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Many Americans Still Feel the Sting of Lost Wealth

Bloomberg, August 8, 2018, by Noah Smith

The housing crash hurt the poor and middle class more than the rich, who rode the bull stock market.

The financial crisis and the Great Recession were absolutely devastating for the wealth of middle- and lower-income Americans. A report from the Federal Reserve Bank of Minneapolis shows just how big of a hit they took: “[…]”

The average household in the top 10 percent of today’s wealth distribution is almost three times as rich as the average household in the top 10 percent of 1971’s distribution. Meanwhile, the average household in the bottom half is slightly poorer. “[…]”

 

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