Number: RL31237
Title: The Current Economic Recession: How Long, How Deep, and How Different from the Past?
Authors: Marc Labonte and Gail Makinen, Government and Finance Division 
Abstract: The performance of the American economy is important to the government in its ability to accomplish its domestic and foreign objectives. High among these objectives is full employment. In the arguments quoted in this report are correct, then Congress may need to take steps beyond those taken in recent recessions to revive the economy. This report examines the historical record to judge the validity of these arguments. It examines the current recession, then explores economic theories about the causes of recessions, and then compares historical recessions to the current one. It concludes that upon careful examination, the current recession is not unusual after all.
Pages: 28
Date: August 25, 2003