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Public Affairs
The Impact of the September 2008 Economic Collapse
According to a new brief from the Pew Charitable Trusts' Financial Reform Project, the recent financial crisis cost the United States an estimated $648 billion due to slower economic growth, as measured by the difference between a Congressional Budget Office economic forecast issued in September 2008 and the actual performance of the economy between September 2008 and the end of 2009. The figure equates to $5,800 in lost income for each U.S. household. The brief, The Impact of the September 2008 Economic Collapse (19 pages, PDF), also found that the country lost $3.4 trillion in real estate wealth and $7.4 trillion in stock wealth between July 2008 and March 2009, while 5.5 million more American jobs were lost due to slower economic growth than was predicted by the CBO. The report also suggests that spending by the federal government to mitigate the impact of the crisis through the Troubled Asset Relief Program will result in a net cost to taxpayers of $73 billion, or roughly $2,050 per U.S. household.
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