Great Recession

The Great Recession was a period of time in the late 2000s when lots of people lost their jobs and money. It happened because the economy had been doing really well and there was a lot of money being borrowed, but then people stopped being able to pay their loans back. So the banks that gave out the loans didn't have enough money and businesses stopped hiring as many workers and had to lay people off. This made it really hard for people to find new jobs and made them worry about not having enough money. The Great Recession eventually ended, but it was a really hard time for lots of families.