The Legacy of the Great Recession To the United States in particular, the recession crisis saw businesses come to a halt, led to massive wage cuts and widespread cases of unemployment. A chart book existed to document the course of the economy during the recession period and the resultant effects of the recession. The report provides an analysis of the chart book by reviewing its strengths, weakness, opportunities and threats. Further, a personal reflection regarding the phenomena and the external interventions are discussed. Strengths The chart book draws it strengths from the type of data and information it analyzes.
From the projected results of the analysis, key measures of economic phenomena are given consideration. Another strength of the analysis is the use of relatively new data in the comparison of economic performance. The analysis ensures that the data employed in the analysis does not go beyond 100 years. The use of charts alongside explanations are some of the most widely accepted modes of presenting data. In the chart book, the authors ensure that every statement is supported by a relevant chart or figure from a reputable source. Weakness The book presents an analysis of some of the major economic indicators but forgets to consider a very vital sector, agriculture.
In describing the monthly change in employment, only nonfarm forms of employment are discussed. In calculating and presenting the average change in unemployment, the analysis considered the number of unemployed workers for every job opening. However, of concern is the point that the analysis did not include the persons willing to work, but not searching for jobs or those employed on part time basis (Center on Budget and Policy Priorities, 2015). Opportunities The measurement of key economic phenomena is an indication of more possibilities to the presentation by the book.
Another opportunity lies in the use of reputable sources of information on the data employed in the analysis. In addition, as an opportunity, the report mentions the economic measures employed to curb the crisis. Interesting, it gives an insight of what could happen were not for the prompt action by the government. Threats Key threat to the analysis of the findings is the comparison of present-day data and outdated data. The analysis takes us back to 1950, over fifty years before the recession took place.
The existence of similar publications that offer a similar analysis in a detailed format is a threat to the chart book. More so, the chart book presents the analysis in a language not comprehensible to an individual with no economics knowledge Internal Reflection Recession is a macroeconomic phenomenon that can incapacitate any nation, irrespective of the level of economic advancement. For instance, the recession hard hit the social services sector largely leading to massive losses in jobs and reductions in transfer payments to its dependents.
I believe such a situation should be carefully handled to ensure that it occurrence is mitigated. Hailing from an upcoming nation, such an economic would badly hurt the already weak social services sector. External macro intervention takeaways The stabilization of the economy is very vital in ensuring that such a recession does not hit the country again. From the analysis, it is explicit that prompt government actions were instrumental in mitigating the situation before it could run out of control. Despite presenting a threat to economic prosperity, there is the need to enact efficient macroeconomic policies that cushion the economy against such phenomena.