Sep 12, 2018, 3:59 PM
(from the New York Times) Roughly a decade after the Great Recession, a widening economic divide affirms what independent schools are seeing in their applications and financial aid budgets: For many in the "middle class," financial security feels more elusive than ever. Much of the wealth accumulated during the recovery has come from investment portfolios, not salaries or even housing values. Over the last decade and a half, the proportion of family income from wages has dropped from nearly 70 percent to just under 61 percent, according to data from the Federal Reserve. In 2016, net worth among white middle-income families was 19 percent below 2007 levels, adjusted for inflation. Among blacks and Hispanics, it was down 40 percent and 46 percent, respectively.
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