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The Universal Savings Credit, Christian Weller, Sam Ungar

Public Policy and Public Affairs Faculty Publication Series

The financial crisis of 2007 to 2009 took a tremendous toll on household wealth and shattered the sense of financial security for millions of American families. American households lost more than $20 trillion in wealth (in 2012 dollars) in the Great Recession, and households still had $10 trillion less in wealth at the end of 2012 than they had before the crisis. This massive wealth decline contributed to a widespread loss of economic security, particularly among lower-income and moderate-income families, single women, and communities of color.

This economic insecurity can have long-ranging adverse effects on U.S. economic growth as American …

Struggling Recovery And Economic Policy Uncertainty: Testimony Before The Joint Revenue Hearing, House And Senate Ways And Means Committees, Massachusetts State House, Boston, Ma, Christian Weller

Public Policy and Public Affairs Faculty Publication Series

The U.S. economy is in the fourth year of a recovery that started in June 2009. The fact that the economy is in recovery, even modestly, is something of a miracle given how stacked the deck is against it.

This is absolutely unique in American economic history: There has never been a recovery without the housing market expanding substantially as well; There has never been a recovery with state and local governments shrinking for three years in a row; There has never been a recovery with households owing, on average, well more than 100 percent of their after-tax income in …

Recession Grips The Bay State, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

Economic activity in Massachusetts is on the decline. According to the current economic index, real gross state domestic product grew at only a 0.6 percent annual rate in the third quarter, and the leading index is predicting that the state’s economy will decline at a 1.5 percent annual rate over the six months november 2008 through april 2009. Massachusetts is in a recession.

The Year In Review: 2007 Marks Start Of Slowdown, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

The state’s economy slowed moderately in 2007, the beginning of a slowdown that may last several years. The deceleration was precipitated by a downturn in the housing market that, in Massachusetts, began in late 2005, and gained downward momentum in 2006. Last summer, fi nancial havoc from sub-prime mortgage defaults and falling prices throughout most of the nation tipped the nation’s economy to the brink of recession. This year, soaring energy prices threaten to weigh down the economy further, neutralizing the fi scal stimulus package that is coming on line now.

National Woes Test Bay State Economy, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

Economic growth is slowing, and is projected to continue to decelerate into the second half of 2008, and then to rebound moderately. The slowdown is directly related to the impact of the declining housing market, the sub-prime mortgage shakeout in the finance sector, and the high cost of heating oil and gasoline. Credit tightening is threatening to curtail business activity and the solvency of investors and households involved in sub-prime lending or borrowing. High energy prices are reducing non-energy consumer spending. The impact of the declining housing market has already affected the state’s economy. Massachusetts is experiencing declines in housing …