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Rescuing the American Economy A Guide to How the Stimulus Works

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Center for American Progress. Rescuing the American Economy – A Guide to How the Stimulus Works, by Michael Ettlinger | February 5, 2009.

  • “The economy was already performing badly by many measures before the recession started in December 2007, but the poor economic performance was partially camouflaged by rising asset values—especially home values. Those rising asset values made many people and businesses feel well off and comfortable going into debt. Rising asset values, consumer overconfidence, and borrowing fueled economic activity and gave the economy a veneer of well-being, even though real family income remained lower than it had been before the recession of 2001.”
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