The Recession’s Permanent Victims
America will recover from today’s slump. But not all Americans.
The Pew survey collects sobering data on what happens to Americans who experience sharp income losses. Most eventually struggle back to their feet. But a substantial minority never do:
- Half of adults who experienced a one-year income loss of more than 25 percent recovered within four years, a recovery rate that was stable over time.
- One-third, however, failed to recover even after 10 years.
It won’t surprise you to hear that recovery is not random. The college-educated and the married were the most likely to recover; the non-college and unmarried were least likely to recover.
Read the full article at thedailybeast.com.
- Economic Mobility Project