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