Posted October 08, 2018 12:05:53When we think about the impact that the Great Recession has had on our lives, we think of the financial meltdown of 2008.
The crisis was the first major downturn in decades.
Yet, the unemployment rate has risen steadily since then, reaching a historic high of 8.9% in October.
The national debt has grown by nearly $1 trillion since the recession began.
But as the country enters the second year of this recovery, it’s clear that this is not the beginning of a recovery.
According to a report from the U.S. Labor Department, the economic recovery is still far from complete.
While the unemployment and underemployment rates are down from their peaks, the total employment rate remains unchanged, meaning that more Americans are out of work than in.
The unemployment rate is currently hovering around 7.8%.
“We are not in the middle of a full-fledged recovery,” said Jason Furman, chairman of the Federal Reserve and former chairman of President Donald Trump’s Council of Economic Advisers.
“We are just at the beginning.”
The recovery is not without its challenges, however.
The number of Americans without jobs has surged, and the federal government has made some efforts to rein in the ballooning debt, which stands at nearly $16 trillion.
But even with the government efforts, many Americans continue to live paycheck to paycheck.
The economy is already feeling the effects of the Great Depression, with the unemployment rates climbing as high as 11.5%.
That’s far above pre-recession levels.
The Great Recession also hit the U, and its effects are still being felt.
The housing market was a hotbed of the economic crisis, and many foreclosed on homes.
The government has tried to stem the losses in the housing market, but has not been able to fully reverse the losses.
“We have a lot of housing foreclosures, and that’s a real problem,” said Furman.
“The housing market has been in a pretty precarious position.”
Still, Furman said that the recovery is far from over.
“There’s still a lot more to do.
And the economy is getting better,” he said.”
I think we’ll be in a recession, but not a long one,” he added.
The Great Depression lasted from 1933 to 1937, and was followed by World War II and the Korean War.
The Great Recession ended nearly six years ago.