Prosperity Watch: 2000s-era economic recovery failed to reduce poverty prior to the Great Recession
As North Carolinians are learning the hard way, not all recessions are followed by robust economic recoveries. For all our concern over the current recovery, however, the years between the 2001 recession and the Great Recession of 2007-2009 also generated historically unprecedented negative economic trends. As the latest issue of Prosperity Watch demonstrates, the nation’s (and state’s) poverty rate failed to drop in the years of the formal recovery following the 2001 recession–the first time since the 1930s that post-recession economic growth proved unable to reduce poverty across the United States. For more details, see Prosperity Watch.