According to a recent survey by the Pew Research Center, reported by Rich Morin, Sr. Editor, the Great Recession brought a mix of hardships for 55% of Americans, usually in combination: a spell of unemployment, missed mortgage or rent payments, shrinking paychecks and shattered household budgets. For the other 45% of the country, the recession was largely free of such difficulties. The recession officially began in December 2007 and was recently determined to have ended in June 2009. About 70% of retirees and other older adults largely held their own during the recession, while a lopsided majority of 20-somethings did not. Easterners are significantly more likely than residents of the South, West or Midwest to have better weathered the economic storm. At the same time, suburban and rural residents experienced fewer problems than city dwellers. Republicans, too, are disproportionally represented among those who had an easier passage through hard times, while Democrats and political independents are more likely to have lost ground. And as other research has consistently shown, a college diploma is a strong shield against hard times: nearly 60% of college graduates count themselves among the 45% who experienced fewer difficulties during the recession, compared with 38% of those whose educational attainment was a high school diploma or less. Losing Ground in the Great Recession Group% Of Each Group Who Lost GroundAll 55% Gender Men 55 Women 55 Age 18-29 69 30-49 60 50-64 55 65+ 30 Ethnic Group Whites 50 Blacks 66 Hispanics 70 Education College 41 Some college 59 HS or less 62 Income $100K+ 32 $75K-$99K 44 $50K-$74K 49 $30K-$49k 66 LT$30K 72 Geographic location East 47 Midwest 57 South 56 West 57 City proximity Urban 60 Rural 52 Suburban 53 Political affiliation Republicans 49 Democrats 57 Independents 57 Source: PewResearchCenter, October 2010 Where you live is associated with how you have weathered the Great Recession. About half of those living in the eastern United States were among those who Held their Ground, compared with slightly more than four-in-ten residents of the Midwest, South and East. About six-in-ten city-dwellers were among those who Lost Ground, compared with 53% of all suburbanites and 52% of those who live in rural areas. By most broad measures of economic well-being, those who Held their Own and Americans who Lost Ground could hardly be more different, says the report. Among those who disproportionately experienced economic hardships during the recession, 54% say they are just getting by or fall short of meeting their monthly expenses and more than 40% say the recession forced them to make "major" changes in the way they live. In contrast, 80% of those who Held their Own during the recession say that they're "living comfortably" or that they have money left over each month after paying their bills. And unlike their less fortunate counterparts, not a single one says the recession has forced major lifestyle changes. What is striking, is the fact that the groups are roughly the same size yet the differences between them are so great. 43% of adults who Lost Ground say they were unemployed at some point during the recession, compared with less than 1% of those who Held their Own. 35% of those who Lost Ground had problems paying their rent or mortgage, while not a single one of those who Held their Own reported similar difficulties. No one who Held their Own during the recession reported having trouble finding or paying for medical care, or having to borrow money from friends or family to pay bills, compared with 48% and 42%, respectively, of those who Lost Ground. The Two Americas Group% In Each Group Who:Held their Own GroundLost their Own Ground Were unemployed at some point during recession 1% 43% Say recession brought "major" changes to lives 0 44 Had to borrowed money from friends/family to pay bills 0 42 Had trouble finding or paying for medical care 0 48 Had trouble paying rent or mortgage 0 35 Say household finances "worse" now than before recession 29 64 Say family income declined during recession 14 48 Withdrew money from savings, retirement to pay bills 19 60 Average number of hardships 0.6 3.7 Source: PewResearchCenter, October 2010 Nearly half of those who Lost Ground say their family incomes declined during the recession, more than three times the proportion of those who Held their Own. Similarly, nearly two-thirds of those who Lost Ground say their family's overall financial condition is worse now than it was before the recession. 19%)of those who Lost Ground during the recession say they had to increase their credit card debt to pay their bills, compared with 4% of those who Held their Own. 74% of those who suffered the most during the recession say they had to cancel or cut back on vacation travel, compared with 36% of those who Held their Own. Different Groups, Different Impacts (% In Each Group Who Said Each Was The Biggest Impact Of The Recession On Their Lives.) ImpactHeld their OwnLost Ground Changed spending patterns 51 33 Had financial problems 11 21 Had employment problems 10 21 Source: PewResearchCenter, October 2010 Those who Lost Ground are twice as likely as those who Held their Own to have cut back on the amount they saved during the recession, and are significantly more likely to say they cut back on spending. When both groups were asked whether their total amount of personal debt in the form of credit card bills, mortgage loans and other types of loans increased or decreased during the recession, those who Lost Ground were more than four times as likely to say they owed more during the recession than before the downturn began. More than half of homeowners who Lost Ground during the recession say the value of their home declined in the past 2½ years, compared with 43% of those who Held their Own. While only 13% of all homeowners say their home increased in value, those who Held their Own are slightly more likely to report their house or condo is now worth more than it was before the recession (15% vs. 10%). However, 77% of those who Lost Ground during the recession agree that "buying a home is the best investment that the average person can make," a belief they share with 83% of those who Held their Own during the recession. Housing Values Take a Hit Group % In Each Group Who SayHeld Their OwnLost Ground Home declined in value 43% 53% Owe more than their home is currently worth 14 29 Believe it will take longer than five years for their home value to recover 34 43 Source: PewResearchCenter, October 2010 More than seven-in-ten respondents answered the question about specific problems. Like: