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dc.contributor.authorWolff, Edward N.en_US
dc.date.accessioned2012-04-12T14:21:18Z-
dc.date.available2012-04-12T14:21:18Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/57025-
dc.description.abstractI find here that the early and mid-aughts (2001 to 2007) witnessed both exploding debt and a consequent 'middle-class squeeze.' Median wealth grew briskly in the late 1990s. It grew even faster in the aughts, while the inequality of net worth was up slightly. Indebtedness, which fell substantially during the late 1990s, skyrocketed in the early and mid-aughts; among the middle class, the debt-to-income ratio reached its highest level in 24 years. The concentration of investment-type assets generally remained as high in 2007 as during the previous two decades. The racial and ethnic disparity in wealth holdings, after stabilizing throughout most of the 1990s, widened in the years between 1998 and 2001, but then narrowed during the early and mid-aughts. Wealth also shifted in relative terms, away from young households (particularly those under age 45) and toward those in the 55-74 age group. Projections to July 2009, made on the basis of changes in stock and housing prices, indicate that median wealth plunged by 36 percent and there was a fairly steep rise in wealth inequality, with the Gini coefficient advancing from 0.834 to 0.865.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 589en_US
dc.subject.jelD31en_US
dc.subject.jelJ15en_US
dc.subject.ddc330en_US
dc.subject.keywordhousehold wealthen_US
dc.subject.keywordinequalityen_US
dc.subject.keywordracial inequalityen_US
dc.subject.keywordportfolio compositionen_US
dc.subject.stwVermögensverteilungen_US
dc.subject.stwEinkommensverteilungen_US
dc.subject.stwUSAen_US
dc.titleRecent trends in household wealth in the United States: Rising debt and the middle-class squeeze - An update to 2007en_US
dc.typeWorking Paperen_US
dc.identifier.ppn621628832en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
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