In Uncategorized on August 4, 2010 at 8:39 am

Dubbed the Great Recession, the current economic crisis has brought about many changes, according to a Pew Research Center report. For Robert Samuelson of the Washington Post of the 11 recessions post-WWII, the Great Recession “has been the most egalitarian of all.” Samuelson continues, “In various ways, it has touched every social class through job loss, pay cuts, depressed home values, shrunken stock portfolios, eroded retirement savings, grown children returning home…”

The Pew study found that overall Americans are less optimistic about the future, which includes their children’s future. Americans are borrowing less and spending less, and the concern about the economy rebounding still looms over the American psyche. The Pew study finds that just about all social classes have been, as Samuelson says “touched” by this recession, Blacks and Hispanics as well as young adults have “borne a disproportionate share of job losses. Middle-aged adults have gotten the worst of the downturn in house values, household finances and retirement accounts. Men have lost many more jobs than women. And across most indicators, those with a high school diploma or less education have been hit harder than those with a college degree or more.”

The American psyche is fragile, is bruised and in need of some healing. Small victories along the way will boost consumer confidence; and as has been demonstrated before, Americans are resilient. Recovery may not be simple, but possible.


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