The Effects of the Recession
This lesson printed from:
Posted October 21, 2009
Author: Michael Koren
Posted: October 21, 2009
The students learn how a recession affects our economy, and how it might affect them personally.They examine the role the federal government has played in dealing with the current recession. They analyze their thoughts about what role the federal government should play in dealing with a recession.
- Explain how the recession has affected people throughout the United States and the world.
- Describe how they and their families have been affected by the recession.
- Explain how the federal government has tried to handle the current recession.
- Examine their views on the role the federal government should play in dealing with a recession.
The economic downturn that has occurred (and continues to occur) over more than a year and a half (2008-2009) has had a major impact on many people in the United States and the world. Tell the students they will learn how a recession affects them and the people around them. They will examine the role that the federal government has played in dealing with the current recession and will examine their thoughts about the role that the federal government should play in dealing with a recession.
Luxury or Necessity: This site shows how the recession has affected the public in the United States.
10 Ways the Recession is Changing Britain: This site shows how the current recession has affected people in Great Britain.
5 Easy Ways to Reduce Recession Anxiety: This site shows ways to reduce fears about the recession.
Pro Sports Not Immune to Recession: This site shows the effect that the recession has had on professional sports teams.
Yankees Slash Prices to Fill Costly Seat at New Park: This site also shows how the recession has affected sports teams.
Cash for Clunkers: This site explains the Cash for Clunkers program, also known as Consumer Assistance Recycle and Save Act of 2009.
The Act: This site highlights main points of the American Economic Recovery Act.
The American Recovery and Reinvestment Act of 2009: This site also highlights main points of the American Economic Recovery Act.
How to Deal with Recession: This site shows strategies, including financial and career moves, to deal with the recession.
Great Depression vs. Great Recession: This site explains that the current recession and the Great Depression have similar traits, but the Great Depression was far worse.
The Great Recession: This website explains that in this current economic recession, another great recession is not likely.
1. Ask the students to explain what they think a recession is. After they share their thoughts, tell them that a recession is a period of time when the economy slows down, people lose their jobs, and consumers cut back on buying products.
2. Tell the students to visit the following websites:
- Luxury or Necessity
- 10 Ways the Recession is Changing Britain
- Pro Sports Not Immune to Recession
- Yankees Slash Prices to Fill Costly Seat At New Park
3. Tell the students they will write a three paragraph summary of the articles they have read. Have students share their summaries. As they report on what they have written, engage the class in a discussion of main points raised.
4. Have the students write a journal entry explaining the effects that the current recession has had on themselves and/or their families.Engage the class in a discussion of the journal entries, as appropriate.
5. Ask the students how the federal government has tried to deal with the recession. After discussing their comments, have the students go to these websites:
6. Have the students write a paragraph or two about how the federal government has responded to deal with the current recession.
7. Discuss with students how they think the federal government should deal with the current recession. Has the government done a good job to date? What is the government trying to do with the programs it has launched? Should the government be involved in dealing with the recession?
8. Ask the students what they think they can do to deal with the effects of the recession on themselves and/or their family. Then have them view the following websites:
9. Have the students develop a personal and/or family plan to deal with the current recession. The students should share their plans when they are finished.Engage the class in a discussion of the plans.
There is no doubt that 'The Great Recession' has caused hard times, but how does it stack up against the greatest economic recession of all time, The Great Depression? Have the students analyze this chart: Great Depression vs. 'Great Recession' . After they have made comparisons between the numbers shown for these two economic downturns, have them read The Great Recession .
What are some similarities between these two major downturns? What are some differences? What made the recent recession so bad? Why did it not turn into another Great Depression? What has the United States learned from The Great Depression?
Have the students write a one-page report answering these questions. They should explain their conclusions, making use of analyses and information from these two articles. They also should use information and ideas from other articles they have read for this lesson.
Tell the students they should now have an understanding of how a recession affects the public, how people can cope with a recession, and what role the federal government has played in dealing with the current recession. They also have been able to examine the effect the recession has had on their families and themselves. And they have examined their thoughts about what role the federal government should play in dealing with a recession.
Ask the students to write an editorial stating what role the federal government should have in dealing with a recession. Have them back up their reasoning with facts, opinions, quotes, and other sources of support for their arguments.