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Good To Know: The Pain Of Recession Lingers

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Sep 21, 2009 11:02 pm US/Central

Good To Know: The Pain Of Recession Lingers

Reporting
Don Shelby
MINNEAPOLIS (WCCO) ― Economists are telling us that the recession is ending. That is good news. But the bad news is that the average person won't recognize a change for a long time. Don Shelby reflects on how bad it was, is and may still be.

People have lost half their life savings and in a good economy will take years to get back to "even." Bankruptcy, which Congress made much harder to enter in to, are at an all-time high. And, according to Harvard researchers, 61 percent of those new bankruptcies are due to the failure of their health care plans when they fell ill.

The head of the study said, we are one sickness away from bankruptcy. We just learned that poverty increased last year in the U.S., and Monday I found out from Second Harvest Heartland food shelves that they've seen a 40 percent rise in demand.

The heartbreaking stories are those told of the hundreds of people who were once giving generously to the food shelves, now going there to feed their own families. The recession may be over, statistically, but the pain of what we've just been through may last awhile longer.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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