The American economy is in a recession that is 14 months old, and the downturn appears to be growing deeper and more severe. Approximately 1.8 million Americans lost their jobs in the past three months alone—nearly 20,000 a day. It’s increasingly looking like “the worst recession since World War II” may be a best-case scenario.
The economic downturn means hard times for millions of Americans. If unemployment rates reach double-digits, as some economists fear, nearly 7 million people will lose their jobs, more than 7 million will lose their health coverage, and more than 12 million will fall into poverty.