Many parts of the country haven’t even recovered from the Great Recession from 2007 to 2009.
Subsequent U. S. economic growth “failed to lift the country’s most vulnerable communities, ” a recent report by the Economic Innovation Group stated.
The group’s Distressed Communities Index (DCI), which looks at the health of U. S. communities based on their financial well-being and found that between 2000 and 2018, inequality had increased.
While households in prosperous zip codes had gained 8. 7 million jobs over the 18-year period, households in distressed zip codes that had lost jobs on net. “Numbers of jobs and businesses in distressed communities... fell from 2014 to 2018, deep into the national recovery from the Great Recession, ” the authors stated.
And now, with the pandemic, the “recession is likely already eroding away any modest improvements racked up at the tail-end of the 2010s expansion, ” the report added.
“We know from the last crisis that we saw some really painful cuts at the state level that took a long time to heal, ” Hanks said. “Whether that's cuts to education at the K-12 level and higher ed, to things like healthcare, infrastructure. There are all types of things that states need to spend money on that they will face challenges doing and certainly that will come at the expense of the state's residents. ”.
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