3Center or American Progress | Economic Snapshot or May 2012
lege educaion, and 4 percen or hose wih a college degree.
Vulnerable groupshave sruggled disproporionaely more amid he weak labor marke han do whie workers, older workers, and workers wih more educaion. Bu even hose groupsha are beter han heir counerpars in he weak labor marke suer remen-dously rom high unemploymen.6.
Household incomes continue to drop amid prolonged labor market weaknesses.
Median inaion-adjused household income—where hal o all households hasmore and he oher hal has less—sood a $49,445 in 2010, is lowes level ininaion-adjused dollars since 1996. I ell again by 2.3 percen in 2010, an acceler-aed decline afer median income dropped by 0.7 percen in 2009. American amiliessaw ew gains during he recovery beore he crisis hi in 2008 and experienced noincome gains during he curren economic recovery afer 2009.
Income inequality on the rise.
Households a he 95h percenile wih incomes o $180,810 in 2010 had incomes ha were more han nine imes—9.04 imes, o beexac—he incomes o households a he 20h percenile wih incomes o $20,000.Tis is he larges gap beween he op 5 percen and he botom 20 percen o households since he U.S. Census Bureau sared keeping record in 1967.
Poverty continues to rise across a wide spectrum.
Te povery rae rose o 15.1percen in 2010—is highes rae since 1993. Te Arican American povery rae was27.4 percen, he Hispanic rae was 26.6 percen, and he whie rae was 9.9 percenin 2010. Te povery rae or children under he age o 18 sood a 22 percen. Morehan one-hird o Arican American children (39.1 percen) lived in povery in 2010,compared o 35 percen o Hispanic children and 12.4 percen o whie children.
Te prolonged economic slump, ollowing an excepionally weak labor marke beore he crisis, has aken a massive oll on he mos vulnerable.9.
Employer-sponsored benefits disappear.
Te share o people wih employer-spon-sored healh insurance dropped rom 59.8 percen in 2007 o 55.3 percen in 2010.
Te share o privae-secor workers who paricipaed in a reiremen plan a work ello 39.5 percen in 2010, down rom 42 percen in 2007.
Families have less eco-nomic securiy han in he pas due o ewer employmen-based benes, requiringmore privae savings o make up he dierence.10.
Family wealth losses linger.
oal amily wealh is down $14.4 rillion (in 2011dollars) rom June 2007—is las peak—o December 2011. Home equiy says low,such ha homeowners on average own only 38.4 percen o heir homes, wih heres owed o banks.
Households, already sruggling wih low incomes in a weak labor marke, consequenly eel growing pressures o save more and consume less.Te dual burden o low income and decimaed household wealh pus he brakes onconsumer spending, holding back economic and job growh.