The downturn we call the Great Recession officially started in 2007. But after spending the last two years talking to people who lost jobs, homes or savings during the official recession, I'd argue that the trouble actually started decades earlier.
Almost all those I spoke to had already slogged through many years of stagnant or declining hourly wages by the time the recession kicked in. Couples who wanted to maintain homes like the ones they were raised in had often borrowed heavily and/or taken second and sometimes third jobs.
Read Full Article »