🚗 🚙 Turn your trusty old car into trustworthy journalism Learn more

Fed finds financial crisis cost the average American $70,000

Mitchell Hartman Aug 14, 2018
HTML EMBED:
COPY
News tickers at the Nasdaq MarketSite show negative numbers October 9, 2008 in New York City. The Dow Jones industrials lost 678 points to close below 8,600 today as the financial crisis deepens. Mario Tama/Getty Images

Fed finds financial crisis cost the average American $70,000

Mitchell Hartman Aug 14, 2018
News tickers at the Nasdaq MarketSite show negative numbers October 9, 2008 in New York City. The Dow Jones industrials lost 678 points to close below 8,600 today as the financial crisis deepens. Mario Tama/Getty Images
HTML EMBED:
COPY

U.S. economic growth surged in the second quarter to 4.1 percent on an annualized basis. But that’s decidedly out of sync with the overall slow economic growth we’ve seen year after year since the Great Recession. A new report from economists at the Federal Reserve Bank of San Francisco suggests the financial crisis of 2008 shaved 7 percent off U.S. economic growth over the past decade, costing every American $70,000 on average in lifetime income. 

Click on the audio player above to hear the full story. 

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.