scholarly journals Heterogeneity and Giving: Evidence From U.S. Households Before and After the Great Recession of 2008

2019 ◽  
Vol 63 (14) ◽  
pp. 1841-1862 ◽  
Author(s):  
Una O. Osili ◽  
Chelsea J. Clark ◽  
Xiao Han
Keyword(s):  
Civil Society ◽  
Educational Attainment ◽  
Great Recession ◽  
Race And Ethnicity ◽  
Charitable Giving ◽  
Economic Shocks ◽  
The Great Recession ◽  
Household Dynamics ◽  
Before And After ◽  
The U.S

Before the Great Recession of 2008, a stable two-thirds of the U.S. population donated to charitable causes in any given year. However, the fraction of American donors has declined by 11% since the Great Recession. In this article, we investigate pre- and postrecession charitable giving between 2000 to 2014. By examining household dynamics including race and ethnicity, age, gender, and educational attainment, this article uncovers changes in giving behaviors and provides new insights into how the Great Recession of 2008 affected both giving rates and amounts. It also discusses the implications for civil society and the need to build resilience for responding to future economic shocks.

scholarly journals Cumulative Disparities in the Dynamics of Working Poverty for Later Career U.S. Workers (2002–2012)

2021 ◽  
Vol 7 ◽  
pp. 237802312098733
Author(s):  
Jo Mhairi Hale ◽  
Christian Dudel ◽  
Angelo Lorenti
Keyword(s):  
Black Women ◽  
Educational Attainment ◽  
Great Recession ◽  
Early Life ◽  
Multistate Models ◽  
The Great Recession ◽  
Lower Socioeconomic ◽  
Race Ethnicity ◽  
Working Poverty ◽  
The U.S

Many more Americans experience working poverty than unemployed poverty, a situation that was only exacerbated by the Great Recession. The consequences of working poverty for later career workers, who should be at their highest earning ages, are particularly dire. The authors expect that later career workers are especially vulnerable in terms of the risk and duration of working poverty and that those who have accumulated disadvantages over their life courses, in terms of the intersecting dimensions of race/ethnicity, gender, early-life disadvantage, and educational attainment, will suffer disproportionately. The authors use incidence-based Markov-chain multistate models to analyze the U.S. Health and Retirement Study, which is representative of the U.S. population aged 50 years and older. The results reveal that Black women and men, Latinx, those who experienced more early-life disadvantages, and people with lower education have higher risk and longer durations in working poverty over the period from 2002 to 2012. The findings also suggest that when confronted with economic hardship (the Great Recession) later career workers who originate in lower socioeconomic statuses, especially Blacks and Latinx, are in more precarious economic positions. Important from a policy perspective, educational attainment only partially mediates the association between race/ethnicity and working poverty; disparities persist.

scholarly journals Cumulative disparities in the dynamics of working poverty for later-career U.S. workers (2002-2012)

2020 ◽  
Author(s):  
Jo Mhairi Hale ◽  
Christian Dudel ◽  
Angelo Lorenti
Keyword(s):  
Black Women ◽  
Educational Attainment ◽  
Great Recession ◽  
Multistate Models ◽  
The Great Recession ◽  
Lower Socioeconomic ◽  
Race Ethnicity ◽  
Lower Education ◽  
Working Poverty ◽  
The U.S

Many more Americans experience working poverty than unemployed poverty, a situation which was only exacerbated by the Great Recession. The consequences of working poverty for later-career workers – who should be in their highest-earning ages – are particularly dire. We expect that later-career workers are especially vulnerable in terms of risk and duration of working poverty and that those who have accumulated disadvantages over their life courses, in terms of the intersecting dimensions of race/ethnicity, gender, early-life socioeconomic status, and educational attainment, will suffer disproportionately. We use incidence-based Markov chain multistate models to analyze the U.S. Health and Retirement Study, which is representative of the U.S. population aged 50 and older. We find that Black women and men, Latinx, those who experienced more earlylife disadvantages, and people with lower education have higher risk and longer durations in working poverty over the period 2002-2012. Our findings also suggest that when confronted with economic hardship – the Great Recession – later-career workers who originate in lower socioeconomic statuses, especially Blacks and Latinx, are in more precarious economic positions. Important from a policy perspective, educational attainment only partially mediates the association between race/ethnicity and working poverty; disparities persist.

