U.S. house prices have made “only a partial recovery” from their lows, and long-term unemployment is more than twice as high as its historical norm, Treasury Deputy Secretary Sarah Bloom Raskin said.
“Tightened credit markets make it more difficult to access some types of credit financing,” Raskin, a former Federal Reserve governor, said in a speech today at the University of Maryland, Baltimore County. “Many middle-class families simply do not have the financial resources that they did prior to the financial crisis.”
Raskin was making her first public remarks since becoming the department’s No. 2 official and highest-ranking woman on March 14.