The so-called “Great Recession” has left Americans depending on the government dole like never before. Without record levels of welfare, unemployment and other government benefits as well as tax cuts last year, the income of US households would have plunged by an astonishing $723bn — more than four times the record $167bn drop reported last month by the Commerce Department. Moreover, for the first time since the Great Depression, Americans took more aid from the government than they paid in taxes.
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In early April, HousingWire Columnist Logan Mohtashami wrote about five indicators that would show when “America is back.” Now, he’s checking in on each data point to see where the U.S. housing market stands.
Engaging with the data, even soft data like surveys of opinion gives us reliable hints into what to expect in specific segments of the economy and what parts are going to recover faster.