Recession Leaves More than Half of American Workers Jobless or Underemployed

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Thursday, July 01, 2010 at 9:22 am

A striking new study from the Pew Research Center shows that more than half of Americans — 55 percent, to be exact — have suffered a layoff, had their hours reduced or been forced to work part time during the recession. Here is a summary of some key findings:

  • The recession has, at some point, left one in three workers unemployed and more than half of workers unemployed or underemployed — with their hours cut or their status reduced to part-time, for instance.
  • 95 percent of Americans believe the economy is still in a recession, though 41 percent believe it is starting to come out of the recession. Just 3 percent believe the recession is over. Whites and Republicans are more likely than other demographic groups to say the recession is still going on — though statistically, minorities and Democrats are more likely to be unemployed or underemployed.
  • More than 60 percent of Americans say they have cut back their spending. And nearly a third say they will continue to spend less, even when the economy is comfortably out of the recession.
  • One-third of adults say they are “not confident” they will have income, assets and housing to finance their retirement. Among workers in their 50s, nearly two-thirds say they will put off retirement because they need to keep working to stay afloat.
  • A quarter of respondents say their children will have a worse standard of living than they do, up from 10 percent 10 years ago.

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Jdmaz
Comment posted July 1, 2010 @ 2:36 pm

How very sad is this. It is so heart break-en and not one government mule gives a crap. Like we all chose to lose our jobs and be unemployed. I had no income since March wife lost her job June and there wont pay her unemployment her company chose to lie about why she is not employed any more then fought the appeal and won. Talk about a kick to the balls wow.I have 3 kids and a wife with the home and bills that come along with it, any one no where I can pop a tent that will take in my kids and wife.


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Comment posted July 2, 2010 @ 12:25 pm

it is sad Jdmaz…… Crime rate is going to go sky high once people get desperate and start stealing and robbing banks to feed their kids… Is this what Congress wants?? They all go home at night, to their mansions, good dinners and go to sleep without a conscience. God Bless America;


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