--- title: "Meaning & Key Takeaway of: The crisis was 2008, in 2015 - almost…" description: "\"The crisis was 2008, in 2015 - almost eight years later and the gap between where we would have been and where we are is huge and not closing. The impl..." image: "https://sms4smile.com/quotes/i/945/joseph-stiglitz-1351_crisis_the-crisis-was-2008-in-2015-almost-eight_2519451.jpg" --- # The crisis was 2008, in 2015 - almost eight years later… ![“The crisis was 2008, in 2015 - almost eight years later and the gap between where we would have been and where we are is huge and not closing. The implied unemployment rate is very high, labour force participation is very low, and the increase in wages in the second quarter was the lowest in 25…” quote by Joseph Stiglitz](https://sms4smile.com/quotes/i/945/joseph-stiglitz-1351_crisis_the-crisis-was-2008-in-2015-almost-eight_2519451.jpg) [Download](https://sms4smile.com/quotes/i/945/joseph-stiglitz-1351_crisis_the-crisis-was-2008-in-2015-almost-eight_2519451.jpg) [Open image](https://sms4smile.com/quotes/i/945/joseph-stiglitz-1351_crisis_the-crisis-was-2008-in-2015-almost-eight_2519451.jpg) > “The crisis was 2008, in 2015 - almost eight years later and the gap between where we would have been and where we are is huge and not closing. The implied unemployment rate is very high, labour force participation is very low, and the increase in wages in the second quarter was the lowest in 25 years. Before this turmoil, the U.S. economy was in better shape than Europe or Canada, but not strong.” [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The quote highlights a prolonged economic stagnation after the 2008 crisis, noting high unemployment, low labor participation, and stagnant wages, indicating a widening gap between expected and actual economic performance. **In simple terms:** The economy has struggled since 2008, with weak jobs and wages. Key Takeaway Address structural issues to boost employment and wages. Themes economy employment wage stagnation policy inequality Mood concerned analytical optimistic Type analytical policy‑oriented critical When to use this quote - government policy - business strategy - career planning - education and - social safety nets Key Concepts Macroeconomics labor market dynamics structural reform Questions to Reflect On - What policies could close the gap between potential and actual growth? - How can workers adapt to low participation trends? A Different Perspective The analysis may overlook regional variations and short‑term fluctuations. ★ ★ ★ ★ ★ No ratings yet [Crisis](https://sms4smile.com/quotes/about/crisis/) [Economy](https://sms4smile.com/quotes/about/economy/) [Labour](https://sms4smile.com/quotes/about/labour/) [Participation](https://sms4smile.com/quotes/about/participation/) ## Related quotes > [ The economy is better than the one President \[Barack\] Obama inherited, and unemployment is lower, but the unemployment rate gap remains large. ](https://sms4smile.com/quotes/julianne-malveaux/the-economy-is-better-than-the-one-president-barack-obama-inherited/) [Julianne Malveaux](https://sms4smile.com/quotes/author/julianne-malveaux/) > [I have to say that those nine years were full of turmoil and drama and trauma to me, in actual fact.](https://sms4smile.com/quotes/joan-collins/i-have-to-say-that-those-nine-years-were-full-of-turmoil-and-drama/) [Joan Collins](https://sms4smile.com/quotes/author/joan-collins/) > [The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.](https://sms4smile.com/quotes/joseph-stiglitz/the-only-surprise-about-the-economic-crisis-of-2008-was-that-it-came/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [“The financial crisis of 2008 is illustrated by the following analogy. There is no doubt that the improvements in engineering have made the passenger…](https://sms4smile.com/quotes/jeremy-j-siegel/the-financial-crisis-of-2008-is-illustrated-by-the-following-analogy/) [Jeremy J. 