Three recent studies using different data sets and methodology show the horrendous losses inflicted on what used to be the middle class by the Great Crash. In March, Emmanuel Saez and Gabriel Zucman presented a preliminary report on net worth showing a loss among the bottom 90% from about 36% of total house wealth to about 25% between the peak in 1984 and 2013. The Russell Sage Foundation estimates that the median net worth was worth about 20% less in 2013 than in 1984. A report From the Census Bureau says that the median household net worth fell nearly 7% between 2000 and 2011. These findings confirm the work of Edward Wolff in a 2012 study.
|By: Dean Baker Monday January 2, 2012 1:00 pm|
Last summer news reports were filled with ill-informed predictions of a double-dip recession. Now there seem to be many accounts that misrepresent recent economic data to make a case for substantially stronger growth.
|By: masaccio Sunday September 18, 2011 10:40 am|
One-trick ponies and one-foot bike riders; a story of right-wing economists.
|By: Jon Walker Tuesday September 13, 2011 2:35 pm|
Since January of 2009, when President Obama took office, the American people as a whole are noticeably worse off financially. This is a serious problem for the Obama campaign, and why they desperately need strong economic growth between now and the election.
|By: Peterr Saturday September 18, 2010 9:00 am|
Economic news, from the standpoint of ordinary folks, continues to be bad, and DC yawns. Too bad that the poor aren’t seen as much of a political constituency.