Tag: Great Recession

Poll: Americans Haven’t Been This Down on Their Personal Finances Since the Great Recession

Michigan Star Staff

Half of Americans say they are financially worse off now than a year ago, one of the few times 50% of Americans have reported being in a worse position since the great recession in 2008, according to a recent poll.

Of 1,011 respondents, 50% said they are worse off when reflecting on their personal financial situations, and only 35% reported being better off now than they were a year ago, according to the Gallup poll released Wednesday. In 2021 and 2022, Americans were evenly divided between 41% to 41% for being better off versus worse off, and in 2020, Americans were three times more likely to say they were better off, 59% to 20%.

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Pandemic Triggers 89 Percent Increase in U.S. Food Stamp Spending

The Center Square

Spending on food stamps has increased by $53.5 billion – an 89% increase – in the two pandemic years. By comparison, that’s how much the entire program cost in 2009 during the Great Recession.

Spending on the U.S. Supplemental Nutrition Assistance Program grew 88.5% from $60.3 billion in 2019 to $113.8 billion in 2021. Spending on the SNAP program had previously peaked at $79.8 billion in 2013 before declining for the next six years.

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U.S. Home Ownership Rate Sees Highest Annual Surge Ever Recorded

Admin

The rate of homeownership in the United States saw its highest surge ever recorded in 2020, with homebuying rates jumping significantly even as the country continues to see record-low stock in most states.

The homeownership rate “climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record,” the National Association of Realtors said in a press release this week.

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Critics Pan Biden’s Claim $3.5 Trillion Spending Bill Costs ‘Zero’

The Center Square

President Joe Biden is taking fire for comments he made about his $3.5 trillion legislation just as the bill faces a deeply split Congress.

Biden made headlines for claiming the bill would cost “zero dollars,” despite media reports and members of both parties commonly naming the bill’s cost at $3.5 trillion for the last several months.

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Report: Home Prices 41 Percent Higher Than Previous Peak in 2006 Before Great Recession

Michigan Star Staff
A beige house in a suburban community during the day

Home prices in the U.S. are more than 41% higher than the previous peak recorded in 2006 during the housing boom that preceded the Great Recession, according to a national index.

Home prices hit a new peak in June, increasing at an annual rate of 18.6%, and 2.2% compared to May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index published Tuesday. The index is 95% higher than it was in 2012 when the housing market bottomed out following the recession.

“June 2021 is the third consecutive month in which the growth rate of housing prices set a record,” S&P DJI Managing Director of Index Investment Strategy Craig Lazzara said in a statement. “The National Composite Index marked its thirteenth consecutive month of accelerating prices.”

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Analysis: Deficit Will Top $3.6 Trillion in Fiscal Year 2021 as $7.27 Trillion of the National Debt Comes Due in the 2022

Michigan Star Staff
United States currency

The annual budget deficit has already hit $1.9 trillion and counting for the fiscal year that will end in September, according to the U.S. Treasury’s April statement, and it will reach as high as $3.6 trillion this year, says the White House Office of Management and Budget (OMB). Comparatively, in 2020, the deficit totaled about $3.1 trillion for the entire year.

This comes amid the massive government spending in response to the Covid pandemic, including the $2.2 trillion CARES Act in March 2020, the $900 billion phase four legislation in Dec. 2020 and then President Joe Biden’s additional $1.9 trillion Covid stimulus bill in March 2020. Another $2.1 trillion infrastructure plan is in the works. And now, Biden is offering his $6 trillion budget, which will blow another $1.8 trillion hole in the deficit in 2022.

As a result, 33 percent of marketable national debt, or about $7.27 trillion of the $22 trillion of publicly held debt, will be coming due within the next year, according to the latest data by the U.S. Treasury. For perspective, that’s more debt than existed as recently as 2003.

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