Thursday, April 10, 2008
The Pew Research Center has a great new study out that adds to the growing consensus that things aren't so hunky-dory these days for large swaths of the U.S. population. With the title "Inside the Middle Class - Bad Times Hit the Good Life", it's not hard to figure out what the conclusions are - it's just a matter of severity.
The full report is 169 pages, but, after searching around a bit, this table caught my eye. Since the data for this series stops at 2004, one can only imagine how the numbers might look today after a few more years of housing market excess.
It wasn't so much of a "housing boom" as it was a "debt boom" and, again, the changes in the table above from 2004 to 2007 would probably knock your socks off.
Some of the key findings from the report:
And to think that, when home prices were soaring just a few years ago, we all thought we were getting rich.