All of the following are true regarding U.S. recessions and depressions EXCEPT that: The 2007-2009 recession in the United States affected the economy to a much greater degree than did the 2001 recession. Incorrect: The Great Depression in the United States began with a 43-month-long economic downturn. The Great Depression in the United States began with a 43-month-long economic downturn. The U.S. recession of 2001 lasted only eight months, while the recession of 2007-2009 lasted more than twice as long. During the Great Depression, prices of most goods and services rose sharply, intensifying the suffering of people without money