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Pew: The Cost of the Financial Crisis: The Impact of the September 2008 Economic Collapse

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The Cost of the Financial Crisis: The Impact of the September 2008 Economic Collapse – Phillip Swagel, Pew Economic Policy Group

  • “U.S. households lost on average nearly $5,800 in income due to reduced economic growth during the acute stage of the financial crisis from September 2008 through the end of 2009. Costs to the federal government due to its interventions to mitigate the financial crisis amounted to $2,050, on average, for each U.S. household. Also, the combined peak loss from declining stock and home values totaled nearly $100,000, on average per U.S. household, during the July 2008 to March 2009 period. This analysis highlights the importance of reducing the onset and severity of future financial crises, and the value of market reforms to achieve this goal.”
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