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For a generation to emerge from two bullish decades with less wealth than its parents had "is remarkable," Mr. Wolff said.
But this is the first generation with less wealth than the previous generation.
Analysts said the reasons include flat wages, the high cost of medical treatment and the nationwide drop in housing values leaving homeowners with less wealth than they believed they had.
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Power imbalances help to silence people of color, too, and people who are gay or transgender and people with less wealth and smaller platforms than those whose stories have dominated the #MeToo movement so far.
Each subsequent rank consisted of those with less wealth and poorer equipment than the one before it.
Households of color reach retirement with significantly less wealth than white households, due to lower access to workplace retirement plans, less secure employment, lower Social Security coverage among immigrants, and significantly less financial wealth.
So, as Dean Baker points out, when the crisis did come, it devoured these meager gains and left the middle class with 20percentt less wealth than they had when it was "Morning in America". But there's a big caveat here.
For similarly high-achieving students, those in the top 10% of the wealth distribution are up to ten times more likely to attend a selective college than students with less wealth.
Black people with less wealth and concentrated in majority-Black communities, will endure these hardships more than other Americans.
They also accumulate far less wealth than families with more income, rendering them less capable of surviving unfortunate events such as illness, accident or death of a breadwinner.
African-American households now have 20 times less wealth than white households -- with blacks experiencing a 53percentt drop in median wealth from 2005 to 2009 (whites lost only 16percentt during that same period).
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