Post by the Scribe on Aug 27, 2021 21:18:27 GMT
Notice how every recession after 1950 was started in or during a Republican administration:
en.wikipedia.org/wiki/List_of_recessions_in_the_United_States
Recession of 1953 July 1953–May 1954 10 months 3 years
9 months 6.1%
(Sep 1954) −2.6% After a post-Korean War inflationary period, more funds were transferred to national security. In 1951, the Federal Reserve reasserted its independence from the U.S. Treasury and in 1952, the Federal Reserve changed monetary policy to be more restrictive because of fears of further inflation or of a bubble forming.[39][62][63]
Recession of 1958 Aug 1957–April 1958 8 months 3 years
3 months 7.5%
(July 1958) −3.7% Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959.[39]
Recession of 1960–61 Apr 1960–Feb 1961 10 months 2 years 7.1%
(May 1961) −1.6% Another primarily monetary recession occurred after the Federal Reserve began raising interest rates in 1959. The government switched from deficit (or 2.6% in 1959) to surplus (of 0.1% in 1960). When the economy emerged from this short recession, it began the second-longest period of growth in NBER history.[39] The Dow Jones Industrial Average (Dow) finally reached its lowest point on February 20, 1961, about 4 weeks after President John F. Kennedy was inaugurated.[citation needed]
Recession of 1969–70 Dec 1969–Nov 1970 11 months 8 years
10 months 6.1%
(Dec 1970) −0.6% The relatively mild 1969 recession followed a lengthy expansion. At the end of the expansion, inflation was rising, possibly a result of increased deficits. This relatively mild recession coincided with an attempt to start closing the budget deficits of the Vietnam War (fiscal tightening) and the Federal Reserve raising interest rates (monetary tightening).[39]
1973–75 recession Nov 1973–Mar 1975 1 year
4 months 3 years 9.0%
(May 1975) −3.2% The 1973 oil crisis, a quadrupling of oil prices by OPEC, coupled with the 1973–1974 stock market crash led to a stagflation recession in the United States.[64][65]
1980 recession Jan 1980–July 1980 6 months 4 years
10 months 7.8%
(July 1980) −2.2% The NBER considers a very short recession to have occurred in 1980, followed by a short period of growth and then a deep recession. Unemployment remained relatively elevated in between recessions. The recession began as the Federal Reserve, under Paul Volcker, raised interest rates dramatically to fight the inflation of the 1970s. The early 1980s are sometimes referred to as a "double-dip" or "W-shaped" recession.[39][66]
1981–1982 recession July 1981–Nov 1982 1 year
4 months 1 year 10.8%
(Nov 1982) −2.7% The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices up. Tight monetary policy in the United States to control inflation led to another recession. The changes were made largely because of inflation carried over from the previous decade because of the 1973 oil crisis and the 1979 energy crisis.[67][68]
Early 1990s recession July 1990–Mar 1991 8 months 7 years
8 months 7.8%
(June 1992) −1.4% After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989. This weakened but did not stop growth, but some combination of the subsequent 1990 oil price shock, the debt accumulation of the 1980s, and growing consumer pessimism combined with the weakened economy to produce a brief recession.[69][70][71]
Early 2000s recession Mar 2001–Nov 2001 8 months 10 years 6.3%
(June 2003) −0.3% The 1990s were the longest period of economic growth in American history up to that point. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks,[72] brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow.[73]
Great Recession Dec 2007–June 2009[74][75] 1 year
6 months 6 years
1 month
10.0%
(October 2009)[76] −5.1%[77] The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to a global financial crisis, even as oil and food prices soared. The crisis led to the failure or collapse of many of the United States' largest financial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, and AIG, as well as a crisis in the automobile industry. The government responded with an unprecedented $700 billion bank bailout and $787 billion fiscal stimulus package. The National Bureau of Economic Research declared the end of this recession over a year after the end date.[78] The Dow Jones Industrial Average (Dow) finally reached its lowest point on March 9, 2009.[79]
COVID-19 recession Feb 2020–Ongoing 2 months [80] 10 years
8 months
14.7%
(April 2020) −19.2%[81]
Since 2017, a major global slowdown in growth has been taking place in many countries of the world, and several European governments have had economic crises. These measures began to be exacerbated in September 2019, when the Federal Reserve had to begin interventions in the repo market after the overnight lending rate spiked above the Fed's target rate in an attempt to keep the economy afloat due to a liquidity issue. The Fed's efforts began to fail with the outbreak of COVID-19 in November 2019, which forced countries to institute travel restrictions and quarantines, closing many businesses. The initial outbreak expanded into the global pandemic. The economic effects of the pandemic were severe. More than 24 million people lost jobs in the United States in just three weeks.[82] Official economic impact of the virus is still being determined, but the recession was on of the shortest on record, helped in part by online purchases, stimulus checks, and increased public involvement in the stock market.[83][84][needs update]