Financial Crises and the Public Discourse on Financial Elites

2018 ◽  
Author(s):  
Youssef Cassis ◽  
Giuseppe Telesca
Keyword(s):  
Great Depression ◽  
Great Recession ◽  
Public Discourse ◽  
Codes Of Conduct ◽  
The Public ◽  
The Great Recession ◽  
The Great Depression ◽  
Early Twenty ◽  
Before And After ◽  
Late Twentieth

Why were elite bankers and financiers demoted from ‘masters’ to ‘servants’ of society after the Great Depression, a crisis to which they contributed only marginally? Why do they seem to have got away with the recent crisis, in spite of their palpable responsibilities in triggering the Great Recession? This chapter provides an analysis of the differences between the bankers of the Great Depression and their colleagues of the late twentieth/early twenty-first century—regarding their position within, and attitude towards the firm, work culture, mental models, and codes of conduct—complemented with a scrutiny of the public discourse on bankers and financiers before and after the two crises. The authors argue that the (relative) mildness of the Great Recession, compared to the Great Depression, has contributed to preserve elite bankers’ and financiers’ status, income, wealth, and influence. Yet, the long-term consequences of their loss of reputational capital are difficult to assess.

scholarly journals Fiscal Policy and Aggregate Demand in the U.S. Before, During and Following the Great Recession

2017 ◽  
Vol 2017 (061) ◽  
Author(s):  
David Cashin ◽  
◽  
Jamie Lenney ◽  
Byron Lutz ◽  
William Peterman ◽  
...  
Keyword(s):  
Fiscal Policy ◽  
Great Recession ◽  
Aggregate Demand ◽  
The Great Recession ◽  
The U.S

scholarly journals Recent Trends in U.S. Childbearing Intentions

2021 ◽  
Author(s):  
Caroline Sten Hartnett ◽  
Alison Gemmill
Keyword(s):  
National Survey ◽  
Great Recession ◽  
Population Composition ◽  
Important Contributor ◽  
The Great Recession ◽  
Childbearing Intentions ◽  
Family Growth ◽  
Recent Trends ◽  
Shed Light ◽  
The U.S

The U.S. period TFR has declined steadily since the Great Recession, to 1.73 children in 2018, the lowest level since the 1970s. This pattern could mean that current childbearing cohorts will end up with fewer children than previous cohorts or this same pattern could be an artifact of a tempo distortion if individuals are simply postponing births they plan to eventually have. In this research note, we use data on current parity and future intended births from the 2006-2017 National Survey of Family Growth to shed light on this issue. We find that total intended parity declined (from 2.26 in 2006-2010 to 2.16 children in 2013-2017), and the proportion of women intending to remain childless increased slightly. Decomposition indicated that the decline was not due to changes in population composition, but rather changes in the subgroup rates themselves. The decline in intended parity is particularly notable at young ages and among Latinxs. These results indicate that although tempo distortion is likely an important contributor to the decline in TFR, it is not the sole explanation: U.S. individuals are intending to have fewer children than their immediate predecessors, which may translate into a decline in cohort completed parity. However, the change in intended parity is modest and average intended parity remains above two children.

scholarly journals Evaluating the Effects of the Home Affordable Modification Program

2021 ◽  
Author(s):  
Richard Cóndor
Keyword(s):  
General Equilibrium ◽  
Great Recession ◽  
Heterogeneous Agents ◽  
Idiosyncratic Risk ◽  
The Great Recession ◽  
Heterogeneous Agents Model ◽  
The U.S

The Home Affordable Modification Program (HAMP) was a loan modification program introduced in 2009, in the U.S., to assist highly indebted homeowners with avoiding foreclosure. This program also encouraged private lenders to offer more sustainable modifications. This paper studies the role of HAMP in preventing higher foreclosures rates during and after the Great Recession, in the context of a general-equilibrium heterogeneous-agents model with two types of households (Borrowers and Savers), uninsurable idiosyncratic risk, and both private and HAMP modifications. The main result is that, without HAMP, the peak in the foreclosure rate could have been 50% larger (3.2 percent vs 2.2 percent in data).

scholarly journals Wealth Disparities Before and After the Great Recession

2013 ◽  
Vol 650 (1) ◽  
pp. 98-123 ◽  
Author(s):  
Fabian T. Pfeffer ◽  
Sheldon Danziger ◽  
Robert F. Schoeni
Keyword(s):  
Great Recession ◽  
Wealth Distribution ◽  
Wealth Inequality ◽  
Longitudinal Analyses ◽  
Minority Status ◽  
Socioeconomic Groups ◽  
The Great Recession ◽  
Before And After ◽  
Substantial Rise ◽  
American Families

The collapse of the labor, housing, and stock markets beginning in 2007 created unprecedented challenges for American families. This study examines disparities in wealth holdings leading up to the Great Recession and during the first years of the recovery. All socioeconomic groups experienced declines in wealth following the recession, with higher wealth families experiencing larger absolute declines. In percentage terms, however, the declines were greater for less advantaged groups as measured by minority status, education, and prerecession income and wealth, leading to a substantial rise in wealth inequality in just a few years. Despite large changes in wealth, longitudinal analyses demonstrate little change in mobility in the ranking of particular families in the wealth distribution. Between 2007 and 2011, one-fourth of American families lost at least 75 percent of their wealth, and more than half of all families lost at least 25 percent of their wealth. Multivariate longitudinal analyses document that these large relative losses were disproportionally concentrated among lower-income, less educated, and minority households.

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