S7 E8: The People's Pushback
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Slow Economic Recovery and its impact
- The Obama administration faced a severe economic downturn after the 2008 housing market crash.
- Despite short-term bailouts, millions lost their homes and jobs, leading to a long and painful recovery from 2008 to 2016.
- The drop in unemployment was slow, resulting in a very weak labor market for an extended period.
- The deflation of the housing bubble triggered a chain of negative events, including decreased consumer spending, which further deepened the recession.
- The recession had tangible consequences for ordinary people seeking employment, as illustrated by the speaker's difficulty finding even food service jobs in Chicago in 2010.
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