Half Of Working Adults Have Been Recession Affected

This does not surprise me at all. From Pew research:

More than half (55%) of all adults in the labor force say that since the Great Recession began 30 months ago, they have suffered a spell of unemployment, a cut in pay, a reduction in hours or have become involuntary part-time workers, according to a new survey by the Pew Research Center’s Social and Demographic Trends Project.

The survey also finds that the recession has led to a new frugality in Americans’ spending and borrowing habits; a diminished set of expectations about their retirements and their children’s future; and a concern that it will take several years, at a minimum, for their family finances and house values to recover.

Families are hurting. And of course, the real unemployment numbers are much worse than the 10% number bandied about. Many people have given up looking.

Shopping for $3 shirts at GAP the other day, the guy who checked me out had a business degree from Stanford, was clearly smart and just couldn’t find a job. He didn’t want to go back to school for his masters, but he was thinking about it.

There are a lot of you people suffering. I’m wondering how the two-working family members is insulating families. I’m guessing this all would be much, much worse if women didn’t work.

Much has been made of the fact that men are disproportionately affected by this recession and that’s tragically true. What hasn’t been mentioned is that many women are able to help support their families and the stigma on a man caring for his family has lifted to a great extent. Anyway, I don’t know how much this has made a difference, but hopefully, it’s helped some.

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