http://www.onenewsnow.com/Culture/Default.aspx?id=1073714A new poll indicates more than half of those in the work force have been negatively affected by the recession, which began 30 months ago, and it shows that spending habits have changed in that same time period.
The Pew Research Center has discovered that 55 percent of working adults in the U.S. have either been pushed into unemployment, received a reduction in pay, or had their hours reduced.
James Sherk with the Center for Data Analysis at The Heritage Foundation is not surprised by the survey's findings, as millions of Americans are suffering from a poor economy.
James Sherk (The Heritage Foundation)"It's a tough economy out there right now," he laments. "All the signs are that the recovery is going to be fairly slow, and that's not going to turn around in any sort of hurry."
The study also showed that six in ten American's have reduced their spending and borrowing. Half of those surveyed say they have paid down sizeable amounts of debt, like mortgage loans and credit cards, while nearly a quarter have borrowed money.
"The one sort of good news out of that was that for years, Americans have had very low savings rates. This is something economists have pointed to and said, 'This is not sustainable.' They said people need to have more of a cushion," Sherk reports. "And what the poll suggests is that Americans are going to be saving at higher rates, not just now, but in the downturn, when you need that sort of cushion, in case you lose your job or something else unexpected happens."
As a result of the down economy, nearly half of the survey's participants say they are in worse financial shape, which toppled 20 percent of Americans' wealth.
Topic: Poll shows recession's toll (Read 1110 times)