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90% of Americans are poorer today than in 1987

90% of Americans are poorer today than in 1987

‘The American Dream is slipping further away from the vast majority of Americans than it has in a quarter century. Now 90 percent of US households are poorer than they were in 1987, according to both a new study and the head of the Federal Reserve.

“The new, harsh reality is that the bottom 90 percent of households are poorer today than they were in 1987,” Matt O’Brien wrote in the Washington Post Wonkblog, citing data from a new National Bureau of Economic Research (NBER) paper on U.S. wealth inequality, which he says is based on tax data. “It’s been a lost 25 years for the bottom 90 percent, but a lost 15 for the next 9 percent, too. That’s right: altogether, the bottom 99 percent are worth less today than they were in 1998.” ‘

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  • HSS

    “worth less” may simply mean their home equity caved, not that their standard of living decreased. Are we talking income or assets? If Income, than the aging retirees mostly have lower income but may have preserved their standard of living.