Sunday, April 24, 2016

Middle Class America's On-going Financial Crisis

The Secret Shame of Middle-Class Americans (Neal Gabler) from the Atlantic
"Nearly half of Americans would have trouble finding $400 to pay for an emergency. I’m one of them. ... According to research funded by the Russell Sage Foundation, the inflation-adjusted net worth of the typical household, one at the median point of wealth distribution, was $87,992 in 2003. By 2013, it had declined to $54,500, a 38 percent drop. And though the bursting of the housing bubble in 2008 certainly contributed to the drop, the decline for the lower quintiles began long before the recession—as early as the mid-1980s, Wolff says."

No comments: