The Economy Is Much Worse Than the Data Show


By Call it Crazy   Follow   Mon, 11 Feb 2013, 8:20pm   619 views   7 comments
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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

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  1. CaptainShuddup


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    1   8:55am Tue 12 Feb 2013   Share   Quote   Permalink   Like (3)   Dislike  

    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".

  2. Kevin


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    2   11:42am Tue 12 Feb 2013   Share   Quote   Permalink   Like   Dislike  

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

  3. Call it Crazy


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    3   3:53pm Tue 12 Feb 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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"...?

  4. Kevin


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    4   4:39pm Tue 12 Feb 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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.

  5. Call it Crazy


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    5   6:37pm Tue 12 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    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!

  6. JodyChunder


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    6   8:08pm Tue 12 Feb 2013   Share   Quote   Permalink   Like   Dislike  

    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.

  7. Bubbabear


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    7   10:04pm Tue 12 Feb 2013   Share   Quote   Permalink   Like   Dislike  

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