We had a terrible recession in the early 1980s. It came after years of stagflation. It came in the midst of some of the highest interest rates ever recorded. Worse, it came as our nation stood on the cusp of transitioning from a manufacturing economy to an information-based economy.
That transition, unfortunately, left hardened laborers on that cusp for too long. For example, steelworkers gave their all for a dying industry only to be left empty-handed. However, they weren't really poor.
In fact, many were asset rich, just cash poor. That meant their house was worth too much for them to qualify for aid. In order to survive, then, they had to sell the very homes they worked so hard to earn.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.