HT Image
HT Image

Scars of recession

The recession has directly hit more than half of the nation's working adults, pushing them into unemployment, pay cuts, reduced hours at work or part-time jobs, according to a new Pew Research Center survey.
By Michael A. Fletcher, The Washington Post | None, Washington
UPDATED ON JUL 01, 2010 12:18 AM IST

The recession has directly hit more than half of the nation's working adults, pushing them into unemployment, pay cuts, reduced hours at work or part-time jobs, according to a new Pew Research Center survey.

The economic shock has jolted many Americans into a new, more austere reality, which is likely to have lasting consequences for an economy fueled mostly by consumer spending. More than six in 10 Americans say they have cut down on borrowing and spending, the survey found.

The reason: Nearly half of the survey's respondents say they are in worse financial shape as a result of the downturn, which destroyed 20 per cent of Americans' wealth.

The longest and deepest recession since the Great Depression has exacted a punishing toll that continues nearly a year after the economy started growing again. Hardest hit are the 9.7 per cent of workers who have been out of a job for an average of nearly six months.

Many Americans are delaying retirement and others have lower expectations for their children's futures, the Pew poll found.

Among adults 62 and older who are still working, 35 per cent say they have postponed retirement. Six in 10 working adults between ages 50 and 61 say they may be forced to do the same.

Meanwhile, half of respondents say they have whittled down their mortgages, credit card balances, car loans and other borrowing.

Four in 10 adults say they have tapped savings and retirement accounts to make ends meet. Others have sought help from friends and family. Almost a quarter say they have borrowed money from someone. And one in 10 — including 24 per cent of workers from 18 to 29 years old — say they moved back in with their parents to weather the economic storm. The new, more frugal lifestyles may outlast the recession and its immediate aftermath, the survey indicated.


In an exclusive partnership with The Washington Post. For additional content visit www.washingtonpost.com

SHARE THIS ARTICLE ON
Close
Vernon Jordan arrives at the Metropolitan Museum of Art in New York for the kickoff of former US President Bill Clinton's memoirs.(REUTERS / File Photo)
Vernon Jordan arrives at the Metropolitan Museum of Art in New York for the kickoff of former US President Bill Clinton's memoirs.(REUTERS / File Photo)

US rights activist, former Clinton advisor Vernon Jordan dies at 85: Report

Posted by Kunal Gaurav | Reuters, Washington
PUBLISHED ON MAR 02, 2021 08:13 PM IST
Jordan's role as a Washington insider took him all the way to the White House, where he was a close friend and adviser to President Bill Clinton in the 1990s.
Close
US President Joe Biden called the jailing of Navalny “politically motivated.”(Bloomberg)
US President Joe Biden called the jailing of Navalny “politically motivated.”(Bloomberg)

US announces sanctions on Russian officials, businesses for Navalny's poisoning

Posted by Kunal Gaurav | Bloomberg
PUBLISHED ON MAR 02, 2021 07:42 PM IST
  • The sanctions are the first ordered by President Joe Biden against Russia and will help set the tone for his relations with Putin.
Close
Pakistani Taliban patrol in their stronghold of Shawal in Pakistani tribal region of South Waziristan in this file photo in this file photo from 2012. (AP Photo)
Pakistani Taliban patrol in their stronghold of Shawal in Pakistani tribal region of South Waziristan in this file photo in this file photo from 2012. (AP Photo)

Taliban collecting funds openly, Pak govt turning blind eye: PTM leader Afridi

ANI, Islamabad
UPDATED ON MAR 02, 2021 08:22 PM IST
Afridi said, "Whenever there are important meetings of important organisations like the United Nations and FATF, these terrorists and terrorist organisations are banned but the moment these meetings are finished, they resurface".
Close
The Merck logo is seen at a gate to the Merck & Co campus in Linden, New Jersey, US.(REUTERS)
The Merck logo is seen at a gate to the Merck & Co campus in Linden, New Jersey, US.(REUTERS)

Merck to help make Johnson & Johnson's single-shot Covid-19 vaccine: Report

Posted by Kunal Gaurav | Reuters
PUBLISHED ON MAR 02, 2021 07:29 PM IST
US-based Merck halted the development of two of its own coronavirus vaccines in January to instead focus on its two Covid-19 treatments.
Close
Sri Lanka announced on Tuesday that it would develop another terminal — West Container Terminal — at the same port with India and Japan.(Reuters | Representational image)
Sri Lanka announced on Tuesday that it would develop another terminal — West Container Terminal — at the same port with India and Japan.(Reuters | Representational image)

Sri Lanka approves new port development with India and Japan

AP, Colombo
PUBLISHED ON MAR 02, 2021 07:15 PM IST
Sri Lanka halted the 2019 agreement for India and Japan to develop and operate the crucial East Container Terminal at Colombo Port after weeks of protests by trade unions and opposition parties.
Close
A German police staff member receives AstraZeneca's vaccine against the coronavirus disease (Covid-19), in Munich, Germany.(REUTERS)
A German police staff member receives AstraZeneca's vaccine against the coronavirus disease (Covid-19), in Munich, Germany.(REUTERS)

Covid-19: Which countries have most number of fully vaccinated people?

