The Great Recession, considered the most significant economic downturn since the Great Depression, cost millions their jobs, their life savings and their homes.

The Great Recession, the worst financial slump since the Great Depression, settles over the U.S. after the housing market collapses. The fallout is swift and widespread, with unemployment spiking above 9% nationwide and millions of families left on the verge of default. The crisis sinks the poorest Minnesotans even deeper into poverty — Hennepin County reports a 20% increase in the number of homeless families in emergency shelters in 2008 compared to the previous year.

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