Great Recession lingers for most Americans

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


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.

Deal Saver Subscribe today!


The Kansas City Star is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Kansas City Star uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here