LEWIS W. DIUGUID

Great Recession lingers for most Americans

Updated: 2013-04-25T00:46:49Z

By LEWIS W. DIUGUID

The Kansas City Star

Happy days are here again for people in households with a net worth of at least $500,000.

The rest of America -- not so much. The bulk of people in this country never made it out of the crash-and-burn Great Recession of 2007, a Pew Research Center study reports.

But that’s nothing new to the working and long-term unemployed folks in this country. People at the top of the wealth ladder saw a 21.2 percent gain in their net worth after the recession officially ended in 2009.

Everyone else lost 4.9 percent of their household wealth from 2009 to 2011. And is it any wonder?

Prices have continued to increase, however, persistent wage freezes, furloughs and unemployment have cut into people’s earnings. The stock market is recovering, but people’s investments and the equity they had in their homes suffered major setbacks.

The trend of folks at the top doing well while the middle and lower classes keep losing ground points to a continuing wealth gap in the United States with no end in sight.

To reach Lewis W. Diuguid, call 816-234-4723 or send email to ldiuguid@kcstar.com.

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