Cost of Financial Crisis Tops $22 Trillion

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Cost of Financial Crisis Tops $22 Trillion

The 2008 financial crisis cost the U.S. economy more than $22 trillion, a study by the Government Accountability Office published Thursday said.

“The 2007-2009 financial crisis, like past financial crises, was associated with not only a steep decline in output but also the most severe economic downturn since the Great Depression of the 1930s,” the report read. The toll on economic output may be as much a $13 trillion—an amount equal to a year’s GDP.
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