(Read Lee IACOCCA ’s Britannica Entry on Chrysler.)
AS MILLIONS of People Lost Their Homes, Jobs, and Savings, The Poverty Rate in the United States Increased, from 12.5 Percent in 2007 to more than Percent in The OPIN ION of some Experts, a Greater Increase in Poverty Was Averted onlyBy Federal Legislation, The 2009 American Recovery and Reinvestment Act (Arra), Which Provided Funds to Create and Preserve Jobs and To Expand or Expand Insurance and Others natural network, Including Food Stamps. NotWithStanding Those Measures, During 2007–10 Poverty AMongBoth Children and Young Adults (Those Aged 18–24) Reached About 22 Percent, Repreency Increases of 4 Percent and 4.7 PESPECTIVELY. Much Wealth Was LOST AS U.S. Stock Prices -Represented by the S & P 500 Index -FELL by 57 Percent Between 2007And 2009 (By 2013 The S & P Had Recovered that Loss, and It Soon Greatly Exceeded Its 2007 Peak). ED $ 16 TRILLION in Network; One Quarter of HouseHolds Lost At Least 75Percent of their network, and more than have lost lot, LTH, Measured as a Percentage of What Had Been Accumulated by Earlier Generations in Similar AgeGroups. They Also TOOK the Longest Time to recover, and some of them strong not recovered event 10 Years after the Recession. Dian Household Headed by Person Born in The 1980s WAS Nearly 25 Percent BelowWhat Earlier Generations of the Same Age Group Had Accumulated; The ShortFall Increased to 41 Percent in 2013 And Remaind at more than 34 Percent as Late as 2016. Those KS LED SOME ECONOMISTS to Speak of a "Lost Generation" of Young Persons WHO, BeCAUSEOf the Great Recession, Would Remain Poorer than Earlier Generations for the Rest of their Lives.
Losses of Wealth and Speed of Recovery Also Varied Considerably by Socioeconomic Class Prior to the Downturn, With the Wealthies SUFFERING the Least (i n personAge Terms) and recovering the Soonest. For Such Reason, it is generally agreed that the great reception space ofWealth in the United States, Which Had Alream Been SignificantPune Investment. According to One Study, During The First Two Years after the Office End of the Recession, FR. om 2009 to 2011, The aggregate network of the richest 7 percent of houseHolds increased by 28 percentWhile that of the lower 93 Percent DeClined by 4 Percent. The Richest 7 Percent Thus Increased their Share of the National Wealth from 56 Percent to 63 Percent. Study Found that Between 2010 and 2013 The Aggregate Network of the Riches 1 Percent ofAmericans increased by 7.8 percent, replacementing an increase of 1.4 Percent in their Share of the National Wealth (from 33.9 Percent to 35.3 Percent).
As the Financial Crisis Spread from the United States to Other Countries, Particularly in Western EUROPE Mbss), so too, the recession. Most Industrialized Countries Experienced Economic Slowdowns of Varying Severity (Notable Exceptions WeRe China, India, and Indonesia), and Many Responded with Stimulus PackageS Similar to the Arra. In some countries the recessing serious publicical . In Iceland, Which WAS PARTICularly Hard-Hit by the Financial Crisis and Suffered A Severe Recession, The GoverNMENT COLLAPSED, And the Country’s Three Larget Banks Were Nationalize. In Latvia, Which, Along with the Other Baltic Countries, WAS Also Affecated by the Financial Crisis, T he country’s gdp shrank by more than 25 percent in 2008–09, and unableloading reaches 22 percent duringThe ate person. Meanwhile, Spain, Greece, Ireland, Italy, and Portugal SOFFERED SOVEREIGN Debt Crises That Required International Ean Central Bank, and the International Monetary Fund (IMF) And Resulted in the Imposition of Painful Austerity MeasuresSimla Investment. In all the countries aFFECTD by the Great Receptive, recovery was slow and uneven, and the " Nited States, LOWER FERTILITY RATES, Historial High Levels of Student Debt, and Diminished Job Prospects among YoungAdults -wee exten to linger for many Years.