Dave’s Diary: Some Fear The New Normal Will Become Just That
What are the long term effects of a recession? New research shows they could be life-long for some individuals. As the economy continues to struggle to recover from the recent recession, a new study found that many Americans believe the historic economic downtown that began five years ago was so damaging that its effects could be permanent.
Researchers at the John J. Heldrich Center for Workforce Development at Rutgers University found that 60 percent of U.S. residents think the nation's economy has undergone a permanent change. The New Normal if you will. More than half of those surveyed thinking it will take at least six years for the economy to fully recover, and 29 percent believing it will never hit the levels it reached before the recession. Rutgers professor Carl Van Horn said, "Five years of economic misery have profoundly diminished Americans' confidence in the economy and their outlook for the next generation."