The 2020 pandemic has been making headlines all over the world, and for good reason. This is a serious virus that has the potential to cause a lot of damage. However, it’s important to remember that there have been other global disasters in recent history, such as the 2008 recession. In this blog post, we will compare and contrast these two events and discuss what you can expect from them.
1. The 2020 pandemic and the 2008 recession are both global events that have had a significant impact on many people
The 2020 pandemic has caused widespread panic and fear, while the 2008 recession was more of a financial disaster. However, both events have had a significant impact on many people.
For example, the 2020 pandemic has led to school closures, travel restrictions, and fears of an economic downturn. The 2008 recession also had a major impact on people’s lives, including job losses and a rise in unemployment rates.
Interestingly enough, the 2008 recession was caused by excessive borrowing and spending while the 2020 pandemic was not. The lack of credit helped keep home prices down during this period of time which made it easier for people to buy houses they could afford.
2. The 2020 pandemic has killed more people than the 2008 recession, but the 2008 recession caused more economic damage
The 2008 recession caused a lot of economic damage, but it didn’t kill as many people as the 2020 pandemic has. For example, over 600,000 Americans died due to COVID-19 in just six months after its outbreak started spreading throughout the country. In contrast, only about 100 million people worldwide died from all causes during the 2008 recession.
The 2008 recession was caused by banks that overextended themselves on mortgage loans and credit cards which made them unable to repay their debts- a problem we don’t have today because banks still lend money to people who can afford it.
The 2020 pandemic has also caused more economic damage than the 2008 recession, but not as much as some may think. The United States lost about $16 trillion dollars in GDP from 2008-2010 due to this event and unemployment rose from just under 5% before its onset up to 10%.
In comparison, the 2020 pandemic has caused a loss of $22 trillion dollars in GDP and over one billion people have lost their jobs as a result of it. While this event is certainly more devastating than the 2008 recession, it’s important to remember that it is still unfolding and its full effects are not yet known.
3. The 2020 pandemic has shown us how vulnerable we are to global health crises, while the 2008 recession has shown us the dangers of financial instability
The 2008 recession has shown us how easy it is for banks and businesses that overextend themselves on credit cards or mortgage loans can get into trouble, while the 2020 pandemic has shown just how vulnerable all of humanity really are when it comes to global health crises.
Greedy investment bankers from Lehman Brothers and other failed banks cost millions of people their jobs, homes, and life savings. In contrast, the 2020 pandemic has killed more than 600,000 Americans in just six months- a sobering reminder of how vulnerable we are to global health crises.
It’s important to remember that both the 2020 pandemic and the 2008 recession can teach us valuable lessons about how we need to be prepared for future events like them.
4. We can learn from both events and take steps to prevent similar disasters in the future
We can learn from both events and take measures to make sure that something like the 2008 recession doesn’t happen again, as well as preparing for future global health crises.
For example, we can strengthen our public health system so that it is better equipped to deal with large scale emergencies like pandemics. We also need more transparency in financial institutions and regulation for banks that lend money- a problem which caused many problems during the 2008 recession but has not yet been addressed by governments.
What can college students learn from these events?
From the 2020 pandemic, college students can learn about how to deal with large-scale emergencies and how to be more responsible when it comes to their personal finances.
From the 2008 recession, college students can learn about the dangers of financial instability and how it can lead to widespread economic damage. We can also learn about the importance of regulation in banks and other financial institutions.
While the 2008 recession was a huge blow to our economy, it looks like we dodged a bullet with the 2020 pandemic. The two events are similar in that they both caused widespread panic and fear for many people. However, where the 2008 recession looked more like an economic downturn than anything else, this year’s influenza virus is much deadlier without any signs of slowing down. I’ll be sure to keep you updated on what happens next!
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