A new survey of U.S. family finances released by the Federal Reserve on Monday documents in painful detail just how deeply the so-called Great Recession and its aftermath has been felt in family budgets across America.
The Survey of Consumer Finances, conducted every three years and covering a span from 2007 to 2010, documents steep declines in family income that correspond to what most Americans already know about their own declining net worth.
It also shows how the U.S. South and West have felt more pain than the rest of the country because of the severity of the housing sector’s downturn there, and provides evidence that the self-employed and business owners have taken it on the chin in recent years.
Read more...Fed survey details middle-class pain | McClatchy
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