The nation's economic collapse caused many New Yorkers life changes, driving some into poverty and making the poor poorer. The number of New Yorkers living in homes without kitchens in increasing. From census data from 2007 to 2009, the income of single people changed the most; poverty ranged from 15 to 64 years old; home values dipped; the share of renters increased compared with owners; the gap between very rich and very poor rose slightly and still remained very high, especially in Manhattan.
The bad news is we have not seen any changes of unemployment rate when unemployment benefits and other cushions fall away. The bad economy had a broader impact on the way people lived: unmerried women increased; the birth rate decreased; and more people were living with roommates.
The good news is the government strengthened the safety net, expanded job training and supported entrepreneurs. What is more, the government expanded tax credits and increased food stamp participation. These efforts were not included in the official measure, so we cannot see changes in census data, but the government did spend a lot of efforts to cushion the blow of the recession on low-income families and did their best to recover the economy.
This is a good way to stimulate the economy. By offering job training programs, frictional unemployment will fall. Also, by supporting entrepreneurs, they can invest more into the economy.
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