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The Economy Is Much Worse Than the Data Show


By Ironman   Follow   Mon, 11 Feb 2013, 12:20pm PST   754 views   7 comments   Watch (0)   Share   Quote   Permalink   Like (1)   Dislike  

The Great Recession may have officially ended in June of 2009 (according to the National Bureau of Economic Research), but many Americans are still extremely pessimistic about the economy. That’s the conclusion of a national survey conducted by the John J. Heldrich Center for Workforce Development at Rutgers University.

Nearly 1,100 employed and unemployed Americans participated in the survey from Jan. 9 to Jan. 16. The survey’s lead researcher Mark Szeltner joined The Daily Ticker to discuss the data and what it reveals about the national psyche.

Here are some of the survey’s key findings:

* Eight in 10 Americans are skeptical that career and employment opportunities will be better for the next generation.
* More than half of Americans say the economy will not fully recover from the 2007-2009 recession for another six years; 29% believe the economy will never fully recover.
* 73% of Americans were directly impacted by the recession: individuals surveyed had either lost a job themselves or a family member/close relative had been out work because of the economic downturn.
* The majority of survey participants said college would become unaffordable for most young Americans.
* 56% reported having fewer savings than before the recession.
* More than half of those who were laid off or lost a job said they cut back on medical treatment or doctor visits.
* 40% of Americans have borrowed money from family or friends.
* Nearly 25% of participants said they have sought professional help for stress or depression.

Even as the national unemployment rate has fallen from its peak of 10% in October 2009 to the current 7.9%, and there have been more than 35 consecutive months of private-sector job growth, the survey's data "speaks to the scope, magnitude and the persistence of the recession,” says Szeltner. It revealed “a really depressing image of what’s happening right now to many Americans," he adds.

http://finance.yahoo.com/blogs/daily-ticker/economy-much-worse-data-shows-123642950.html

Comments 1-7 of 7     Last »

Mr Happygoluckofus   befriend   ignore   Tue, 12 Feb 2013, 12:55am PST   Share   Quote   Like (3)   Dislike     Comment 1

I don't believe there is never a recover in economic down turns such as this. What we do have is a new reality. While it's hard for the previous participants of the previous boom cycle to fit in to the new paradigm, they will most likely retire in a down graded lifestyle they enjoyed at the height of their previous careers. For their kids, it becomes the new reality, and learn where they fit in and how to make money in it.

The 80's manufacture based economy never recovered. The suit and tie, finance and tech norm that eventually took hold, was just as alien to my parents in 2000, as it was in 1982 when the "trickle down economics" took effect. But for their kids, we may have never been plant shift general managers at the widget factory, and done as well as we have done for our selves. Such as it was, now it's our turn watch the norm become the "Old way".

Kevin   befriend   ignore   Tue, 12 Feb 2013, 3:42am PST   Share   Quote   Like   Dislike     Comment 2

Title is wrong. Should be "Americans think that the economy is much worse than it actually is"

Ironman   befriend   ignore   Tue, 12 Feb 2013, 7:53am PST   Share   Quote   Like (1)   Dislike (1)     Comment 3

Kevin says

Title is wrong. Should be "Americans think that the economy is much worse than it actually is"

Ever hear the quote "Perception is Reality"...?

Kevin   befriend   ignore   Tue, 12 Feb 2013, 8:39am PST   Share   Quote   Like (1)   Dislike     Comment 4

Call it Crazy says

Kevin says

Title is wrong. Should be "Americans think that the economy is much worse than it actually is"

Ever hear the quote "Perception is Reality"...?

People "perceive" a lot of things that are utter bullshit. The headline is still wrong.

Ironman   befriend   ignore   Tue, 12 Feb 2013, 10:37am PST   Share   Quote   Like   Dislike (1)     Comment 5

Kevin says

Call it Crazy says

Kevin says

Title is wrong. Should be "Americans think that the economy is much worse than it actually is"

Ever hear the quote "Perception is Reality"...?

People "perceive" a lot of things that are utter bullshit. The headline is still wrong.

Well, if YOU said it, it must be true!

JodyChunder   befriend   ignore   Tue, 12 Feb 2013, 12:08pm PST   Share   Quote   Like   Dislike     Comment 6

Call it Crazy says

(according to the National Bureau of Economic Research),

I don't know how this partisan body ever became accepted as the official arbiters of economic well-being. They're a bunch of neo-con lap dogs headed by asswipe extraordinaire Martin S. Feldstein, the genius behind Bush-economics, and the bureau receives millions in annual funding from conservative philanthropic groups.

http://www.sourcewatch.org/index.php?title=National_Bureau_of_Economic_Research

Fuck NBER already.

Bubbabear   befriend   ignore   Tue, 12 Feb 2013, 2:04pm PST   Share   Quote   Like   Dislike     Comment 7

Households On Foodstamps Rise To New Record
http://www.zerohedge.com/news/2013-02-11/chart-day-households-foodstamps-rise-new-record

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