Exact(13)
The immediate consequences were grave jobs losses and the destruction of middle class wealth.
In the words of the I.M.F., "Notwithstanding the rising black middle class, wealth, land, education, and health outcomes remain unequally distributed along racial lines".
Tidjane Thiam, the chief executive of Credit Suisse, said: "Middle class wealth has grown at a slower pace than wealth at the top end.
It's hard to draw a direct line between the increase in payroll taxes, the stagnation of middle-class wages or even the continual decline in middle- class wealth and last week's election outcome.
At the same time, the bottom 90percentt wealth share has sharply reversed its historical upward trend, made possible by growing middle class wealth from pensions and homeownership through much of the mid-20th century.
Why would there be a relative shortage of safe assets?One reason is that people are more aware of downside risk than in the past, thanks to the collapse in middle class wealth and the massive increase in joblessness; there is more demand for safe assets.
Similar(47)
It's complicated, but has resulted in the decline of middle class wealth--and so of the middle class itself.
One result was the destruction of some middle-class wealth.
Middle-class wealth is vanishing in real terms.
Those gains have mostly benefited wealthier households, while leaving middle-class wealth largely unchanged.
These two factors have combined to produce a decline in the share of middle-class wealth".
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