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this post was submitted on 15 May 2026
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It accelerated inflation and had an outsized impact in certain sectors. Restaurants, tourism, and basically all in person business were pushed to the breaking point, and many businesses didn't survive. There were supply chain issues that rippled for years, social changes with long term knock on effects, and over a million people were permanently taken out of the economy in the US alone.
Moreover, because oligarchic capture of wealth was so advanced, many traditional economic indicators didn't reflect people's actual material conditions. The popular economic wisdom overestimated the health of the economy, hurting the incumbent party and allowing fascists to retake the power they lost to the very same event. If Trump won his first reelection, not only would he have done less damage than he's currently doing, he probably would've stepped down in 2024 and allowed us to move on from this era sooner.
There wasn't a typical recession thanks to government intervention. However, it was a once in a lifetime economic event in the sense that it was a new experience for most people. I know literally everyone tries to forget about it and downplay the effect it had, but I've always thought that was foolish.