There was a large 2009 fiscal stimulus action, but a mix of legislative politics and deficit concerns by some officials in President Barack Obama’s inner circle restrained its size. And when the economy remained weak into 2010 and beyond, Republicans and many Democrats focused on deficit reduction. They can adjust interest rates and push money into the financial system in hope of making credit easier to obtain. There was no dip back into recession, and the expansion was the longest on record, until the pandemic ended it. But it took years and years for the economy to return to health, and it was a deeply unequal recovery in which owners of financial assets saw the biggest gains.

Source: New York Times March 09, 2021 16:59 UTC