2009: The Year Of Recession

Many say the downturn in the economy is what convinced many voters to elect President Barack Obama -deciding the country needed change they could believe in. During the election - President Obama said the American Economy was facing challenges not seen -since the great depression. After his election - came word... the economy was in worse shape -than ever thought.


After four quarters of decline, the economy begins growing during the July-to-September period, signaling the end of the worse recession since the 1930s.

The rebound is sluggish and powered mainly by a government stimulus program.

The nation's unemployment rate tops 10 percent, with 15.4 million people out of work.

Chrysler's says it could take five or six years for the job market to recover.

Auto sales plunge to a 26-year low, hastening General Motors' and Chrysler's collapse into bankruptcy protection; both emerge much leaner. GM emerges to ax its Saturn, Pontiac and Hummer brands and close thousands of dealerships.

Category:

News & Politics

Tags:

• job market
• American Economy
• Chrysler's