Financial Crisis of 2008 What was the cost
President Donald Trumps talks about how strong the United States economy is. That the economy is the going stronger than ever. The commentator disagrees.
By some measures, the U.S. economy is doing well, with unemployment at an 18-year low and second-quarter economic growth rising at its fastest clip in more than a dozen years. But that doesn’t mean Americans have fully recovered from the 2008 financial crisis.
The housing crash and ensuing recession cost the average person a total of $70,000 in lifetime income, the Federal Reserve Bank of San Francisco estimates in a new study. The crash also stunted the size of the economy as measured by the nation’s inflation-adjusted gross domestic product — the total value of goods and services produced in a given year — and it’s doubtful the country will ever regain the ground lost, the researchers conclude.
“The size of the U.S. economy, as measured by GDP adjusted for inflation, is well below the level implied by the growth rates that prevailed before the financial crisis and Great Recession a decade ago,” the researchers wrote, adding that policymakers are “rightfully worried” that economic activity might not revert to its trend before the crisis.
Click the link below for the complete article:
https://www.cbsnews.com/news/how-much-the-2008-financial-crisis-cost-you-in-dollars/
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