November 28, 2012

Median household wealth at lowest since 1969

Salon - New research from NYU economics professor Edward Wolff, flagged by Think Progress, found that the median wealth of American households plummeted over the years 2007 to 2010, and by 2010 was at its lowest level since 1969. Meanwhile, the late 2000?s saw a high rise inequality: while the median wealth fell,  the top 1 percent increased their wealth by 71 percent between 2007 and 2010 (a statistic almost ready-made for an Occupy Wall Street banner).

. . . The racial and ethnic disparity in wealth holdings, after remaining more or less stable from 1983 to 2007, widened considerably in the years between 2007 and 2010. Hispanics, in particular, got hammered by the Great Recession in terms of net worth and net equity in their homes. Finally, young households (under age 45) also got pummeled by the Great Recession, as their relative and absolute wealth declined sharply from 2007 to 2010.

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