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University of Wisconsin–Madison
Poverty-related issues in the news, from the Institute for Research on Poverty

Tag: Recession

Inadequate Emergency Funds

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Many Americans struggle to maintain emergency funds, By Jennifer Elizabeth Austin-Mathewson, July 2, 2013, Deseret News: “When Jessi Stanley received a $15,000 inheritance, she dreamt about all the things she could do with the extra money. She wanted to put a down payment on a new house or buy a new car. But the 48-year-old from North Carolina knew what it was like to be poor, and decided to do something most Americans — according to Bankrate — aren’t doing: put the money in savings. “I saved approximately $40,000 over 14 years,” Stanley said. “A lot was from extra money I received.” That extra money came from tax refunds, money her father gave her that was supposed to be used for a new car and small inheritances. After paying off her car, she continued to make “car payments” to her savings account. According to a survey released last week. . .”

 

Eurozone Joblessness and Poverty

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  • Brussels fears ‘poverty trap’ for half of Europe as North-South gap widens, By Ambrose Evans-Pritchard, January 8, 2013, The Telegraph: “The jobless rate has reached an all-time high of 26.6pc in Spain, rising to 56.5pc for youth. It is much the same picture in Greece, where unemployment has spiked from 19pc to 26pc over the past year as austerity bites in earnest, with Portugal not far behind as it follows suit with draconian cuts. There are now 18.8m people looking for work across the eurozone…”
  • Poverty gap widens between member states, By Nikolaj Nielsen, January 8, 2013, EUobserver: “The economic crisis, which has stripped the social welfare rights of millions, is contributing to a widening poverty gap between member states, the European Commission has said. The worst affected are young people, unemployed women and single mothers in member states predominately located in the east and south of the Union…”

Young Adults and Homelessness

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After recession, more young adults are living on street, By Susan Saulny, December 18, 2012, New York Times: “Duane Taylor was studying the humanities in community college and living in his own place when he lost his job in a round of layoffs. Then he found, and lost, a second job. And a third. Now, with what he calls “lowered standards” and a tenuous new position at a Jack in the Box restaurant, Mr. Taylor, 24, does not make enough to rent an apartment or share one. He sleeps on a mat in a homeless shelter, except when his sister lets him crash on her couch. ‘At any time I could lose my job, my security,’ said Mr. Taylor, explaining how he was always the last hired and the first fired. ‘I’d like to be able to support myself. That’s my only goal.’ Across the country, tens of thousands of underemployed and jobless young people, many with college credits or work histories, are struggling to house themselves in the wake of the recession, which has left workers between the ages of 18 and 24 with the highest unemployment rate of all adults…”