In the month of April, the unemployment rate shot up to an eye-watering 14.7% as the American economy ground to a halt, with 20.5 million jobs eliminated—that’s nearly every job created over the past decade, gone in a single month.
were eliminated last month alone, and more than 33 million jobs have been lost since the 2020 crisis began. in October 2009; the unemployment rate for April clocked in at a staggering 14.7%.its peak value in the Great Recession; the S&P 500 is down just under 14% from its peak in February .
In 2008 and 2009, lawmakers passed two stimulus packages worth $700 billion and nearly $800 billion , which paved the way for controversial bank bailouts. Over the last two months alone, Congress has authorized some $3 trillion in rescue spending to cushion the blow of the virus, with more almost certain to follow. It’s important to remember that there’s a critical difference between this economic crisis and what happened during the Great Recession. “The Great Recession was a result of financial imbalances—starting primarily in the housing sector,”Louise Sheiner of the Brookings Institution.
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