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Fallout: the job market Fallout: the job market
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Fallout: broader measures of economic security—poverty, health insurance, and net wealth Fallout: broader measures of economic security—poverty, health insurance, and net wealth
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The Great Recession’s Trigger: Housing bubble leads to jobs crisis
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Published:January 2011
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Abstract
This chapter details the damage done since the recession began and the failure of the recovery so far to repair it. It emphasizes that the anemic expansion from 2001 to 2007 was founded on an unsustainable housing bubble, which had swollen to disastrous proportions because policy makers chose to allow it. Furthermore, the chapter shows how the previous thirty years of economic mismanagement resulted in a cracked foundation that was unable to withstand the economic shock that led to the Great Recession. A notable consequence of the recession was the failure of the job market, which resulted in a gradually eroded financial security for many of America's working families. The chapter argues that the job crisis had precedent prior to the recession; and furthermore, efforts made to remedy this yielded few durable gains for those most affected by the recession.
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