Some 93 percent of Americans saw their mean net worth fall in the first two years of the post-recession recovery, while the remaining 7 percent increased net worth by nearly a third, according to a new Pew Research Center analysis of Census Bureau data.
It's a visual no parent wants to picture: a child describing what it's like to live in a house with no power for lights, heat or cooking. For many middle-class American parents, it's hard to imagine their family ever facing a situation like that. But a new HBO documentary suggests that many seemingly prosperous parents are only a few misfortunes away from dark houses and empty refrigerators.
Originally published on Fri March 8, 2013 10:18 am
Credit Calculated Risk
One of the defining graphs of our time (yes, there are defining graphs of our time) comes from the blog Calculated Risk. It tracks the job market in every U.S. recession and recovery since WWII — and it shows just how brutal the the past few years have been.
The oldest of the baby boomers came of age in the 1960s and are beginning to retire. Their younger cohorts are still putting kids through college and building careers. Baby boomers are a giant portion of the population — 78 million people, by one estimate.
They grew up in an era of rising living standards, but the Great Recession destroyed any sense of financial security — and many nest eggs. Financial planner Tim Maurer outlines a variety of issues boomers face.
Who is a baby boomer, and what defines their financial situations?
The Great Recession touched a vast majority of Americans personally, a new study from Rutgers' Heldrich Center finds.
The most stunning number in the study: "Some 73 percent [of Americans] either lost a job themselves, or had a member of their household, a close relative, or a friend lose a job at some point in the past four years."
The report is pretty depressing. A few more findings: