It does not take a study to prove the overwhelming brunt of the losses from the 2007-2010 "Great Recession" affected the middle class more profoundly than the wealthy or, for that matter the poor. But here is one that does. Simple take aways:
- Middle class wealth has "collapsed" to a 40 year low.
- Wealth is more concentrated in this country than income, because many people expend all of their income on living expenses, but those fortunate enough to have "a bit extra" benefit from government policy favoring investment income over earned income.
- The major asset for the middle 60% of households is the family home, which constitutes 2/3rds of the wealth of that group of Americans.
- For the top 1%, the family home represents less than 10%, and for the next 19%, about 30% of their wealth.
- Debt, a lot of debt exacerbated the problem.
