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A Wealthless Recovery?
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A Wealthless Recovery?

Asset Ownership and the Uneven Recovery from the Great Recession

Lisa J. Dettling, Joanne W. Hsu and Elizabeth Llanes
Federal Reserve Board, 2018
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Editorial Rating

8

Qualities

  • Analytical
  • Overview

Recommendation

Disparities in US income distribution have garnered a lot of attention since the Great Recession, even though household wealth in the aggregate has surpassed its 2007 benchmark and continued its upward trajectory. Economists Lisa J. Dettling, Joanne W. Hsu and Elizabeth Llanes offer an informative look at why the top 10% of the population has seen its wealth recover, while the net worth of the bottom 90% has still not gotten back to precrisis levels. This accessible article will likely engage analysts, economists and those interested in inequality dynamics.

Take-Aways

  • On the whole, Americans have regained the household wealth they lost in the Great Recession.
  • But different income groups have not shared equally in the recovery. 
  • Asset ownership explains much of the difference: Recessionary declines in housing and stock markets disproportionately affected lower-income people, most of whose wealth is in their homes and retirement accounts.

About the Authors

Lisa J. Dettling, Joanne W. Hsu and Elizabeth Llanes are economists with the Federal Reserve. 

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