Recession Cost Average American $7,300, Fed Economist Says

The recession that struck the U.S. in 2007 has cost consumers about $7,300 each in lost spending, according to a San Francisco Federal Reserve economist.

In a paper published Monday, Kevin Lansing, a senior economist at the Federal Reserve Bank of San Francisco, wrote that if personal consumption had continued on from December 2007 to the present day at the same rates that it occurred from 2000 to 2007, Americans would have each spent an extra $7,356 by now.

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