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>while the middle class barely felt a prick A lot of middle class people's portfolios lost a huge amount of their value and the overall tumult let to a lot of
by mcantelon 14y ago
>while the middle class barely felt a prick
A lot of middle class people's portfolios lost a huge amount of their value and the overall tumult let to a lot of job loss. The economy still hasn't recovered to where it was then.
- twoodfin 14y agoRemember Saez is talking about income. IRAs and 401(k)'s aren't reported as income until you take disbursements. So the phenomenon I'm discussing only affects those who truly make their annual income from investment. If Saez used wealth rather than income, I suspect this stat would end up much less impressive for just the reason you mentioned. He's essentially just capturing the effects of the market rally.
- hudibras 14y agoMost Americans' wealth is in the value of their homes, which took a beating during that same time: http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html http://www.washingtonpost.com/business/economy/fed-americans... "The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992."