By hindustantimes.com | Edited by Kunal Gaurav, New Delhi
PUBLISHED ON MAR 02, 2021 07:08 PM IST
  • The number of fully vaccinated people are nowhere near the number of doses administered since most of the countries are using Covid-19 vaccines that require a two-doses regimen.
Close
Since January 2020, Austria has had a coalition government under center-right Chancellor Sebastian Kurz that includes the environmentalist Green party, which oversees the powerful climate, environment and energy ministry.(Pixabay/ Representational Photo)
Since January 2020, Austria has had a coalition government under center-right Chancellor Sebastian Kurz that includes the environmentalist Green party, which oversees the powerful climate, environment and energy ministry.(Pixabay/ Representational Photo)

Multiple sclerosis patient sues Austria over health impact of climate change

AP
PUBLISHED ON MAR 02, 2021 07:06 PM IST
  • The case being filed next month before the European Court of Human Rights is supported by the environmental group Fridays for Future, which is helping to crowdfund the legal costs.
Close
Saudi Crown Prince Mohammed Bin Salman(Reuters)
Saudi Crown Prince Mohammed Bin Salman(Reuters)

Media watchdog seeks German investigation of Saudi crown prince over Khashoggi

Reuters
PUBLISHED ON MAR 02, 2021 07:00 PM IST
Prince Mohammed has denied any involvement in Khashoggi's killing. Other Saudi figures named in the RSF filing could not be reached for comment and the Saudi government's media office did not immediately respond to a request for comment.
Close
A patient waits at a coronavirus disease vaccination center installed inside a gymnasium in Taverny near Paris.(Reuters)
A patient waits at a coronavirus disease vaccination center installed inside a gymnasium in Taverny near Paris.(Reuters)

On the Covid-19 frontline, half of French care home workers don't trust vaccine

Reuters
PUBLISHED ON MAR 02, 2021 06:19 PM IST
One reason for the scepticism is that those recommending the vaccine are the same people - the French state - whom care home workers blame for their low pay and tough working conditions, said Malika Belarbi, a care worker and trade union official.
Close
A screenshot from the video telecast by state media showing the confession of a blogger, identified as Qiu, arrested for allegedly insulting PLA soldiers online. (CCTV/SCREENGRAB)
A screenshot from the video telecast by state media showing the confession of a blogger, identified as Qiu, arrested for allegedly insulting PLA soldiers online. (CCTV/SCREENGRAB)

China airs video confession of blogger booked for insulting PLA soldiers

By Sutirtho Patranobis I Edited by Sanya Mathur
PUBLISHED ON MAR 02, 2021 06:11 PM IST
In the one-minute long video played during a prime time news programme, the 38-year-old man, identified as Qiu, admitted to “annihilation of conscience” and “arrogance” for insulting PLA soldiers involved in the deadly brawl against the Indian army at Galwan Valley in eastern Ladakh last June
Close
Lebanon has been hammered by one crisis after another, starting with the outbreak of anti-government protests against the country’s corrupt political class in October 2019. That has been compounded by the coronavirus pandemic and a massive, deadly blast in Beirut’s port last August. (Representative Image)(AFP)
Lebanon has been hammered by one crisis after another, starting with the outbreak of anti-government protests against the country’s corrupt political class in October 2019. That has been compounded by the coronavirus pandemic and a massive, deadly blast in Beirut’s port last August. (Representative Image)(AFP)

Lebanese currency hits record low amid country's worsening crisis

AP
PUBLISHED ON MAR 02, 2021 05:39 PM IST
The dollar was trading at 9,975 Lebanese pounds around noon Tuesday. The previous record was registered in July, when the dollar briefly sold for 9,900 pounds on the black market. The official price remains 1,520 pounds to the dollar.
Close
Mikhail Gorbachev's legacy has also been partially unpicked in recent years as Moscow and Washington's ties have retreated to post-Cold War lows(AFP)
Mikhail Gorbachev's legacy has also been partially unpicked in recent years as Moscow and Washington's ties have retreated to post-Cold War lows(AFP)

Mikhail Gorbachev, last Soviet leader, to mark 90th birthday on Zoom

Reuters, Moscow
PUBLISHED ON MAR 02, 2021 05:37 PM IST
Gorbachev, who championed arms control and democracy-oriented reforms as Soviet leader in the 1980s, is widely credited with helping end the Cold War.
Close
Dananeer Mobeen, 19, a social media influencer who has become famous after her five-second video went viral.(Reuters)
Dananeer Mobeen, 19, a social media influencer who has become famous after her five-second video went viral.(Reuters)

'Pawri' power: 5-second social media clip pulls India, Pakistan closer

Reuters
PUBLISHED ON MAR 02, 2021 05:26 PM IST
  • The short video shot by Dananeer Mobeen in the Nathaigali mountains of northern Pakistan and uploaded onto Instagram shows a group of youngsters enjoying themselves by a roadside.
Close
Protesters hold posters with the image of detained civilian leader Aung San Suu Kyi during a demonstration against the military coup in Naypyidaw.(AFP)
Protesters hold posters with the image of detained civilian leader Aung San Suu Kyi during a demonstration against the military coup in Naypyidaw.(AFP)

After Myanmar's 'bloodiest' day of protests, Aung Suu Kyi hit with more charges

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON MAR 02, 2021 05:15 PM IST
Suu Kyi is facing obscure criminal charges for possessing unlicensed walkie-talkies, as well as violating coronavirus restrictions by staging a campaign event during last year's election.
Close
Saudi Arabia's Crown Prince Mohammed bin Salman.(REUTERS)
Saudi Arabia's Crown Prince Mohammed bin Salman.(REUTERS)

Media watchdog files lawsuit in Germany against Saudi prince over Khashoggi

Posted by Kunal Gaurav | AP, Berlin
PUBLISHED ON MAR 02, 2021 05:15 PM IST
  • Under the German legal system, anyone can file an allegation with prosecutors and there is an obligation for them to look into the accusations.
Close
SHARE
Story Saved
OPEN APP