"Report: Economic Insecurity Growing" by Reut Cohen for Neon Tommy, November 28, 2011:
More than one in five Americans lack a disposable income that can tide them through a recession and are more financially vulnerable, according to a report released Monday.Read it all here.The report updates an Economic Security Index created by a Yale political science professor Jacob Hacker.
CNN Money has more:
"More than 20% of the nation faced this condition in each of the three years spanning 2008 to 2010, a sharp increase from 14.3% in 1986. Some 62 million Americans faced economic insecurity last year.Many of the people who suffered in the economic downturn are in the middle class.
The middle class is facing much more instability and health care [cost] risk than a generation ago," Hacker said. The Great Recession is also prompting deep losses among the insecure, with the median drop in income for this group hitting a record 46.4% in 2009."Hacker’s Economic Security Index considers major income loss, out-of-pocket medical expenses and lack of savings to determine insecurity. It also takes into account U.S. Census figures. A record 46.2 million Americans—1 out of every 6 people—are living in poverty, according to U.S. Census Bureau findings released earlier this year on income, poverty and health insurance released this month. [...]
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