Country Continues To Struggle Five Years Later

According to the National Bureau of Economic Research, the "Great Recession" officially ended in June of 2009.

The "Great Recession", which lasted from December of 2007 to June of 2009, was the longest recession experienced in the United States since the end of WWII. The "Great Recession" profoundly changed the financial situation of practically every single American as stock markets crashed and real estate prices plummeted. Many Americans have had to delay or entirely scrap their retirement plans due to the negative impact of the "Great Recession" on their net worths, and this has had a ripple effect on younger generations who are currently scratching and clawing for jobs.

-

It has now been five full years since the "Great Recession" came to an end, and it's safe to say that the country hasn't yet righted the ship.

Sure, there have been some positives, especially if you have been invested in the stock market. The Fed's policy of maintaining ultra-low interest rates has helped to push equity markets to towering highs and this has helped to restore the net worths of many Americans, especially those with higher net worths.

In addition, the nation's real estate market has solidified considerably after a miserable couple of years. That being said, home prices are still well off their peak.

The main problem that the nation faces is that many who live in "Main Street America" are still struggling, thanks, in large part, to a continued weak employment market.

The job market in the United States has slowly improved over the past five years, but not nearly enough to bring millions of Americans out of unemployment. The national unemployment rate still sits at 6.3%, well above the historical average.

In addition, wage growth has been practically non-existent, while millions and millions of American families remain dependent on food stamps.

-

According to a recent CNN/ORC poll, 62% of Americans rate the current economic conditions in the United States as "poor". Despite being five years removed from the end of the "Great Recession", this statistic is a strong reminder that the nation's economy hasn't improved nearly enough over the past half-decade.

Source: Money.cnn.com - US recovery hits 5-year mark, but long way to go

Filed under: General Knowledge