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Failure by DesignThe Story behind America's Broken Economy$
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Josh Bivens

Print publication date: 2011

Print ISBN-13: 9780801450150

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801450150.001.0001

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The Great Recession’s Trigger

The Great Recession’s Trigger

Housing bubble leads to jobs crisis (p.12)

Chapter:
(p.11) The Great Recession’s Trigger
Source:
Failure by Design
Author(s):

Josh Bivens

Lawrence Mishel

Publisher:
Cornell University Press
DOI:10.7591/cornell/9780801450150.003.0002

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.

Keywords:   job crisis, economic mismanagement, job market, economic security, financial security, working class, corporate profits

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