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If there hadn't been a stimulus in the terms of reduction in taxes and increasing spending, this great recession could have turned out to be something more like another Great Depression.
But this Great Recession has been different.
In this great recession, everyone is blaming the government and Wall Street".
Shadow chancellor George Osborne said: "After this great recession, any signs of growth are welcome.
"The first few years of this recession, this Great Recession, I couldn't believe how quiet it was down here".
In the long run, this Great Recession may end up afflicting the comfortable more than the afflicted.
Similar(21)
But the main conclusion from the IFS report is this: the great recession has left Britain a much poorer country.
Not long after this, the Great Recession swamped us.
As Mr Saez notes:This suggests that the Great Recession will only depress top income shares temporarily and will not undo any of the dramatic increase in top income shares that has taken place since the 1970s.
"This is the Great Recession," he said.
For this reason, the great recession has also been nicknamed the "mancession".
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