What Recovery?

   Seven years into recovery from the worst economic downturn since the Great Depression, many Americans say they still face problems.
   Nearly half the families surveyed by the Federal Reserve Board said they would struggle to meet emergency expenses. What's more, many Americans with a family income of less than $40,000 don't have bank accounts, according to the survey, which was conducted before last Christmas.
   "Despite some signs of improvement overall," said Lael Brainard, a member of the Fed's Board of Governors, 46 percent of those surveyed admitted "they would struggle to meet emergency expenses of $400, and 22 percent of workers say they are juggling two or more jobs."
   So while broader statistics dealing with output and employment have been reporting economic growth, however slow, "not all groups report improvement in their financial well-being," a Fed statement said.
   Those with higher levels of education were most likely to say they did better in 2015. Even so, only 31 percent of those with at least a bachelor's degree reported an improvement in their status, the survey said, and 15 percent posted a decline.
  And among those with a high-school degree or less, according to the statement, only 22 percent said their well-being improved over the previous 12 months, and 21 percent said they were worse off.
   In short, Brainard noted, the survey results "shed important light on the economic and financial security of American families." It's important to find the reasons why so many families face continued financial struggles," she added, "and to find ways to help them overcome them."