By 1992 the list of participating countries had grown to 140, and the timetable for ending production of CFCs advanced to 1996. This goal has largely been met. HCFCs pose less of a risk than CFCs because they decompose more readily in the lower atmosphere; nevertheless, they too degrade the ozone layer and are scheduled to be phased out by 2030.
From the end of 1984 until the eve of the Great Recession at the end of 2007, real personal consumption grew almost 37% more than the other components of real GDP. To a large extent, the secular growth of demand depended on the reliable rise in the spending of American households.
The NBER did not give any reasons or causes of the recession. But it is widely accepted that the housing downturn, which started in 2006, is a primary cause of the broader economic malaise. The fall of housing prices from peak levels reached earlier this decade cut deeply into home building and home purchases.