Wednesday, September 10, 2014
Great Recession Left Median Household With Less Wealth And Income Than It Had In 1989
The St. Louis Fed reported that all of the gains in wealth and income from the 90's and early 2000's has been wiped out by the Great Recession. Income is 1% below 1989 and wealth is 4.3% lower than it was in 1989. Vulnerable households suffered even more damage from the Great Recession. Not surprisingly, minority households did worse than the typical household, but households led by a person under age 40 also did worse than the typical household. The loss of income and wealth by middle income households will continue to impact the economy for quite a while.