Great Depression 2009

Here are some interesting facts about the Great Depression in 2009:

•More than 4.3 million jobs were lost in 2009, which turned the “recession” into a Great Depression, for all intents and purposes. The first quarter of 2009 was the worst, with 650,000 jobs lost in January 2009, 651,000 jobs lost in February 2009, and 663,000 jobs lost in March 2009. That represents almost 2 million newly unemployed people, compared to only 232,000 workers who lost their jobs in the first quarter of 2008.

•One of the darkest days of 2009 was Monday, January 26 when 7 companies simultaneously announced job losses, totaling 64,500. This day came to be known as “Bloody Monday.”

•By April 2009, more than 13 million workers were unemployed. The unemployment rate was 8.5% (or more accurately, 15.6%, if part-time employees and those who had given up were added into the stats).

•2009 ushered in another round of stimulus packages and bailouts, including: tax cuts, job creation programs, small business lending initiatives, Fannie Mae and Freddie Mac bailouts, AIG bailout, toxic asset bank bailouts (TARP), automaker bailouts (Chrysler, GM, and Ford), and worldwide lending bailouts (to help prevent a global economic depression).

Click here to read facts about the Great Depression 2008.