Final answer:
One significant effect of the Great Recession was a decline in household incomes, as job losses and economic uncertainty led to reduced consumer spending.
Step-by-step explanation:
One effect of the Great Recession was that household incomes fell. During the recession, the U.S. economy suffered a severe downturn which led to job losses, declining home values, and consequently, declining incomes. According to the Bureau of Labor Statistics (BLS), household spending dropped by 7.8% as people faced unemployment and heightened economic uncertainty. As a result of these conditions, consumption expenditures decreased, affecting the overall economy and daily lives of individuals.