Wednesday, June 30, 2010

How the Great Recession Has Changed Life in America

A Balance Sheet at 30 Months

From the Pew Research Center:

Of the 13 recessions that the American public has endured since the Great Depression of 1929-33, none has presented a more punishing combination of length, breadth and depth than this one.

A new Pew Research survey finds that 30 months after it began, the Great Recession has led to a downsizing of Americans’ expectations about their retirements and their children’s future; a new frugality in their spending and borrowing habits; and a concern that it could take several years, at a minimum, for their house values and family finances to recover.

The survey also finds that more than half of the adults in U.S. labor force (55%) have experienced some work-related hardship — be it a spell of unemployment, a cut in pay, a reduction in hours or an involuntary move to part-time work. In addition, the bursting of the pre-recession housing and stock market bubbles has shrunk the wealth of the average American household by an estimated 20%, the deepest such decline in the post-World War II era, according to government data.

Read the entire article here.

4 comments:

It's all in their plan, unfortunately said...

while these things are cyclical and gradual, this past year and a half of spending,regulating and taxing insanity has definitely increased the misery, from top to bottom, in all aspects of our culture and economy..it keeps coming down to,we MUST change course again,in November!

Mark said...

What is most troubling to me about this recession, is congress' constant voting to increase H1B (work) visas. Two months ago they increased the ceiling by slightly over 1 million. What planet are these congress people living on? Even Michelle Bachmann voted aye I believe, so this is not exclusively a DEM sellout.
And people wonder why the TP is not in bed with the GOP. If all visas of this type were immediately cancelled and their holders sent back overseas, over 2 million jobs would be immediately available. Why is their bi-partisan support for this masochistic program?

Anonymous said...

Art, this is off-topic but I have to ask the question nonetheless: Do you know Chris Christie's views on the Second Amendment? In light of the recent SCOTUS decision on that matter, do you think Governor Christie will support changing New Jersey's laws with respect to the issuance of permits to carry concealed weapons?

Thanks for considering my question.

Art Gallagher said...

In light of the recent SCOTUS decision on that matter, do you think Governor Christie will support changing New Jersey's laws with respect to the issuance of permits to carry concealed weapons?

I don't think he will.