According to an analysis of trends before September 11th by the New York office of the Bureau of Labour Statistics, the attacks were responsible for around 30% of the wages lost in New York in 2000-02.A cofparisoNew York York with broadly similar cities supports the idea that recession harmed its workers much more than did September 11th.
Insofar as Biden was playing the so-called "race card" by telling his audience that Romney's stance towards Wall Street would "put you all back in chains," it was a counter-productive strategy given that the 2008 financial crisis and the ensuing Great Recession harmed Americans of all races and ethnicities.
Of course, the Great Recession did real harm to tens of millions of Americans, as Wall Street took away their retirement savings and banks took away their homes.
It's possible, in fact, that the current recession will do less harm to the typical family's income than it does to many other parts of the economy.
Moreover, using fiscal policy to tame recessions often did more harm than good.
People may delay buying new cars and major appliances, but producers of most things that people buy usually get through recessions with only modest harm.
But a paper presented Friday at the Brookings Institution warns that recessions may do lasting harm, like an untended house that not only needs a good dusting, but has also started to rot.
"But if you do it when you're still in recession, you can do more harm than good".
European countries and the United States generally favor some type of levy, while countries like Canada, whose banks suffered less harm during the recession, oppose it.
Each new dollar spent on prisons averted only 37 cents' worth of harm.Since the recession threw their budgets into turmoil, many states have decided to imprison fewer people, largely to save money.
