Report: Economic Insecurity Growing
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.
Despite reports that suggest grim poverty numbers, Americans felt comfortable enough with their spending this Thanksgiving weekend and Cyber Monday. Retail sales soared in comparison to last year. The stock market was especially buoyed with Standard & Poor’s 500 index seeing significant gains after a seven-day decline and the Dow Jones Industrial average jumping 291 points.
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