Final answer:
The statement that the last recession in the United States began in December 2007 is true, marking the onset of The Great Recession, which lasted until June 2009 and resulted in significant economic hardship including high unemployment and a decrease in household spending.
Step-by-step explanation:
The statement is true; the last recession in the United States did begin in December of 2007 and is widely referred to as The Great Recession. This period of economic decline was marked by significant challenges, such as high unemployment rates, a drop in stock prices, and widespread economic hardship. Unemployment surged from 5% to a peak of 10.1%, and the recession officially lasted until June 2009. The aftereffects were felt for years; four years post-recession, unemployment remained high at 7.6%, and millions of people were without jobs. Many small businesses closed, and household spending decreased sharply by 7.8%, reflecting the severity of the economic downturn.