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September 17, 2012

Think Progress: New Report Finds Financial Crisis Cost Economy $12.8 Trillion

The U.S. is still struggling to claw out of the hole created by the Great Recession, the Wall Street-caused crisis that resulted in the loss of millions of jobs. According to a new report from Better Markets, a pro-financial reform organization, the crisis cost Americans about $12.8 trillion in lost economic output:

– Estimated actual gross domestic product (“GDP”) loss from 2008 to 2018, of $7.6 trillion. This is the cumulative difference between potential GDP — what GDP would have been but for the financial and economic crises– and actual and forecast GDP during the period…”

Read Pat Garofalo’s full article here

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