Business-Cycle Conditions: Fiscal Policy Drag Diminishing - The - TopicsExpress

Business-Cycle Conditions: Fiscal Policy Drag Diminishing - The Great Recession of 2008-2009 will be remembered for its severity—a cumulative decline of 4.2 percent in real GDP, the loss of 8.7 million jobs, and a harsh toll on the banking system with more than 400 bank failures from 2008 to 2011. The Great Recession should also be remembered for the massive increase in the federal budget deficit it spawned. As a percentage of GDP, the budget deficit reached 9.8 percent... ow.ly/2ODhbo

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