This article on CBS from last summer : Most laid-off workers take pay cuts in new jobs says :
Only 56 percent of Americans laid off from January 2009 through December 2011 had found jobs by the start of this year, the Labor Department said Friday. More than half of them took jobs with lower pay. One-third took pay cuts of 20 percent or more.That last bit there I underlined.
One third of the people who lost jobs from 2009 to 2011 and found another job took a pay cut of 20% or more.
Thats pretty severe impact on a lot of people.
Later they say :
Baker noted that only 15 percent of those laid off in 2009 through 2011 have found new jobs with equal or higher pay. That compares with 25 percent in the three years before the recession.Again I underlined that bit.
I'm sure we all know the recent recession was pretty bad. Note I'm putting the recession in the past tense here but thats the technical definition, as the recession is actually long gone. Thats not to say the economy is doing well now as the recovery has been pretty slow.