Recession cut into employment for half of working adults, study says

Source: Washington Post

The recession has directly hit more than half of the nation's working adults, pushing them into unemployment, pay cuts, reduced hours at work or part-time jobs, according to a new Pew Research Center survey.

The economic shock has jolted many Americans into a new, more austere reality, which is likely to have lasting consequences for an economy fueled mostly by consumer spending. More than six in 10 Americans say they have cut down on borrowing and spending, the survey found.

The reason: Nearly half of the survey's respondents say they are in worse financial shape as a result of the downturn, which destroyed 20 percent of Americans' wealth.

<snip>

The longest and deepest recession since the Great Depression has exacted a punishing toll that continues nearly a year after the economy started growing again. Hardest hit are the 9.7 percent of workers who have been out of a job for an average of nearly six months. Many Americans are delaying retirement and others have lower expectations for their children's futures, the Pew poll found.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/06/30/AR2010063000022.html?hpid%3Dtopnews&sub=AR

wait till november rolls around...

In most countries, people will organize and show resistance when someone steals their retirement savings, forecloses on their homes, eliminates their jobs, and cuts their unemployment insurance payouts.

In America, no problem. Not only is there no resistance, but people will actually blame themselves and other victims when they are ravished by their corporate overlords.

This is what defines the America of today.

See this, this will make your blood boil:

The Financial Terrorists Who Destroyed Our Economy Reap Record Profits and Will Pay Zero in Taxes -- and Get $33 Billion in Refunds:

http://www.alternet.org/story/146509/the_financial_terrorists_who_destroyed_our_economy_will_pay_zero_in_taxes_--_and_get_%2433_billion_in_refunds/?page=entire

that about sums up what's going on....

:grr:

:sarcasm:

:thumbsup: