NPR

Unhappy 10th Anniversary, Great Recession. You Still Hurt Us

The Great Recession began exactly one decade ago this month. Although the economy has been growing steadily for years, the downturn's impact is still deeply felt by millions who lost homes and jobs.
Job seekers line up to enter a career fair in Los Angeles, on Dec. 1, 2010. At the peak of the recession, the unemployment rate hit 10 percent. It's now 4.1 percent.

Ten years ago this month, you may not have noticed the cracking and crumbling under you.

At the time, you may have had a job, a home and rising retirement savings. Sure, the housing market was hurting a lot, but stock prices were still holding up and Federal Reserve policymakers were offering reasons for calm, saying they expected strong consumer spending.

But the Fed was wrong: In December 2007, an economic earthquake already was convulsing the country. It marked the beginning of the Great Recession, which lasted

You’re reading a preview, subscribe to read more.

More from NPR

NPR3 min readInternational Relations
Gaza Cease-fire Resolutions Roil U.S. Local Communities
As local elected officials continue to face pressure to pass resolutions calling for an end to the fighting in Gaza, some aren't sure how or whether to take a stand at all.
NPR6 min read
Fair Reporting On The Israel-Hamas War
There's been a lot of public conversation this past week about whether NPR's attachment to bringing diverse voices onto its staff and airwaves is a good thing or a bad thing. This current debate arose in reaction to a column last week written by a fr
NPR4 min read
Wildfire Smoke Contributes To Thousands Of Deaths Each Year In The U.S.
Two new studies show the unseen toll smoke is taking on people across the country. Climate change is likely to make the problem even bigger.

Related Books & Audiobooks