2008年，華爾街巨頭Lucinda Shen兄弟轟然崩塌，拉開了金融危機大幕。從很多方面來看，此后美國經濟恢復得相當平穩。

失業率降至數十年來低點，美股一路攀升至歷史高點。美國人也前所未有地富有，今年早些時候家庭財產總計達到100萬億美元。

然而與此同時，2008年金融危機的后遺癥仍隱隱作痛，加劇了美國金融業版圖長期調整的趨勢。

舉例來說，美國年度國內生產總值增速尚未達到3%，工資漲幅也自2009年以來停滯不前。

以下是尚未恢復到衰退以前水平的領域：

美國普通家庭

總體來看，美國人比以往任何時候都富有。但財富更多流向富裕人群，窮人境況并無明顯好轉。

根據在線金融咨詢公司Betterment于9月發布的研究報告，受2008年金融危機影響的消費者約有65%均表示尚未恢復。

這可不僅是感覺，政府數據也能提供支持。最新的2016年凈值中位數達到97,300美元，但仍低于2007年凈值中位數120,600美元，甚至低于互聯網泡沫期間。另一方面，最富有的10%美國人在衰退期間的財富縮水程度較低，之后財富不斷累積，而且已超過衰退前10%。

“這反映出，數十年來財富增長主要集中在原有的富裕家庭?！钡乱庵俱y行的首席國際經濟學家托爾斯騰·斯洛克最近發給客戶的報告中寫道。“上一次衰退期間，美國普通家庭遭受了嚴重打擊，至今尚未恢復?！?

部分原因在于，與富人相比，普通家庭購房承擔更多債務。因此當經濟衰退來襲房價降低時，底層的90%受創更嚴重。

非裔和西裔美國家庭

整體而言，2008年金融危機之前非裔和西裔家庭就不太富裕。與白人相比，他們年收入更低，衰退期間抵押貸款的比例更高。

結果衰退之后，非裔和西裔家庭的財富與白人家庭財富的差距繼續擴大。

2016年白人家庭財富平均凈值為171,000美元，比2007年的高點減少約13%，但非裔和西裔家庭的財務狀況下滑更嚴重。2016年黑人家庭財富凈值中位數比危機前減少了30%，僅為17,150美元。消費者財務調查顯示，西裔家庭財富中位數減少了15%，為20,720美元。

農村經濟

衰退后，不僅家庭間不平等現象日益擴大，不同地區之間差距也類似，富裕社區復蘇更明顯。

“伴隨著經濟擴張，城鄉之間差距越來越大?！彼孤蹇藢懙?。

根據經濟創新集團2017年分析，本次復蘇期間就業增長幾乎全在所謂的“成功”地區，即高中學歷以上人士更多、貧困率更低的地區，也包括一些其他指標。2008年至2015年間排前20%的地區就業崗位增加了270萬個。

同期，排名后80%的地區就業崗位則減少了150萬個。

相關指標的變化趨勢與2008年金融危機之前基本一致，即制造業和采礦業等領域就業人數下降，因為企業有更經濟的選擇，例如自動化。

不過，鹿特丹管理學院首席經濟學家喬·布魯塞拉斯表示，2018年的金融危機可能推動一些企業主加速轉型，企業被迫裁員并投資轉型機械化，努力挺過危機。

不少年輕人蹭父母住房

2008年金融危機后，房價不斷上漲，工資漲幅卻不溫不火，不少年輕人只得賴在家里蹭父母。

危機后留在家里的成年人比例不斷上升。根據房地產網站Zillow統計，目前24至36歲的年輕人里約有22.5%與父母同住，而2007年該比例還是16.1%。

2008年金融危機之前就已有該趨勢，可能危機爆發使之加劇。

以前年輕人剛工作時更多選擇租房。Zillow經濟研究和推廣主管斯凱勒·奧爾森表示，開發商建造租賃房產成本越來越高，分區固定也越發嚴格，導致租賃房產變少，租金也水漲船高。

與此同時，房價已經超過衰退前水平，2018年二季度美國房主比例降至64.3%，此前曾高達69%。

危機造成的心理陰影

消費者并沒有忘記金融危機帶來的痛苦。

有個重要跡象，比起經濟衰退前幾年人們愛儲蓄多了。2007年消費者將3.1%至4.4%用于儲蓄，今年7月這一數字為6.7%。

“人們經歷過信任崩潰，對經濟和資本主義也失去信心。”布魯塞拉斯說。 “這是后危機時代的重要轉變。所以美國人民決定下一次衰退來臨之前加緊儲蓄并不奇怪?！保ㄘ敻恢形木W）

譯者：Pessy

審校：夏林

In many ways, the U.S. economy appears to have made a smooth recovery since the bankruptcy of Wall Street titan Lehman Brothers marked the start of the 2008 financial crisis.

