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Middle-Class Economic Security Declines as Wealth Concentration Increases

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At www.americanprogress.org

America's middle class became poorer and more economically insecure during the Great Recession, as household wealth concentrated in the hands of the rich, according to new Federal Reserve data about the recession and its aftermath. The latest Survey of Consumer Finance data covering the years 2007 to 2010 are yet another reminder that addressing the economic insecurity of the nation's middle class must be the top priority for policymakers. The share of wealth owned by the top 5 percent of households grew to 62.6 percent in 2010, up from an already very high 61.9 percent in 2007--again making 2010 the largest share on record, dating back to 1989.

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At www.americanprogress.org


 

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