The Labor Force and the Great Recession

Michael Hout; Erin Cumberworth

doi:10.4324/9780429494642-131

The Labor Force and the Great Recession

Michael Hout, Erin Cumberworth

Strategies to Reduce Inequality

Research output: Chapter in Book/Report/Conference proceeding › Chapter

Abstract

Americans work for their living. For most of them, having a job is an economic and moral imperative. The wages they earn fuel the rest of the economy. Employment begets the spending that begets more employment. In good times, it is a virtuous cycle reinforcing consumer-driven capitalism. Events like the financial crisis of 2007 and 2008 reverse the cycle, spinning the economy downward with a momentum that can be hard to break. Job losses reduce spending, which kills more jobs, reducing spending even more.

Original language	English (US)
Title of host publication	Social Stratification
Subtitle of host publication	Class, Race, and Gender in Sociological Perspective
Publisher	Taylor and Francis
Pages	1091-1097
Number of pages	7
ISBN (Electronic)	9780429963193
ISBN (Print)	9780429494642
DOIs	https://doi.org/10.4324/9780429494642-131
State	Published - Jan 1 2018

ASJC Scopus subject areas

Social Sciences(all)

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10.4324/9780429494642-131

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The Labor Force and the Great Recession

Abstract

ASJC Scopus subject areas

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