he Great Recession of 2008 had many lasting effects on the American and worldwide economies. What is one lasting effect seen in America? Responses Lots of full time, high wage work was replaced with part time, low wage work. Lots of full time, high wage work was replaced with part time, low wage work. A political movement, much like that of the early Progressive Movement of the 20th century, successfully brought social and economic changes that reduced the gap between the rich and poor. A political movement, much like that of the early Progressive Movement of the 20th century, successfully brought social and economic changes that reduced the gap between the rich and poor. Banks have still not recovered from the losses they suffered backing bad loans, and there is widespread mistrust of banking. Banks have still not recovered from the losses they suffered backing bad loans, and there is widespread mistrust of banking. One long-term result was that the job market rebounded quickly, adding many high paying jobs to the economy on the whole. One long-term result was that the job market rebounded quickly, adding many high paying jobs to the economy on the whole