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For many the recession isn’t over

Wall Street-cause of middle class pain
Wall Street-cause of middle class pain
Photo by John Moore/Getty Images

Sure, the government said the recession ended in 2009, tell that to the millions of Americans that are still unemployed, underemployed or those whose lifetime positions were eliminated by this depression. The media is hesitant to report on how the government’s meddling caused these suffering citizens’ grief but at the same time made those who support those in power even richer. What is that called in laymen’s terms? It’s just another form of tyranny.

The new Federal Reserve’s report on U.S. household finances shows that late this past year four out of 10 Americans still suffered financial stress. A quarter of the respondents said they were “just getting by” while 34% said they were worse off than in 2008. One third of those who applied for credit were denied. Another quarter of those surveyed reported having a near insurmountable student loan debt.

The recession had such negative impact on the middle class of Americans that at least 31% of those approaching retirement age have lost their nest egg, they have no retirement savings to fall back on. Another 50% couldn’t think about the financial planning for retirement. The survey had 57% who had savings before the recession used up some or all of it afterward. Only 39% have a rainy-day fund to cover three months of expenses and only 48% could cover a $400 emergency expense without selling something or borrowing money.

None of this sounds like anything you hear from our President or the media. The survey also reported 25% haven’t visited a dentist for over a year because they couldn’t afford it. Another 18% were forced to go without seeing a doctor and 15% skipped getting prescriptions because of the cost. This recession pushed back retirement for millions while it forced as many into retirement because they were out of a job.