Pfeffer says housing bubble masked decade-long growth in household net worth inequality
a PSC In The News reference, 2014
"The Typical Household, Now Worth a Third Less" - New York Times. 7/26/2014.
This story reports on a recent Russell Sage-funded study highlighting the growth of economic inequality in the U.S. The investigators, Fabian Pfeffer, Sheldon Danziger, and Robert Schoeni, found that net worth declined 36% 2003-2013 for households at the median level, but rose 14% during the same period for households in the top 5%. Although household wealth at the median level appeared to be rising until 2007, much of that gain came from rising home values. Pfeffer, lead author of the study report, says: "The housing bubble basically hid a trend of declining financial wealth at the median that began in 2001."
Additional Media Coverage:
"The middle class is 20 percent poorer than it was in 1984" - Washington Post. 7/29/2014.
"American Families Haven't Made Much Of A Comeback Since The Great Recession" - Business Insider. 7/29/2014.