Finance Watch

Episode 5: Dispute over the bill (on the real cost of the crisis)

#10YearsAfter
Reading Level: Simple
Reading Time: 1 MIN.

Indeed, banks have paid back most of the bailout money. But guess who is paying for the real cost of the crisis? The answer is in our 1min50 video:

Coming soon: Episode 6 – A Healthy Business

Some food for thought on this topic: 

  • “The 2008 financial crisis cost the U.S. economy at least $12.8 trillion and that’s a “very conservative number,” according to a report from our US partners Better Markets
  • “The lost growth resulting from the crisis and ensuing recession has been estimated at over $10 trillion (over one-sixth of global GDP in 2008). The year 2009 became the first year on record where global GDP contracted in real terms” (Chatham House)
  • “Between 2007 and 2009, there was an unprecedented global increase in the number of unemployed people from 164m to 188m.” i.e. 24 million people lost their jobs around the world (Progressive Economy Forum, 10 Years after the Crash)
  • More than 61 million jobs have been lost since the start of the global crisis in 2008″, International Labour Organization
  • The economic crisis in Europe and North America led to more than 10,000 extra suicides, according to a study published in the British Journal of Psychiatry.
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