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

Mitchell Hartman Aug 14, 2018
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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
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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. 

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