Contact Us
Make My Homepage

A Quick Look Back at the American Economy on Election Day 2008 — Dollars and Sense

Businessman and declining share
iStockphoto

Four years ago, during the last presidential campaign, the American economy was collapsing faster than it had since the Great Depression. Now, with the 2012 election upon us, most analysts agree that the economy is in a period of slow recovery—a bit too slow, according to just about everyone.

Nearly a month before to the last election, unemployment was at about 6.8 percent, meaning about 10 million people were out of work. Currently, the unemployment rate is higher (7.9 percent), though on its way down from a peak of over 10 percent; about 12.3 million people are without jobs.

According to the National Bureau of Economics Research, the Great Recession actually started back in 2007; gross domestic product (GDP) declined in the first, third and fourth quarters of 2008 and the first quarter of 2009. It wasn’t until a year later that the NBER announced the end of the recession.

Still, housing remains a problem. Home prices are stuck below previous levels, but in some respects things are at least starting to improve. Two months before the 2008 presidential election, one in every 475 housing units had fallen into foreclosure; today, it is one in every 730.

About six weeks prior to the election in 2008, Lehman Brothers collapsed, setting off an enormous financial crisis. The government jumped in, taking unprecedented steps to bail out some of the country’s biggest banks in the hopes of averting a global economic meltdown. The Troubled Asset Relief Program (TARP) legislation passed by Congress and signed by President Bush in October remains a highly controversial bill.

Even though the economy is slowly repairing itself, some analysts say America is actually worse off than before—arguing that the only difference between the condition of today’s economy and that of 2008 is the direction in which it is headed.

[ABC News]

More From Rock 108

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://keyj.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on Rock 108 - The Rock Station quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on Rock 108 - The Rock Station quickly by logging in with your Facebook account. It's just as secure, and no password to remember!