What We’re In For: Projected Economic Impact of the Next Recession

Publication Date:

Publisher: Center for Economic and Policy Research

Author(s): John Schmitt; Dean Baker

Research Area: Economics

Keywords: Household income; Unemployment rate; Health insurance

Type: Report

Coverage: United States

Abstract:

This report uses the past three recessions of the early 1980s, early 1990s and early 2000s to project the effects of a recession in 2008. The report finds that such a recession would result in a significant rise in unemployment and the poverty rate along with a significant decrease in the employment rate and the median family income. These effects would be felt long after financial markets begin to recover with workers feeling the negative effects of the recession for the next three to four years.