76 percent of American middle-class families financially insecureNovember 25th, 2008 - 2:05 pm ICT by ANI
Washington, November 25 (ANI): Four million middle class families in America have lost economic security between 2000 and 2006, while 23 million lacked emotional security, says a new report.
The latest report, From Middle to Shaky Ground: The Economic Decline of America’’s Middle Class, 2000-2006 revealed that the bulk of American middle class households were all in all either hanging on the border or were at high risk of falling from the middle class bracket.
The report based on the Middle Class Security Index, co-developed by Demos and IASP/Brandeis, had attributed the financial security of the middle class to five economic factors.
Depending on the familys financial stability keeping in mind their assets, educational achievement, housing costs, budget and healthcare, the household was determined financially “secure,” “borderline” or “at risk”.
The study found that the median financial assets held by middle-class families declined by 22 percent excluding their home equity and additional losses that a family may have experienced.
While the number of middle-class families saw at least one member lacking health insurance grow from 18 percent in 2000 to 25 percent in 2006, monthly housing expenses for the middle class rose by 9 percent.
Jennifer Wheary, one the report’’s co-authors and a Senior Fellow at Demos, said: a large percentage of America’’s middle class are not well equipped to weather this current economic storm.
Tom Shapiro, Professor of Law and Director of the Institute on Assets and Social Policy at Brandeis added: Bad news across a range of areas supporting financial stability means the middle class is confronting its greatest challenge since the Great Depression.
The new report had been published by the policy center Demos and the Institute for Assets and Social Policy (IASP) at Brandeis University. (ANI)
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