The recession's not over in the minds of many Americans. That's according to the latest Country Financial Survey. Troy Frerichs is wealth management Director for the Bloomington-based company. He says the survey of 5,000 shows nearly have, 49% think the economy's worse now than it was in 2008, when the recession bottomed out. He says many feel that way because of the Wall Street-Main Street disconnect:
"Wall Street's doing pretty well, a lot of SP 500 type companies have margins at all time highs. And why is that? Well one of your biggest costs, labor, has come down quite a bit. You've laid people off, wage increases are pretty much non existant, so a lot of times what you see is that lag. When Wall Street's having a good time, Main Street isn't."
Frerichs says another reason for a lack of optimism, despite incremental improvements in many sectors, is depleted savings. 22 percent of Americans had to dip into retirement funds to get by the past five years, and another 21 percent depleted their emergency savings. Only 8 percent of survey respondents say reduced home values have been the primary impact of the recession.
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