More Americans
believe today than they did two years ago that their country will never fully
recover from the Great Recession.
Fifty-six
percent of Americans surveyed by the John J. Heldrich Center for Workforce
Development at Rutgers University in August 2010 said they believed the Great
Recession would permanently change the economy. In a January follow-up survey,
60 percent of respondents agreed with that sentiment.
"Five years of
economic misery have profoundly diminished Americans' confidence in the economy
and their outlook for the next generation," Rutgers professor and survey
co-author Carl Van Horn said in a statement.
Most survey
respondents -- 73 percent -- had either lost their jobs or knew somebody who
had. More than half said they have less money than they did before the
recession, and 61 percent believe they will never fully
recover.
Less than a
third of workers think the economy will be better next year, and the same
percentage thinks the economy will be worse. The rest think it will be the same.
That finding isn't far off from the expectations of economists: The
Congressional Budget Office said in a statement on Tuesday that unemployment
will likely remain above 7.5 percent through next year. It's 7.9 percent right
now.
Of workers
who've found new jobs after being unemployed, 54 percent said they were making
less money -- a finding that echoes data from the government's annual survey of
displaced workers.
Less than a
third of employed survey respondents said they blamed the unemployed for not
having jobs. The survey's authors suggested that's probably because a vast
majority of respondents had either experienced unemployment themselves or knew
someone who had.
The January
survey coincided with a big drop in consumer confidence that many economists
attributed to the expiration of a payroll tax cut that shrank workers' take-home
pay by 2 percent. The Huffington Post
The nation's
economy unexpectedly shrank by 0.1 percent in the fourth quarter of 2012,
casting fresh doubt on the strength of the economic recovery. The
Hill The U.S.
unemployment rate rose to 7.9 percent in January from 7.8 percent in December.
AFP In a report
released Tuesday, February 6, the Congressional Budget Office said U.S. economic
growth "will remain slow" in 2013 due in part to budgetary changes "scheduled to
occur under current law." UPI From March to
the end of the fiscal year on Sept. 30, sequestration, a way of forcing cutbacks
in spending on government programs and then using that money to pay down the
deficit, would result in about $85 billion in spending cuts throughout the
government. When the new fiscal year begins Oct. 1, an additional $110 billion
in savings is scheduled to kick in, a reduction to be repeated in each of eight
additional years under current law. Real Clear Politics
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