Modest Economic Downturn Will Harm Americans A Great Deal, Says A New Survey

Modest Economic Downturn Will Harm Americans A Great Deal, Says A New Survey

Although the Recession hasn’t been around for 10 years now, most Americans have no reason for celebrating this fact. The recession’s impact is still around and Bankrate estimates from its surveys that many people are yet to recover from those blows. Millions were struggling even now to return to their pre-recession quality of life and financial position, as per Mark Hamrick of Bankrate. Over 50% of US adults who were around during 2008’s Recession claim that they were affected negatively during the recession on a personal level. Half of these people are of the opinion that they’re currently worse than their position prior to the crisis.

Less than 46% of these polled adults who were affected by the recession state that their paychecks have grown since the recession were over. It hasn’t even returned to previous levels. In 33% of these respondents, pay has reduced from their pre-recession levels and is still at that rate. Over 2700 adults were polled online during May. Accounting for various inflation measures, today’s family average median income was $59039 compared to $58544 during 2000. However, college, medical and childcare costs have increased,

The economy is better off from the 10% unemployment rate during 2009; when15 million Americans had no jobs. It’s currently at 3.6%. GDP has risen by 2.6% during Q4 2018. The recession saw it fall by 4.3%, biggest since the 2nd World War.

Hamrick stated that this data can’t be imported to personal experiences and that these surveys provide aspects of the US economy. Recovery rates of these people are dependent on their living conditions, their workplace sector and the damage they had to face during the recession. 27% women stated that their condition is worse off today, against 19% men who state the same. Women face many biases and discrimination in their workplace, negatively impaction promotions and pay hikes. Hamrick stated that the next slump would damage Americans still recovering from the last recession. A small downturn is enough to rock the boat completely, he said.

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