urban institute nonprofit social and economic policy research

View Research by Author - Alice Feng

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Financial Consequences of Long-Term Unemployment during the Great Recession and Recovery (Policy Briefs/Unemployment and Recovery)
Richard W. Johnson, Alice Feng

Extended job loss dealt a serious financial blow to many workers during the Great Recession and recovery. Despite the protection provided by unemployment insurance benefits, family incomes fell 40 percent or more for half of workers unemployed for at least six consecutive months between August 2008 and December 2011. About a quarter began experiencing economic hardship, including more than a third of African Americans, Hispanics, and unmarried adults. Social Security shielded most workers ages 62 and older from the worst outcomes, although early retirees receive lower monthly retirement checks for the rest of their lives, possibly causing financial hardship later.

Posted to Web: April 05, 2013Publication Date: April 05, 2013

 

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