Advances in Economics, Management and Political Sciences

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Proceedings of the 2023 International Conference on Management Research and Economic Development

Series Vol. 23 , 13 September 2023


Open Access | Article

An Analysis of the Economic Scars of the Great Recession in the United States Through the Lens of Confidence

Ruize Xia * 1
1 Dipont School of Arts and Science

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 23, 26-32
Published 13 September 2023. © 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Ruize Xia. An Analysis of the Economic Scars of the Great Recession in the United States Through the Lens of Confidence. AEMPS (2023) Vol. 23: 26-32. DOI: 10.54254/2754-1169/23/20230345.

Abstract

The Great Recession, which started in 2007, was considered one of the severest economic downturns that ever transpired, causing massive unemployment and panic. Intriguingly, economic growth remained significantly lower than the pre-recession level in the US. This article intends to research the relationship between confidence and US economic growth. Through this study, the author intends to use the qualitative research method to analyze existing data and explore the factors that deteriorated the confidence of the Americans and how these factors continued to influence the economic growth of America in the phase of recovery. The result is, in short, the collapse of the financial market, soaring unemployment, and the accumulation of debts, which spread anxiety in the US economy, made individuals lose their confidence over a long period, and caused a sluggish economic recovery years after the end of this recession.

Keywords

the Great Recession, confidence, banking, unemployment, Ricardo Equivalence

References

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Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 2023 International Conference on Management Research and Economic Development
ISBN (Print)
978-1-915371-89-8
ISBN (Online)
978-1-915371-90-4
Published Date
13 September 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
10.54254/2754-1169/23/20230345
Copyright
© 2023 The Author(s)
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated