The global financial crisis dramatically harmed the U.S. economy, reducing overall output by $455 billion in real terms.
Typically after recessionA recession is a significant and sustained decline in the economy. Typically, a recession lasts longer than six months, but recovery from a recession can take a few years. s, the economy quickly recovers. However, this recovery has not been quick. While the U.S. economy has been growing for the past couple of years, it has been slow—too slow to fully recover from the crisis.
In fact, the Congressional Budget Office (CBO)The Congressional Budget Office (CBO) provides nonpartisan analysis to the U.S. Congress on federal economic and budgetary matters. projects that the U.S. economy will permanently remain below the pre-recession trend. This permanent gap due to the recession means that the economy will still be $4.5 trillion below its previous trend by 2020.
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