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They had invited me…](https://sms4smile.com/quotes/bob-diamond/soon-after-the-financial-crisis-of-2008-i-was-at-a-meeting-in/) [Bob Diamond](https://sms4smile.com/quotes/author/bob-diamond/) > [I have been working hard trying to implement Dodd-Frank reforms. We went through a terrible crisis in 2008. Many people lost their homes.](https://sms4smile.com/quotes/maxine-waters/i-have-been-working-hard-trying-to-implement-dodd-frank-reforms-we/) [Maxine Waters](https://sms4smile.com/quotes/author/maxine-waters/) > [Coming from Paris, I'd really like to live in Rio. I think it's gotten better. It's not as violent. The economy is better. The…](https://sms4smile.com/quotes/vincent-cassel/coming-from-paris-i-d-really-like-to-live-in-rio-i-think-it-s-gotten/) [Vincent Cassel](https://sms4smile.com/quotes/author/vincent-cassel/) > [I'm convinced we're going to rebuild not only the auto industry, but the economy better and stronger than before. And at its heart is…](https://sms4smile.com/quotes/barack-obama/i-m-convinced-we-re-going-to-rebuild-not-only-the-auto-industry-but/) [Barack Obama](https://sms4smile.com/quotes/author/barack-obama/) > [On their deathbed, do people think: 'I wish I'd spent more time with my Ferrari'? Or do they say: 'I wish I'd spent more…](https://sms4smile.com/quotes/clive-lewis/on-their-deathbed-do-people-think-i-wish-i-d-spent-more-time-with-my/) [Clive Lewis](https://sms4smile.com/quotes/author/clive-lewis/) > [Mexico is a market economy, but we should have better markets.](https://sms4smile.com/quotes/luis-videgaray-caso/mexico-is-a-market-economy-but-we-should-have-better-markets/) [Luis Videgaray Caso](https://sms4smile.com/quotes/author/luis-videgaray-caso/) ## More by Joseph Stiglitz > [I grew up in a family in which political issues were often discussed, and debated intensely.](https://sms4smile.com/quotes/joseph-stiglitz/i-grew-up-in-a-family-in-which-political-issues-were-often-discussed/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.](https://sms4smile.com/quotes/joseph-stiglitz/but-individuals-and-firms-spend-an-enormous-amount-of-resources/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [China, with its large emerging middle class, is among the big beneficiaries of globalization.](https://sms4smile.com/quotes/joseph-stiglitz/china-with-its-large-emerging-middle-class-is-among-the-big/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [Trickle-down economics is a myth. Enriching corporations - as the TPP would - will not necessarily help those in the middle, let alone those…](https://sms4smile.com/quotes/joseph-stiglitz/trickle-down-economics-is-a-myth-enriching-corporations-as-the-tpp/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [Some people say we have this inequality because some people have been contributing much more to our society, and so it's fair that they…](https://sms4smile.com/quotes/joseph-stiglitz/some-people-say-we-have-this-inequality-because-some-people-have-been/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [It's actually a tribute to the quality of economics teaching that they have persuaded so many generations of students to believe in so much…](https://sms4smile.com/quotes/joseph-stiglitz/it-s-actually-a-tribute-to-the-quality-of-economics-teaching-that/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [In an economy, when the government spends more and invests in the economy, that money circulates, and recirculates again and again. 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So the war did help the US economy to get…](https://sms4smile.com/quotes/joseph-stiglitz/world-war-ii-was-really-unusual-because-america-was-in-the-great/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [Moreover, because we chose to finance the way by borrowing, our deficits and debt has soared, and this means we have less room for…](https://sms4smile.com/quotes/joseph-stiglitz/moreover-because-we-chose-to-finance-the-way-by-borrowing-our/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [I've always been sceptical about the notion that the market is a person you can engage in an argument with, and that that person…](https://sms4smile.com/quotes/joseph-stiglitz/i-ve-always-been-sceptical-about-the-notion-that-the-market-is-a/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) > [The striking thing about America is - it's historically, extraordinary unusual,I don't of any other instance - is that productivity of workers and wages…](https://sms4smile.com/quotes/joseph-stiglitz/the-striking-thing-about-america-is-it-s-historically-extraordinary/) [Joseph Stiglitz](https://sms4smile.com/quotes/author/joseph-stiglitz/) [Explore all 251 Joseph Stiglitz quotes ](https://sms4smile.com/quotes/author/joseph-stiglitz/) ## More Crisis quotes > [People in great groups have blinders on. Their work is all they see. They value failures as learning opportunities. They are optimistic, not realistic,…](https://sms4smile.com/quotes/warren-g-bennis/people-in-great-groups-have-blinders-on-their-work-is-all-they-see/) [Warren G. Bennis](https://sms4smile.com/quotes/author/warren-g-bennis/) > [It is proposed that a form of free dialogue may well be one of the most effective ways of investigating the crisis which faces…](https://sms4smile.com/quotes/david-bohm/it-is-proposed-that-a-form-of-free-dialogue-may-well-be-one-of-the/) [David Bohm](https://sms4smile.com/quotes/author/david-bohm/) > [The crisis of our diminishing water resources is just as severe (if less obviously immediate) as any wartime crisis we have ever faced. Our…](https://sms4smile.com/quotes/jim-wright/the-crisis-of-our-diminishing-water-resources-is-just-as-severe-if/) Jim Wright > [It is popular to call it a crisis of the Western world. It is in fact a crisis of the whole world. Communism, which…](https://sms4smile.com/quotes/whittaker-chambers/it-is-popular-to-call-it-a-crisis-of-the-western-world-it-is-in-fact/) [Whittaker Chambers](https://sms4smile.com/quotes/author/whittaker-chambers/) > [The financial crisis we are facing today arises from the fact that there is almost no more social, cultural, natural, and spiritual capital left…](https://sms4smile.com/quotes/charles-eisenstein/the-financial-crisis-we-are-facing-today-arises-from-the-fact-that/) [Charles Eisenstein](https://sms4smile.com/quotes/author/charles-eisenstein/) > [Ideal for the child and society in the best of times, Rudolf Steiner's brilliant process of education is critically needed and profoundly relevant now…](https://sms4smile.com/quotes/joseph-chilton-pearce/ideal-for-the-child-and-society-in-the-best-of-times-rudolf-steiner-s/) [Joseph Chilton Pearce](https://sms4smile.com/quotes/author/joseph-chilton-pearce/) > [In a couple of decades you have half of the wells that are drilled right now, and you're talking about numbers in the millions…](https://sms4smile.com/quotes/josh-fox/in-a-couple-of-decades-you-have-half-of-the-wells-that-are-drilled/) [Josh Fox](https://sms4smile.com/quotes/author/josh-fox/) > [Disasters affect every state, and North Carolinians have given our own tax dollars to help neighbors and those in other states in times of…](https://sms4smile.com/quotes/roy-cooper/disasters-affect-every-state-and-north-carolinians-have-given-our-own/) [Roy Cooper](https://sms4smile.com/quotes/author/roy-cooper/) > [Things happen too quickly, crisis follows crisis, the soil of our minds is perpetually disturbed. Each of us, to relieve his feelings, broadcasts his…](https://sms4smile.com/quotes/jan-struther/things-happen-too-quickly-crisis-follows-crisis-the-soil-of-our-minds/) [Jan Struther](https://sms4smile.com/quotes/author/jan-struther/) > [When this coronavirus crisis is over, what kind of society will we be? A more important question is what kind of society do we…](https://sms4smile.com/quotes/caroline-lucas/when-this-coronavirus-crisis-is-over-what-kind-of-society-will-we-be/) [Caroline Lucas](https://sms4smile.com/quotes/author/caroline-lucas/) > [The average ordinary citizen can do a lot of different things when it comes to the climate crisis.](https://sms4smile.com/quotes/lawrence-bender/the-average-ordinary-citizen-can-do-a-lot-of-different-things-when-it/) [Lawrence Bender](https://sms4smile.com/quotes/author/lawrence-bender/) > [The turning points of lives are not the great moments. 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And not just villages, we want everyone to get…](https://sms4smile.com/quotes/narendra-modi/urbanisation-is-not-a-crisis-but-an-opportunity-seeing-it-as-a-crisis/) [Narendra Modi](https://sms4smile.com/quotes/author/narendra-modi/) [Browse all 3,419 Crisis quotes ](https://sms4smile.com/quotes/about/crisis/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "The crisis was 2008, in 2015 - almost eight years later and the gap between where we would have been and where we are is huge and not closing. The implied unemployment rate is very high, labour force participation is very low, and the increase in wages in the second quarter was the lowest in 25 years. 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