What ended the Great Recession?
Correspondingly, how did the Great Recession of 2008 end?
Congress passed TARP to allow the U.S. Treasury to enact a massive bailout program for troubled banks. The aim was to prevent both a national and global economic crisis. Unemployment reached 10% in 2009. ARRA and the Economic Stimulus Plan were passed in 2009 to end the recession.
Similarly, what marks the end of a recession? The trough date will mark the end of the recession. A recession is a significant decline in activity spread across the economy, lasting more than a few months, visible in industrial production, employment, real income, and wholesale-retail sales.
Keeping this in consideration, how did the government end the Great Recession?
Stimulus Package Of course, lowering the target interest rate wasn't the only thing the Fed and the U.S. government did to combat the Great Recession and minimize its effects on the economy. In February 2008, President George W. Bush signed the so-called Economic Stimulus Act into law.
What happened to GDP during the Great Recession?
Beyond its duration, the Great Recession was notably severe in several respects. Real gross domestic product (GDP) fell 4.3 percent from its peak in 2007Q4 to its trough in 2009Q2, the largest decline in the postwar era (based on data as of October 2013).