A Century of Wealth in America

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Description

Understanding wealth in the US―who has it, how they acquired it, and how they preserve it―is the most important to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the most world’s great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900.

A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average circle of relatives dropped precipitously―by 44 percent―between 2007 and 2013, with black families hit hardest, the debt-source of revenue ratio more than doubled. The Great Recession also caused a sharp spike in asset poverty, as increasingly families barely survived from one paycheck to the next. In short, the US has changed from being one of the crucial economically equal of the advanced industrialized countries to being one of the crucial unequal.

At a time of deep uncertainty about the future, A Century of Wealth in America provides a sober bedrock of facts and astute analysis. It’ll develop into one of the most few indispensable resources for latest public debate.

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