Economic Status from 1990-Present

The Newest Recession

The current US recession began in March 2001.

The terrorist attacks only served to worsen the economic crisis by threatening the tourism and airline industries.

Enron, the energy corporation to declare bankruptcy this week, is the largest US company to declare bankruptcy and plans to put 4000 employees out of jobs.

The economic slowdown of the two world’s largest economies, the US and Japan, have weakened the global economy. Countries such as Mexico and Singapore, who depend on the US for trade have also been hurt by the recession.

Human Costs of Recession:

With every increase in the US unemployment rate, suicide and homicide rates increase as well. More people die from heart and liver failure and prison attendance increases.

A 1 percent increase in unemployment has been statistically associated with 37,000 more deaths in the US (Gordon).