From Good Times to Bad Times
Bob Baschoff used to work for a bank, commanding a corner office and a six-figure salary that allowed his family to enjoy a comfortable life in the wealthy lakefront village of Lake Bluff.
All of that is gone now.
Baschoff was laid off during the financial crisis of 2008 and hasn't found steady work since. The family lost one home to foreclosure and was evicted from two rentals. Though they're still in Lake Bluff — a relative is paying the rent on a modest ranch house — they must rely heavily on charity and the government for food, health care and other necessities.
Americans historically have come back strong from periods of financial distress. Research by the Pew Charitable Trusts' Economic Mobility Project has shown that after the double-dip recession of the early 1980s, most people who lost a large chunk of income made it back within a decade. But a significant portion—about 1 in 9—did not.
Read the full article at chicagotribune.com.
- Economic Mobility Project