Economics on the small scale

Monday, March 27, 2006

You are not as Financially secure as you think you are, Part III



From Professor Warren:

Many in the middle class are the future poor. Careful analysis of the PSID by Professors Mark Rank and Thomas Hirschl show that, from ages 25 to 75, 51% of all Americans have spent at least a year in poverty. The data from Professor Jacob Hacker on the increase in income volatility and my work on the growing risks facing families suggest that the number plunging into poverty may rise in the future.

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