What Really Happened During the Recession?


Michigan Central Station, Deroit. Image Source: Next Nature.

The Great Recession did not hit everyone equally. The suffering went deep, but not everyone felt the downturn to the same degree. There is a quote attributed to Harry S. Truman: "It's a recession when your neighbor loses his job; it's a depression when you lose yours."

Some people still consume in a pre-2007 fashion. And the recession is only reaching some industries and economic regions now. As a result, understanding what really happened during the recession is skewed between the experiences and corresponding perceptions of the new haves and the new have nots.
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