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: Peter Van Buren Tuesday July 29, 2014 12:09 pm|
A new report by the Urban Institute and Encore Capital Group’s Consumer Credit Research Institute shows 77 million Americans– 35 percent of those with files at a major credit bureau– have a debt in collection.
|By: DSWright Monday July 7, 2014 10:07 am|
Chalk another win up for the cynics who never bought for a moment that Obama was going to betray the people whom he has been serving loyally for the last five years. Even if Obama really desired to change things – something there is little evidence for – the game is rigged. As long as money dominates American politics moneyed interests will be dominant.
|By: masaccio Sunday May 18, 2014 10:42 am|
Apparently the Democratic Party intends to continue its massive irrelevance to the lives of the working and middle classes.
|By: masaccio Sunday May 11, 2014 10:40 am|
How do you explain wealth inequality to people in a non-threatening way, with a view to moving people away from neoliberal gibberish and towards a solution which involves dramatic increases in taxation of the filthy rich?
|By: Attaturk Wednesday April 23, 2014 1:30 am|
Don’t brag India, we’ve already done this.
|By: masaccio Sunday September 1, 2013 10:30 am|
The future for the middle class is bleak, and our political structure and our idiotic economic theories, trumpeted by the feral rich, insure that it will stay that way.
|By: masaccio Sunday August 25, 2013 11:00 am|
We don’t need the rich to create a good society. In fact, the demands of the rich wreck any sensible notion of a good life.
|By: masaccio Sunday August 18, 2013 10:28 am|
Why don’t we try sustainable middle income lives based on local production and consumption from small sustainable artisanal businesses instead of continuing the death march of mass production from other countries?
|By: Cynthia Kouril Saturday August 17, 2013 1:59 pm|
Are you old enough to remember when Masters of the Universe actually felt the need to give back? Can you remember the days when regulations were seen as good things? When the phrase “consumer protection” was used by someone other than Elizabeth Warren? If you’re too young to remember what the world was like when we had decades of prosperity and relative economic fairness in the “managed economy”, or if you want to take stroll down memory lane, back to the days of economic regulation, you may want to crack the spine on this book.