Great Recession Leaves Its Mark
The impact of the Great Recession will be long-lasting, with many Americans facing a “new normal” in terms of finances and long-term prospects. A survey from Public Agenda, a non-partisan, non-profit research organization, examines the state of the American Dream and reveals that a significant chunk of the workforce is still struggling to pay bills, reduce debt and rationalize housing costs. Many people have lost their jobs over the last several years, and those who haven’t remain anxious about employment stability. These findings support various other tea-leaf readings, and reflect a sense of foreboding among U.S. families and individuals. The Conference Board Consumer Confidence Index, for example, remains just over 60, with reading of 90, which signals a healthy economy, unseen since December 2007. Overall, household net wealth is down 17% since 2007, according to the Federal Reserve. More than 1,000 adults took part in the Public Agenda survey. For more about the report, click here.