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Recession of 2008

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Major export countries saw their markets shrink. Exports from Japan were down 41% (quarter one 2009 versus 2008), Germany 32%, China 20% and U.S. 22%.
Major countries began experimenting again with Keynesian stimulus packages, including the US ($787 billion), Europe (EU, $634 billion), China ($586 billion), and Japan ($486 billion), but no positive results were reported<ref>[ Jobless Claims Jump in New Sign Recovery Is Sputtering,] ''Wall Street Journal, August 20, 2010.</ref><ref>[http United States Department of Labor], Bureau of Labor Statistics. Data extracted on: July 19, 2010 (4:31:11 PM).</ref> Central banks (such as the Federal Reserve in the U.S.) cut interest rates to nearly zero for half a decade, but few businesses borrowed money to expand employment or meet current operating expenses.
By September 2012 when job growth still lagged by 4 million people, economists Garett Jones and Daniel Rothschild wrote,
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