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Summer 2021

ISSN 0890-913X

Volume 36, Number 2

Categories: Summer 2021 | Financial distress

Do Large Numbers of Americans Struggle to Make Ends Meet?

Clifford F. Thies , Shenandoah University

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TheJournalofPrivateEnterprise36(2),2021,67–75DoLargeNumbersofAmericansStruggletoMakeEndsMeet?CliffordF.ThiesShenandoahUniversity__________________________________________________________AbstractInspiteofthelengthy2009to2019economicexpansion,themediareportedthrough2019thatlargenumbersofAmericansstruggledtomakeendsmeet.Thisstudyassemblesalargesetofresponsestodiversesurveyquestionsinvolvingfinancialwell-being,spanningtheperiod1976to2019.Itakecaretodistinguishthedegreeoffinancialdistresselicitedinthesesurveyquestions,andIusespline-curveeconometricstoextractatimeseriesofthepercentofAmericanswhostruggletomakeendsmeet.Theexerciseindicatesthatthisnumberhasrangedfromabout10percenttoabout25percent;during2019,itwasnearitshistoriclow.Ithenbrieflydiscusstherelationshipoffinancialdistresstothebusinesscycle.__________________________________________________________JELCode:D12Keywords:financialdistress,subjectivewell-being,householdeconomics,consumerfinanceI.IntroductionAfterpeakingat11.1percentinOctober2009,theofficialUSunemploymentratefellto3.5percentinSeptember2019.Thiswasitslowestreadingsince1969(3.4percent).ThemoreinclusiveU-6unemploymentratefellfromapeakof17.2percentinApril2010toareadingof6.8percentinDecember2019,bestingitspriorall-timelowof6.8percentrecordedin2000.1Consistentwiththeseindicatorsofastrongeconomy,measuresofconsumerconfidencewereatornearall-timehighsduring2019.ThevenerableindexpublishedbytheSurveyResearchCenteroftheUniversityofMichigan,whichtouchedbottomat55.3inNovember2008,registeredinthehigh90sfrom2017to2019.TheConference1TheU-3unemploymentrateistheofficialUSunemploymentrate.TheU-6unemploymentrateconsidersworkerswhoarediscouragedandmarginallyattachedtothelaborforce,andpart-timeworkerswhowouldpreferfull-timework,inadditiontothosewhoarenotworkingandwhoareactivelyseekingemployment.

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Metadata [hide]

Title	Do Large Numbers of Americans Struggle to Make Ends Meet?
Authors/Creators:	Clifford F. Thies , Shenandoah University
Year:	2021
Volume:	36
Number:	2
Pages:	67 - 75
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	financial distress, subjective well-being, household economics, consumer finance

Citation:
Thies, Clifford F. / 2021. "Do Large Numbers of Americans Struggle to Make Ends Meet?." The Journal of Private Enterprise, 36(2): 67-75.