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Economic History: The Great Recession and Recovery

Updated on May 3, 2014
Not all workplace parking lots are full. Some areas of the US experienced the effects of the Recession of 2008 - 2010 in 2014 and later.
Not all workplace parking lots are full. Some areas of the US experienced the effects of the Recession of 2008 - 2010 in 2014 and later. | Source

The Great Recession Years

The national and international recession that spanned the final George W. Bush years and the beginning of President Barack Obama's term ended in 2009 or 2010, according to the US Federal Government and other sources.

Our national government prefers the year 2009 as the end point of the downturn, although many states seem to remain in recession in 2012, 2013, 2014 and probably thereafter. Lingering effects of the recession continued for many years, but some states like Texas were hardly touched at all.

Source

Campaign advertisements on television for the 2012 Elections displayed a bar graph that showed increasing jobs after march 2009. Not everyone in America agreed with that graph (see below).

Many residents of the US feel that their own particular state or city is mired in the Recession long term, years past 2010. For some of these voices, that may be true. the days of everyone is a small town going to the coal mine after high school are over. The same is true of small towns where everyone used to work in the local factory.

Manufacturing experienced an upsurge in 2011 - 2012 in certain industries that included

  • Oil & Natural Gas - Especially in North Dakota, Ohio and Pennsylvania
  • Computers and Components
  • Aerospace Manufacturing - By May 1, 2012 NASA had gathered 63 different aerospace companies into its Commercial Crew across 26 states. Access the link to learn about the companies, their products, and jobs becoming available.
  • Healthcare Manufacturing
  • Auto Manufacturing in Southeast Michigan/Greater Detroit and parts of Ohio
  • Healthcare and Information Technologies Services also increased jobs.

Jobs increased March 2010 - April 2012 and continued to increase, according the the White House.
Jobs increased March 2010 - April 2012 and continued to increase, according the the White House. | Source
Source

Economic Recovery Indicators

SUBSIDIES

Stimulus Funding to the US States helped extend Unemployment Benefits to up to 99 weeks for many of the out of work, but this program began scaling back in 2011.

The Recession lasted officially from 2008 - 2009, but most of the US States report effects through 2010. For example, about 1/3 of all residents in Ohio received Food Stamps through the US Federal SNAP program.

Big news in May 2012 was that the receipt of Food Stamps across the USA declined for the first time since January 2009 during the Barack Obama Presidential Administration. The numbers of Food Stamp recipients in February, March, and April 2012 declined. Until that time, the use of food Stamps had increased by 47% between January 2009 - January 12. Welfare caseloads declined 5% from January 2011 to May 2012.

MEDICAID remained in high use, although number of new accounts declined in 2nd Qtr 2012.

[Reference: http://triblive.com/usworld/world/1875613-74/recession-states-welfare-2010-benefits-data-medicaid-obama-percent-program Retrieved May 28, 2012]

FEWER VACATIONS

Quote: A survey by Harris Interactive found that about 57 percent of working Americans had unused vacation time at the end of 2011, and most of them left an average of 11 days on the table -- or nearly 70 percent of their allotted time off...labor experts say the fact that so many workers left vacation days on the table last year underscores the lingering effect of the Great Recession...

[Reference: Recession is lingering for many who pass up trips for paid vacation time http://www.star-telegram.com/2012/05/27/3990244/recession-is-lingering-for-many.html Retrieved May 28, 2012]

Organized Job Search Systems

Even though 100s or 1,000s of jobs may be posted in your metropolitan area and gathered on SimplyHired.com and Indeed.com (check both job search engines), job seekers may still meet difficulties in obtaining work.

One source of help is found in the system of Workforce Investment Act (WIA) county agencies set up to help job seekers with finding work and obtaining supportive services to help them stay at work. Some of these supportive services include help with housing, transplantation, child care, utilities and food, and similar. education and training are also offered to those that require ore education for certain jobs. Apprenticeship programs are available as well. Further, targeted jobs services for workers aged 55+, veterans, and other groups operate in most counties.

Examples of WIA Agencies to contact are described in detail at the following links:

  • Look for your local WIA Office online on your County Website or search "WIA Offices" followed by your county name; go to that site and look for "jobs" or "onestops." Jobs officers are sometimes listed as One Stop Shops.

Directory Of Career Planning and Job Search Resources

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    • pramodgokhale profile image

      pramodgokhale 5 years ago from Pune( India)

      this issue is again divided into developed nation and developing nation.then survival of the fittest is the law ,it is easy for developed countries to come out of crisis,They have skills and quality governance to control the situation.While developing countries solely depend on western economies by exporting their goods , difficult period and weak economies ,they have to find the way.

    • Maren Morgan M-T profile image

      Maren Elizabeth Morgan 5 years ago from Pennsylvania

      Patty, thanks for the up-to-date Information.

    • incomeguru profile image

      Oyewole Folarin 5 years ago from Lagos

      Global economic downturn hit harder 2008/2009. However, to arrest the situation, developed countries, started organizing the so-called stimulus package to bail out the manufacturing sector. A way of reducing unemployment rate at that period. Thanks and God bless.

    • Patty Inglish, MS profile image
      Author

      Patty Inglish 5 years ago from USA. Member of Asgardia, the first space nation, since October 2016

      It's good to hear from you! I hope California pulls out of the recession more quickly in the near future.

    • Earth Angel profile image

      Earth Angel 5 years ago

      YES, GREAT Hub Patty! YES, my experience is the Recession is still lingering quite strongly in certain areas of the country! In California, the good life full of sunshine, clean beaches and abundant fresh produce, causes a kind of denial about the underlying economic realities of the state! For those of us who "produce" art, writing and music ~ often considered expendable in lean times ~ we just work harder and smarter at our craft! You, my dear, are a wonderful example to us all! Blessings, Earth Angel!

    • tipstoretireearly profile image

      tipstoretireearly 5 years ago from New York

      Interesting hub. Hopefully we'll escape the clutches of this recession soon ... its getting hard to remember what things were like before 2008!

    • Patty Inglish, MS profile image
      Author

      Patty Inglish 5 years ago from USA. Member of Asgardia, the first space nation, since October 2016

      I hope they help! Phone directories are not always clear about who does what for people.

    • StayPos profile image

      StayPos 5 years ago from Florida, USA

      Patty,

      Excellent hub as usual :-) You've hit on some very interesting points regarding the state of the economic recovery. Thanks for the insights.

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