We All Fall Down? America’s New Economic Reality

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from In These Times:



We All Fall Down? America’s New Economic Reality

Friday
August 13
3:44 pm

By Stephen Franklin


Because economic reports can be confusing, let me summarize where we stand today.

A very small number – the very, very rich – are doing just fabulously. A bigger number – the well-to-do – have suffered their lumps, but most will probably get by.

And then there’s everyone else. Not only aren’t they doing well—they haven’t suffered such financial insecurity for some time and a lot are hovering on the financial edge. One out of five Americans today has suffered a loss of one-fourth or more of their available income, according to a recent study by the Rockefeller Foundation.

What makes this figure all the more important is the depth of the financial frailty that has been growing steadily and is likely to worsen.

Consider this: In 1985, 12.2 percent of Americans faced an economic loss of 25 percent or more. This number climbed to 17 percent by the early part of this decade and today it is projected at 25 percent, according to the report. .........(more)

The complete piece is at: http://www.inthesetimes.com/working/entry/6315/all_fall_down_the_new_economic_reality/

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