SOCIO-ECONOMIC AND ADMINISTRATIVE CONSEQUENCES OF THE 2008 FINANCIAL CRISIS IN THE UNITED STATES

Abstract. The article aims to analyze the socio-economic and administrative consequences of the 2008 financial crisis in the United States, which became one of the deepest global shocks of the early twenty-first century and determined the subsequent trajectory of the world economy. The key causes of its emergence are identified, including structural imbalances in the financial system, excessive mortgage lending, risky asset securitization, and insufficient regulatory oversight. The study examines the impact of the crisis on the macroeconomic and social indicators of the United States, namely the decline in GDP, the collapse of the housing market, the reduction of exports and imports, a sharp rise in unemployment, a decrease in household incomes, and an increase in poverty levels.

Methodology. The methodological framework of the research combines the use of general scientific methods of analysis and synthesis, statistical and comparative analysis of U.S. macroeconomic indicators in 2005–2012, as well as a systemic approach to considering the financial crisis as a complex socio-economic phenomenon. In addition, the methods of scientific abstraction and generalization are applied to formulate conclusions and identify the main trends in economic development.

The scientific novelty of the study lies in the comprehensive analysis of the socio-economic and administrative consequences of the 2008 financial crisis in the United States, particularly in identifying the interrelationship between transformations in government regulatory policy, changes in the socio-economic structure of society, and the long-term effects of the crisis on the functioning of the American economy and the system of public administration.

Conclusions. It is demonstrated that the crisis revealed the deep vulnerability of the financial sector and highlighted the need to strengthen oversight, increase transparency, and develop a more resilient socio-economic model of development. The results also indicate the need to improve government regulatory mechanisms to minimize systemic risks and prevent similar crisis phenomena in the future.

Key words: 2008 financial crisis, Great Recession, socio-economic consequences, labor market, USA, government regulation, economic resilience.

Submitted: 27.02.2026

Download

References:

1. Voronova, O. V., Marushchak, S. M., & Pugachev, M. I. (2023). Global financial and economic crises and their impact on the economy of states. Economy and Society, (51). https://doi.org/10.32782/2524-0072/2023-51-9. [In Ukrainian].
2. Doshchin, S. V. (2020). The global financial and economic crisis of 2008–2009 and its features in Ukraine. International Economy, 2(1), 73–78. https://share.google/hx2GuTSEB5aACWJej. [In Ukrainian].
3. Kiselev, E. O. (2024). The global economic crisis of 2008 in the history of Ukraine. Bulletin of the Student Scientific Society of the Vasyl Stus Donetsk National University, (16), 8–11. [In Ukrainian].
4. Korol, M. M., Petrus, D. I., & Lapa, I. V. (2023). Research on the impact of global crises on the world economy. Sustainable Development of the Economy, 2(47), 97–104. https://doi.org/10.32782/2308-1988/2023-47-14. [In Ukrainian].
5. About TARP. (2008). U.S. Department of the Treasury. https://surl.li/jlysep. [In English].
6. Sherman, A., Greenstein, R., Trisi, D., & Van de Water, P. N. (2009). Poverty Rose, Median Income Declined, and Job-Based Health Insurance Continued to Weaken in 2008. Center on Budget and Policy Priorities. https://srt.vg/zogcs. [In English].
7. Consumer spending and U.S. employment from the 2007–2009 recession through 2022. (n.d.). U.S. Bureau of Labor Statistics. https://srt.vg/xwwux. [In English].
8. Dodd-Frank Wall Street Reform and Consumer Protection Act. (2020). U.S. Congress legislation. https://surl.li/epvmtp. [In English].
9. Foreclosures soar 81 percent in 2008. (2008). Reuters. https://srt.vg/pjkaj. [In English].
10. Great Recession, great recovery? Trends from the Current Population Survey. (2018). U.S. Bureau of Labor Statistics. https://srt.vg/vxruc. [In English].
11. Housing, Mortgage Markets, and Foreclosures. Board of Governors of the Federal Reserve System. (2008). Federal Reserve System. https://surl.lu/apsbeo. [In English].
12. Japan’s Financial Crises and Lost Decades. Federal Reserve Bank of Dallas. (2014). Globalization and Monetary Policy Institute. https://surl.li/cebmfj. [In English].
13. Kneebone, E. (2010). The Great Recession and Poverty in Metropolitan America. Brookings. https://srt.vg/ihtxq. [In English].
14. Milio, S. (2020). Impact of the Economic Crisis on Social, Economic and Territorial Cohesion of the EU. http://www.europarl.europa.eu/studies. [In English].
15. Monetary Policy Report of February. (2009). The Federal Reserve Board. https://surl.li/ecqtmz. [In English].
16. Realtytrac year-end report shows record 2.8 million U.S. properties with foreclosure filings in 2009 – an increase of 21 percent from 2008 and 120 percent from 2007. (2010). Stanford University. https://srt.vg/dtwty. [In English].
17. Shifts in U.S. Merchandise Trade 2009. (2009). U.S. International Trade Commission. https://surl.li/ktufhm. [In English].
18. State and Metropolitan Area Trade Data. Foreign Trade. (2020). U.S. Census Bureau. https://surl.li/cqofux. [In English].
19. Tangjun Yuan, & Fukao, K. (2009, June 8). Why is Japan so heavily affected by the global economic crisis? An analysis based on the Asian international input-output tables. Centre for Economic Policy Research. https://surl.li/eoahfc. [In English].
20. The global crisis and its consequences for the USA. (2010). Bloomberg. https://surl.li/rwtktn. [In English].
21. Troubled Asset Relief Program (TARP). (2020). U.S. Department of the Treasury. https://surl.li/jgpamo. [In English].
22. United States Export. (2012). WITS. https://u.to/IqKIIg. [In English].
23. United States GDP. (1997). WITS. https://u.to/PKKIIg. [In English].
24. United States Import. (2012). WITS. https://u.to/QaKIIg. [In English].