Even today, long-term unemployment remains at levels higher than anything seen before the crisis. The effect of all this has been pressure on the remaining employed population – lower weekly earnings, fewer household savings, and increased household debt. In the United States personal savings have been declining from above 10.0 per cent in the 1970s to around 5.0 per cent after the crisis. In the United Kingdom household savings have decreased to 3.8 per cent – a 50-year low and a secular trend since the 1990s.

Nick Srnicek, Platform Capitalism, loc. 39