More Americans Are Worse Off Since Recession
Posted at 7:35 a.m. on Aug. 8, 2014
A new Federal Reserve survey finds more American households say they are worse off rather than better five years after the recession.
Wall Street Journal: “The report, released for the first time on Thursday, found 34% of households said they were ‘somewhat worse’ or ‘much worse’ financially in 2013 compared to 2008. Only 30% reported being better off to some degree.”
The report notes that, considering that respondents were asked to compare their incomes to 2008, during the depths of the recession, “the fact that over two-thirds of respondents reported being the same or worse off financially highlights the uneven nature of the recovery.”
“Despite relatively few Americans feeling their finances are improving, most appear to be faring relatively well. The survey found 23% reported ‘living comfortably’ and 37% said they were ‘doing OK.’ Less than 40% said they were ‘just getting by’ or otherwise struggling.”