en.wikipedia.org/wiki/List_of_recessions_in_the_United_States
Recession of 1953 July 1953–May 1954 10 months 3 years
9 months 6.1%
(Sep 1954) −2.6% After a post-Korean War inflationary period, more funds were transferred to national security. In 1951, the Federal Reserve reasserted its independence from the U.S. Treasury and in 1952, the Federal Reserve changed monetary policy to be more restrictive because of fears of further inflation or of a bubble forming.[39][62][63]
Recession of 1958 Aug 1957–April 1958 8 months 3 years
3 months 7.5%
(July 1958) −3.7% Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959.[39]
Recession of 1960–61 Apr 1960–Feb 1961 10 months 2 years 7.1%
(May 1961) −1.6% Another primarily monetary recession occurred after the Federal Reserve began raising interest rates in 1959. The government switched from deficit (or 2.6% in 1959) to surplus (of 0.1% in 1960). When the economy emerged from this short recession, it began the second-longest period of growth in NBER history.[39] The Dow Jones Industrial Average (Dow) finally reached its lowest point on February 20, 1961, about 4 weeks after President John F. Kennedy was inaugurated.[citation needed]
Recession of 1969–70 Dec 1969–Nov 1970 11 months 8 years
10 months 6.1%
(Dec 1970) −0.6% The relatively mild 1969 recession followed a lengthy expansion. At the end of the expansion, inflation was rising, possibly a result of increased deficits. This relatively mild recession coincided with an attempt to start closing the budget deficits of the Vietnam War (fiscal tightening) and the Federal Reserve raising interest rates (monetary tightening).[39]
1973–75 recession Nov 1973–Mar 1975 1 year
4 months 3 years 9.0%
(May 1975) −3.2% The 1973 oil crisis, a quadrupling of oil prices by OPEC, coupled with the 1973–1974 stock market crash led to a stagflation recession in the United States.[64][65]
1980 recession Jan 1980–July 1980 6 months 4 years
10 months 7.8%
(July 1980) −2.2% The NBER considers a very short recession to have occurred in 1980, followed by a short period of growth and then a deep recession. Unemployment remained relatively elevated in between recessions. The recession began as the Federal Reserve, under Paul Volcker, raised interest rates dramatically to fight the inflation of the 1970s. The early 1980s are sometimes referred to as a "double-dip" or "W-shaped" recession.[39][66]
1981–1982 recession July 1981–Nov 1982 1 year
4 months 1 year 10.8%
(Nov 1982) −2.7% The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices up. Tight monetary policy in the United States to control inflation led to another recession. The changes were made largely because of inflation carried over from the previous decade because of the 1973 oil crisis and the 1979 energy crisis.[67][68]
Early 1990s recession July 1990–Mar 1991 8 months 7 years
8 months 7.8%
(June 1992) −1.4% After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989. This weakened but did not stop growth, but some combination of the subsequent 1990 oil price shock, the debt accumulation of the 1980s, and growing consumer pessimism combined with the weakened economy to produce a brief recession.[69][70][71]
Early 2000s recession Mar 2001–Nov 2001 8 months 10 years 6.3%
(June 2003) −0.3% The 1990s were the longest period of economic growth in American history up to that point. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks,[72] brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow.[73]
Great Recession Dec 2007–June 2009[74][75] 1 year
6 months 6 years
1 month
10.0%
(October 2009)[76] −5.1%[77] The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to a global financial crisis, even as oil and food prices soared. The crisis led to the failure or collapse of many of the United States' largest financial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, and AIG, as well as a crisis in the automobile industry. The government responded with an unprecedented $700 billion bank bailout and $787 billion fiscal stimulus package. The National Bureau of Economic Research declared the end of this recession over a year after the end date.[78] The Dow Jones Industrial Average (Dow) finally reached its lowest point on March 9, 2009.[79]
COVID-19 recession Feb 2020–Ongoing 2 months [80] 10 years
8 months
14.7%
(April 2020) −19.2%[81]
Since 2017, a major global slowdown in growth has been taking place in many countries of the world, and several European governments have had economic crises. These measures began to be exacerbated in September 2019, when the Federal Reserve had to begin interventions in the repo market after the overnight lending rate spiked above the Fed's target rate in an attempt to keep the economy afloat due to a liquidity issue. The Fed's efforts began to fail with the outbreak of COVID-19 in November 2019, which forced countries to institute travel restrictions and quarantines, closing many businesses. The initial outbreak expanded into the global pandemic. The economic effects of the pandemic were severe. More than 24 million people lost jobs in the United States in just three weeks.[82] Official economic impact of the virus is still being determined, but the recession was on of the shortest on record, helped in part by online purchases, stimulus checks, and increased public involvement in the stock market.[83][84][needs update]