University of Michigan Detroit Center
3663 Woodward Avenue
This event will bring together a variety of stakeholders to discuss what we know, what we are doing, and what can be done to address the continued hardships faced by many Michigan residents in the wake of the Great Recession and the current slow economic recovery. Researchers from the University of Michigan will set the context for the discussion through a presentation of results from the Michigan Recession and Recovery Study (MRRS), based on recent interviews with over 800 households in the Detroit area.
The financial crisis lay bare how the financial system failed the nation but left hidden the many ways in which that system still fails the most vulnerable Americans. In No Slack, Michael S. Barr explores how low- and moderate-income households cope with financial stress, use financial services to make ends meet, and often come up short. Many households were overleveraged or paid high costs for financial services, while others lacked access to useful financial products that can cushion against economic instability.