.S. with its toxic subprime mortgages, spread quickly to Europe and then threatened to engulf the rest of the world. In the darkest period in early 2009, the U.S. was shedding 700,000 jobs a month, world stock markets plunged, millions of workers lost their livelihoods, international trade slumped, and our Federal government began to spend billions of dollars to shore up the faltering economy. Anxious pundits proclaimed that this financial debacle signaled the end of capitalism, as the economic carnage continued until the summer of 2009--until the Great Recession officially was judged to be over by a clearly overly optimistic agency. Perhaps as many as 10,000,000 American jobs were eliminated during the crisis; in 2010, some 15,000,000 workers were unemployed while another 12,000,000 either were underemployed or had withdrawn from the labor market altogether." (USA Today (Farmingdale)) In this article, the author comments on the poor economic conditions plaguing the U.S.
ISSN:	0161-7389 2168-362X