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: DSWright Wednesday February 27, 2013 12:35 pm|
The fleecing class had quite a year. Despite providing little to no valuable goods or services Wall Street has once again siphoned off a huge share of America’s wealth for itself. While Americans foolishly dreamed of a time gone by where opportunity existed for the non-rich as well as the rich, Wall Street broke into their bedrooms and stole their wallets.