76 percent of American middle-class households not financially secure
4 million middle class families saw economic decline from 2000-2006; 23 million economically insecure
Waltham, Mass--As the economy continues to reel, a new report finds that 4 million American households lost economic security between 2000 and 2006, and that a majority of America's middle class households are either borderline or at high risk of falling out of the middle class altogether. The new report, "From Middle to Shaky Ground: The Economic Decline of America's Middle Class, 2000-2006" was published by the policy center Demos and the Ins ute for Assets and Social Policy (IASP) at Brandeis University.
"From Middle to Shaky Ground" is based on the Middle Class Security Index, co-developed by Demos and IASP/Brandeis, which uses government data and measures the financial security of the middle class by rating household stability across five core economic factors: assets, educational achievement, housing costs, budget and healthcare. Based on how a family ranked in each of these factors, they were defined as financially "secure," "borderline" or "at risk". In addition to the report, Demos and IASP/Brandeis have published an "Economic Security Scorecard" that the average family can use to measure where they fall on the Middle Class Security Index.
"The increases we're witnessing in housing costs and the number of families who lack health insurance, coupled with the extreme volatility of the average household's savings, show that a large percentage of America's middle class are not well equipped to weather this current economic storm," said Jennifer Wheary, one the report's co-authors and a Senior Fellow at Demos.
"From Middle to Shaky Ground" shows some worrying trends in America's households, including:"Declines such as these in any one area are alarming," said Tom Shapiro, Professor of Law and Director of the Ins ute on Assets and Social Policy at Brandeis. "Bad news across a range of areas supporting financial stability means the middle class is confronting its greatest challenge since the Great Depression."
- The median financial assets held by middle-class families declined by 22 percent. This means that for every dollar in median assets that middle-class families held in 2000, they held just 78 cents in 2006. These figures do not include home equity and therefore do not reflect additional losses families may have experienced due a decline in their home values.
- Monthly housing expenses for the middle class rose by 9 percent. As a result, the percentage of middle-class families who match the Department of Housing and Urban Development's definition of "housing burdened" rose from 31 percent in 2000 to 37 percent in 2006.
- The number of middle-class families in which at least one member lacks health insurance grew from 18 percent in 2000 to 25 percent in 2006.
###http://www.eurekalert.org/pub_releas...-7oa112408.php
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dubya and his Repug/neo-c*nt enablers are truly the Herbert Hoovers of today.
The Dems are also guilty.
Why is it a republican legacy? cannot middle-class families make their own choices?
I'm OK. I have zero debt! I have saved money for most things, and generally pay on the spot for my stuff. My last debt was my a new sports car, paid off in 2003.
Although....
I'm so tempted to by a Ford GT.
I'd have to finance that...
That will keep the wage-slaves from getting uppity.
Good for you, WC. The report did not say 100% so somebody out there had to be just perfect like you. Some people have been laid off, suffered from bad health, got caught in bad investments, took it on the financial chin for a family member or who knows what. You like to assume they were irresponsible many times that's not the case.
As a marker, not the cause, it seems like the average working person's lot in life has declined ever since Reagan busted the Air Controller Union.
Yeah I hear you bro. I'm not suffering at all (I handle my biznas) and as a matter of fact I'm getting ready to go ahead and pull the trigger on that kick ass new Aston Martin I've been eyeballing at the Country Club. The Country Club where I play golf at....with rich guys....and a waitstaff that brings me soft moist but yet warm towels....towels for my even softer bottom. A bottom that only touches silk and real leather.
Good luck with the Ford GT
You are a ing idiot Boutons.
A man is in charge of his own ing financial status.
these people who cry like pathetic little babies and go into debt over the stupidest of . You could talk to 90% of these people and rip them a new asshole over what they have bought compared to what they NEEEEEEEED.
people.
OK, so you believe 76% had no responsibility in being in the position they are in?
Give me a break. I agree some people get pinched by no fault of their own. Still, it is irresponsible to live on credit. A house, car, other big expendatures are normal for most families. I'd say that no more than 10% are in trouble from unforseen incidents. that 66% or more are in dire straits from their own irresponsibility.
Assuming the article is correct.
It's my dream car. I cannot place myself in such a situation responsible however. I cannot make enough of a down payment to make it worth while. Those things are expensive! When I bough my last sports car in 2000, I put $19,000 down on a $28,000 Z28. No trade. I don't have that much spare cash today to put on a more expensive car. Payments would be . Not ready, but I can dream, right?
I didn't realize it was the government's job to make everyone's decisions for them...
At some point people need to be responsible for themselves.
Z28
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