The Great Recession that started in late 2007 shook the country's economy, leading to reductions in state and local education budgets and the loss of 300,000 education jobs nationwide. What impact did that have on student achievement? A new study by University of Pennsylvania researchers Kenneth Shores and Matthew Steinberg found negative effects in both math and language arts. The impact was concentrated in school districts serving more low-income and minority students, particularly in districts that had the largest reductions in the number of teachers. The authors suggest that the impact was driven by the loss of school resources. The report includes policy responses to such economic downturns.