Unemployment has hit multi decade lows, while the U.S. stock market has continued to reach all-time highs. As a nation, Americans are also wealthier than ever, reaching $100 trillion in household worth earlier this year.

But at the same time, the effects of the financial crisis of 2008 still linger, exacerbating longer term trends that have helped shift much of the American financial landscape.

Annual Gross Domestic Product in the U.S., for example, has yet to reach above 3%, while wage growth has remained tepid since 2009.

Here are five other areas that have yet to return to pre-recession levels:

The Average American Household

As a collective group, Americans are wealthier than ever. But the wealth has flowed more so to the already wealthy than the less affluent.

According to a September study from online financial advisory firm Betterment, about 65% of consumers who were affected by the 2008 financial crisis said they had not yet recovered.

It’s more than just a feeling, as supported by government statistics. Median net worth in 2016, the most up-to-date data, hit $97,300—still below the $120,600 median from 2007, and even during that of the Dotcom bubble. The top 10% of wealthiest Americans, on the other hand, saw their wealth decline less during the recession, and have since exceeded their pre-recession wealth levels by 10%.

“This partially reflects the decades-long tendency for wealth gains to accrue mostly to already wealth households,” Deutsche Bank chief international economist Torsten Slok wrote in a recent note to clients. “The typical U.S. family was hit very hard in the last recession and has yet to recover.”

Part of the reason for the divergence: The typical U.S. family often took on more debt to buy a home, compared to their wealthier countrymen. So, when the recession hit and lowered home values, the bottom 90% were more heavily impacted by the fallout.

African-American and Hispanic Families

As a whole, African-American and Hispanic families were less affluent leading up to the 2008 financial crisis. They earned less annually, and had a higher percentage of their mortgages fall underwater during the recession, when compared to their white counterparts.

As a result, the gap between their wealth and the wealth of white families had continued to widen since the recession.

While the median net worth of white families in 2016—$171,000—is roughly 13% below the group’s 2007 peak, the finances of African-American and Hispanic households has fallen more dramatically. The median net worth of black families in 2016 was 30% below pre-crisis levels, at $17,150. That same figure was down 15%, at $20,720, for Hispanic families, according to the Survey of Consumer Finances.

Rural Economies

Perhaps mirroring this phenomenon of widening inequality following a recession, the recovery has also largely fallen to more affluent communities.

“This expansion’s benefits are split between urban and rural areas,” Slok wrote.

Based on a 2017 analysis from the Economic Innovation Group, nearly all of the job growth in this recovery has been in so-called “successful” zip codes—areas with more high school diplomas and lower poverty rates, among other metrics. The top 20% of these zip codes added 2.7 million jobs between 2008 to 2015.

The bottom 80% of zip codes meanwhile shed 1.5 million jobs in the same period.

These shifting metrics follow trends that have existed before the 2008 financial crisis: Namely, declining jobs in areas such as manufacturing and mining as employers opt for cheaper options, such as automation.

But the financial crisis of 2018 may have helped speed up the transition for some business owners, says RSM Chief Economist Joe Brusuelas, pushing companies to layoff workers and invest in machinery in the hopes of surviving the crisis.

Young People Are Still Living at Home

Following the 2008 financial crisis, wage growth remained tepid despite rising home values—forcing more young people to hunker down with mom and dad.

Since the financial crisis, the percentage has only risen. According to real estate marketplace Zillow, about 22.5% of people between the ages of 24 and 36 lived with their parents. That figure was 16.1% in 2007.

But the reason for the increase may predate the financial crisis of 2018, even if the meltdown exacerbated the trend.

Traditionally, young people rent homes when they are just entering the workforce. But building rental properties has grown more expensive for developers, as zoning regulations have become tougher over time, leading to fewer rental properties and higher rents, according to Zillow’s Skylar Olsen, director of economic research and outreach.

At the same time, housing prices have exceeded pre-recession levels, pushing the percent of homeowners in the country to 64.3% in the second quarter of 2018. In comparison, that figure reached as high as 69% previously.

The Psychological Shadow of the Crisis

Consumers haven’t forgotten the pains of the financial crisis.

One major sign: They’re saving more than they did in the years leading up to the recession. While consumers saved about 3.1% to 4.4% of their disposable income in 2007, that figure was 6.7% in July.

“There’s been an erosion of trust and loss of confidence in the economy, and capitalism,” said Brusuelas. “That was the major development post-crisis. So it’s not surprising that the American public has decided to increase its own pace of savings in anticipation of the next downturn.”