Usually powertrain is used to refer to simply the engine and transmission, including the other components only if they are integral to the transmission. A motor vehicle's driveline or drivetrain consists of the parts of the powertrain excluding the engine and transmission. It is the portion of a vehicle, after the transmission, that changes depending on whether a vehicle is front-wheel, rear-wheel, or four-wheel drive, or less-common six-wheel or eight-wheel drive.
The Great Recessionâwhich officially lasted from December 2007 to June 2009âbegan with the bursting of an 8 trillion dollar housing bubble. The resulting loss of wealth led to sharp cutbacks in consumer spending.
For example, the U.S. economy saw its first recession in a decade in 2001. Taxes were reduced in 2001, 2002 and 2003 in combination with a 13% jump in government spending over those years. In part, due to the tremendous fiscal stimulus, by late 2003, real GDP growth was in the 7% (at an annual rate) range.