13 May Recently, there have been comparisons between today’s economy and the 2008–2009 Great Recession (GR)
Recently, there have been comparisons between today’s economy and the 2008–2009 Great Recession (GR). Some argue that the COVID-19 pandemic recession is materially different from the GR, while others argue there are many parallels. As you learned in your reading, policymakers in both eras were confronted with a sudden decrease in aggregate demand.
In your initial post, draw or find an example of the aggregate demand and aggregate supply (AD/AS) model that illustrates the general trends of the U.S. economy during both crises. The example may be from your research or the textbook (see Chapter 34).
Note: Use the Insert Image button in the discussion menu to attach your image. Review the following resources for help taking a screenshot:
ECO-201: How to Use Snipping Tool Beginners Guide (CC)
Is There a Snipping Tool for Mac? Four Best Snipping Tools
In addition to your image, respond to the following:
Using the four steps for analyzing macroeconomic fluctuations, explain how the AD/AS equilibrium changed over time. Support your claims by referring to your AD/AS model’s AD shift.
Select an economic factor (GDP, unemployment, or housing price level) and compare its values during both crises.
What policies and strategies did the U.S. government use to deal with the GR and then to deal with COVID-19?
What do you see as the source of future U.S. macroeconomic growth?
In your response posts, comment on at least two posts from peers who chose different factors than you did. Explain how the economic factors are related. Share a news article that presents a different perspective on the economic outcomes of the crises from your peers’ perspectives.
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