A look at the lasting impact of the Great Recession

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Triangle Business Journal

By:  Lauren K. Ohnesorge

September 12, 2012

 

New data from the Corporation for Enterprise Development shows the Great Recession is "stubbornly" persisting - with nearly half of Americans lacking a financial backup plan if they lose their jobs.

The 2011 annual report puts more than 46 million Americans now living below the federal poverty line of $22,350 for a family of four.

Income poverty stands at 15 percent - but 27 percent of households are living in what CFED calls "asset poverty" - lacking the assets necessary to cover basic expenses for three months if they were to lose their source of income.

A total of 43 percent of Americans are "liquid asset poor," the report reads, showing that, if you remove homes, cars, businesses and other assets that can't easily be converted to cash, those Americans couldn't cover basic expenses for three months without income.

In addition to being a source of data, CFED aims to promote policies and strategies to help people build and protect savings and assets.

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This page contains a single entry by CFED published on September 13, 2012 8:07 PM.

FDIC Releases National Survey of Unbanked and Underbanked was the previous entry in this blog.

More Americans opt out of traditional banking is the next entry in this blog.

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