Coolidge, Alexander. “Experts: Recession not imminent in Cincinnati despite tight budgets.” Cincinnati.com, Cincinnati, 10 Apr. 2017, www.cincinnati.com/story/money/2017/04/10/experts-recession-not-imminent-cincinnati-despite-tight-budgets/99869172/. Accessed 27 Aug. 2017.
Concerns have been expressed among both state and city officials about a 2017 recession in Ohio and Cincinnati. Projections for budgeting in both Ohio and Cincinnati have been decreased since previous years, but economists disagree with officials, stating that there are no obvious signs of downturn in the near future.
- Recessions typically hit the U.S. once every 7-10 years.
- Unemployment in Cincinnati remains below jobless rate leading up to the 2008 financial crisis and total jobs have topped the high before the crisis.
- Housing markets and home prices are growing steadily.
- Per-Capita income is higher than pre-crisis levels.
- Consumer debt and credit card delinquency rates are near decade lows.
- Cincinnati’s economy has grown 12.1 percect since 2009.
- Currently the nation’s 28th largest metro economy.
- Ohio’s 2017 budget was reduced to $67 billion.
Financial, COUNTRY. “Ten Years After Financial Crisis, Nearly One-in-Three Americans Still Feeling the Sting.” PR Newswire: news distribution, targeting and monitoring, 13 July 2017, www.prnewswire.com/news-releases/ten-years-after-financial-crisis-nearly-one-in-three-americans-still-feeling-the-sting-300487945.html. Accessed 27 Aug. 2017.
Despite signs from the Federal Reserve that that U.S. economy is in fact growing, a study has reviled that 1-in-3 Americans believe they haven’t yet recovered or never will. The most affected being women, African Americans, and low-income segments.
- 30% believe they have not recovered or never will
- 64% believe they have fully recovered.
- 57% of Americans say they needed three or more years to fully recover
- 42% believe the economy has not yet fully recovered
- Americans were split on whether they believe the country is headed towards another recession or if it will continue to grow.
- 34% felt that in order to feel secure, the job market needed to be improved, rather than the housing market.
Jones, Terry. “Could The Housing Market Meltdown Happen Again?” Investor’s Business Daily, Investor’s Business Daily, 21 June 2017, www.investors.com/politics/commentary/could-the-housing-market-meltdown-happen-again/. Accessed 27 Aug. 2017.
Even with the improvements in the U.S. economy, there is still a possibility of another financial crisis without a change in policies and attitudes that ultimately caused the 2008 crisis.
- In 2008, more than half of all mortgages in the U.S. were subprime and 76% had been bought by government agencies.
- The federal government is still in the business of directing housing.
- The main factors that caused the 2008 financial crisis haven’t changed.
Although statistics show the U.S. economy as a whole has bounced back from the 2008 Financial Crisis, theres no way to know if this will be a permanent state. Individuals still feel like they have not recovered fully from the recession and with the government not making changes to the policies and regulatory structure that caused the crisis, there will always be potential for it to happen again in the future.