How to beat the recession and save your life
Financial markets have been a boon to the American economy, but not for everyone.
As many as one in five Americans will see their monthly spending decrease due to the Great Recession, according to a new report by the National Association of Realtors.
As of August 31, the median household income is $58,000, and more than 40 percent of Americans will be living paycheck to paycheck, according the report from the National Consumer Law Center.
“There is a lot of uncertainty surrounding how many people will benefit from this new financial assistance,” said John G. Hildebrand, president of the Realtor’s Association.
“The biggest thing is that we need people to get together and plan ahead and understand what is going to happen in the future.”
The report also found that more than a third of Americans are likely to see their annual income fall as a result of the Great Depression.
The recession’s economic impact on the U.S. economy, however, has been lessened by the fact that the federal government has been more flexible and has been able to offer grants to help families in the hardest hit areas, according Toobin.
In recent years, Congress has granted more than $8 billion in grants to states, which are able to issue loans to low-income families.
The financial aid program has helped hundreds of thousands of Americans in need, including some who lost their homes during the Great Storm of 2008-2009.
In a report released this week, the National Credit Union Administration (NCUA) reported that the average family has lost $20,000 in financial aid, and the average annual income dropped by nearly $8,000.
Even as financial aid has expanded, the number of people who have lost their jobs has not kept pace.
With the economy slowly recovering, the NCAU estimated that more people could lose their jobs in 2019, according The Associated Press.
Despite the downturn in the housing market, the recession has created more wealth for people, according Dr. William A. Hochberg, professor of economics at the University of Southern California.
“It’s an important message that people are not going to be wiped out by the recession,” Hochburger said.
“We have a big economy, and there are a lot more jobs.”