The rapid collapse of home prices, employment, and output in 2008 also matched or exceeded those in the first year of the Depression.īut the different policy choices we made led to very different outcomes. stock market declined by nearly 50 percent from its pre-crisis peak by the time the President took office, outpacing the market crash over the same period during the Great Depression.
economy-more than five times the rate of loss seen at the onset of the Depression. households’ net worth declined by even more in the first year of the recent recession than during the Depression, as the crisis in 2008 erased $13 trillion of wealth from the U.S. Seven years after the Recovery Act was passed, it is important to look back at the bold actions the President and many other policymakers took to support our economy.īy many measures, economic conditions at the outset of the financial crisis were collapsing faster than the onset of the Great Depression. Moreover, wage growth has strengthened to its fastest pace since the financial crisis over the last six months. Each month we continue to extend the longest streak of job growth on record, with 14 million private-sector jobs created over 71 straight months of job growth. economy had completed the best two years of job growth since the 1990s and the fastest two-year drop in the unemployment rate in three decades. economy not only climbed out of the crisis but emerged stronger than before-an historic turnaround in part attributable to what the Recovery Act did to restart near-term growth and build a new foundation for long-term economic strength.īy the beginning of 2016, the U.S.
But the Recovery Act and the Federal government’s broader response to the crisis helped ensure that the U.S. In fact, by a number of measures, the economy was collapsing as fast or faster in late 2008 and early 2009 than it was when the Depression began. The President signed the Recovery Act into law on February 17, 2009-less than a month after taking office-as our economy teetered on the brink of a second Great Depression. This month marks the seven-year anniversary of the American Recovery and Reinvestment Act (Recovery Act).
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