Losing Ground: Wealth Losses in the Great Recession

The great recession dealt a double blow, not only undermining family incomes through a deep and protracted cycle of unemployment and underemployment but also–with the collapse of the housing market–savaging household wealth. The net worth of the median family shrank almost 40 percent between 2007 and 2010. The graph below allows you to pick through these losses by choosing from a wide array (income, family, age, occupation) of demographic categories. The data is from the Federal Reserve Board’s Survey of Consumer Finances, released in June (downloadable data is HERE). For smart commentary on the meaning of these numbers, see the work of Monique Morrisey at EPI, Dean Baker at CEPR, and Jared Bernstein at CBPP.

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