Pew Charitable Trusts Foundation reports that our poorest neighborhoods suffered terrible losses in the Great Recession.
Originally posted on Nepal - the country of the Buddha and the Mt. Everest:
Comment: One Nepali poet wrote, “God, kindly give me more trouble if you really love me”
Families living in poor neighborhoods lost almost everything during the Great Recession, potentially making it more difficult for them to gain a better life in the future, according to a recent report.
Households living in high-poverty neighborhoods saw a 91 percent decline in their overall wealth over the course of the downturn, according to a recent report from the Pew Charitable Trusts. Though low-income families lost less than their richer counterparts in terms of absolute value during the recession, their loss of wealth was much more extreme as a proportion of their total assets: households in high-poverty neighborhoods saw their net worth drop to $3,000 in 2009 from $32,000 in 2007, Diana Elliott, research manager of Pew’s Economic Mobility Project, told The Huffington Post.