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Summer 2021
ISSN 0890-913X
Volume 36, Number 2

Do Large Numbers of Americans Struggle to Make Ends Meet?

Clifford F. Thies , Shenandoah University
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=PARTE4 2021 Journal of Private Enterprise Vol 36 No 2 Summer.pdf&rsargs[]=0
TheJournalofPrivateEnterprise36(2),2021,6775DoLargeNumbersofAmericansStruggletoMakeEndsMeet?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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