After the recession a decade back any slowdown now, will hit Americans, say economists.
The Americas were the worst affected during the recession as their daily living was threatened. The unemployment rate soared and many went homeless. The recession which started in Dec 2007 had hit almost every household.
Bankrate reports a survey made among 3,000 Americans.
The survey reports that 23 percent who were adults when the recession first hit them are now worse off financially than when they were before the recession period. Tens of millions have still not been able to recover from the downturn in the economy.
25 percent say that they are still at the same level financially. Only the remaining number was able to survive the period better.
Bankrate’s economic analyst Mark Hamrick states that women are still struggling to get on with life. They are not getting the same treatment as men, he says. Women are witnessing various problems related to retirement, savings, wages, paying debts and home values.
About 16 percent of Millennial in the age group between 29 and 38 say that their pay has not increased. However, this is higher in the next age group. About 26 percent of the baby boomers who are in the age group of 55 to 73 say they have fared worse.
Bankrate survey reports that the highest losers are those who lost money in the stock market which is 71 percent. 46 percent have lost home value. Others affected were those who had depleted emergency savings, picked up a lot of debt, and those who lost had their jobs.
The Economic Policy Institute (EPE) has reported that the biggest gainers in wages are the top 1 percent, since the recession. The average income of the upper cadre has grown by 17.4 percent, while at the lower level; the growth has been only 0.7 percent.