>>63282
Without the policy responses of late 2008 and early 2009, we estimate that:
The peak-to-trough decline in real gross domestic product (GDP), which was barely over 4%, would have been close to a stunning 14%;
The economy would have contracted for more than three years, more than twice as long as it did;
More than 17 million jobs would have been lost, about twice the actual number.
Unemployment would have peaked at just under 16%, rather than the actual 10%;
The budget deficit would have grown to more than 20 percent of GDP, about double its actual peak of 10 percent, topping off at $2.8 trillion in fiscal 2011.
Today’s economy might be far weaker than it is — with real GDP in the second quarter of 2015 about $800 billion lower than its actual level, 3.6 million fewer jobs, and unemployment at a still-dizzying 7.6%.Without the policy responses of late 2008 and early 2009, we estimate that:
The peak-to-trough decline in real gross domestic product (GDP), which was barely over 4%, would have been close to a stunning 14%;
The economy would have contracted for more than three years, more than twice as long as it did;
More than 17 million jobs would have been lost, about twice the actual number.
Unemployment would have peaked at just under 16%, rather than the actual 10%;
The budget deficit would have grown to more than 20 percent of GDP, about double its actual peak of 10 percent, topping off at $2.8 trillion in fiscal 2011.
Today’s economy might be far weaker than it is — with real GDP in the second quarter of 2015 about $800 billion lower than its actual level, 3.6 million fewer jobs, and unemployment at a still-dizzying 7.6%.
https://www.cbpp.org/research/economy/the-financial-crisis-lessons-for-the-next-one