Commentary Type

State of the US Economy and Policies that Can Promote Job Creation and Economic Growth

Testimony submitted to the House Ways and Means Committee hearing on "Moving America Forward: With a Focus on Economic Growth"


Beginning in 2007 and reaching peak intensity in fall 2008, a global financial crisis had a major negative impact in almost all industrial countries. The effects in the United States, Europe, and around the globe included a sharp contraction in asset prices, trade, output, and employment. The provision of credit was severely disrupted. This was the most serious implosion of financial sector firms and markets since the Great Depression.

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