Pew Financial Reform Project Report Cited During Senate Debate

Source Organization: Pew Economic Policy Group

05/11/2010 - The Pew Economic Policy Group’s work was cited on the Senate floor during debate on financial reform. The following are excerpts from those statements:

  • Sen. Dick Durbin (D-IL) – “The Pew Financial Reform Project recently summarized what we have been through in this recession. It is a painful reminder, but it is worth noting as we start this debate. This is what they estimate to be the devastation caused by the recession we are in: $100,000, the cost to the typical American family in combined losses from declining stock and home values; $360 billion, the estimated loss in wages due to slow economic growth, in October 2008 through 2009, and that is a loss in wages of over $3,250 for the average U.S. family because of the recession; $3.4 trillion, the total loss in real estate wealth from July 2008 until March 2009, so roughly, on average, every household in America who owns a home lost $30,300 in value; 5.5 million, the number of additional jobs lost due to slow economic growth, and some 8 million Americans are unemployed, and another 6 million are discouraged and not looking for work; 500,000, additional number of homes foreclosed upon during the most acute phase of the crisis; $7.4 trillion, total loss in stock wealth from July 2008 through March 2009. That is more than $66,000 per household, and it was usually felt in retirement accounts and savings accounts of families all across America.” (S3019 –  Congressional Record: Senate – May 3, 2010)
  • Sen. Russ Feingold (D-WI) – “The impact of the recent financial crisis on the Nation’s economy has been enormous. Millions have lost their jobs and millions more who are lucky enough to have a job are forced to work fewer hours than they want and need to work. According to a study done by the Pew Trust, the financial crisis caused American households an average of nearly $5,800 in lost income. Of course, families lost a significant amount of their personal savings. As a nation, we lost $7.4 trillion in stock wealth between July 2008 and March 2009 and another $3.4 trillion in real estate wealth during that same time. We simply cannot afford to continue down the path policymakers have set over the past 30 years.” (S3306 –  Congressional Record: Senate – May 6, 2010)
  • Sen. Ben Cardin (D-MD) – “We can take a look at the cost of this recession. The Pew Financial Reform Project estimated that just a slowdown in economic growth will cost every family in America close to $6,000. Well, that is money that will never be made up. We have to make sure it never happens again.” – (S3315 –  Congressional Record: Senate – May 6, 2010)
Pew is no longer active in this line of work, but for more information, visit the main Pew Financial Reform page.

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