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Further reading

Summary:
Elsewhere on Tuesday, a few headlines…— Duncan Weldon on Ed Wolff on US wealth inequality (Prospect):Wolff is unencumbered by any such grand theory. Instead, he works within a much tighter frame, which allows for a more detailed look at the specifics of wealth by age, race and educational background and so on. And working with this tighter focus, he is able to produce some remarkable new facts, about how financially frail ordinary Americans have become. A generation ago, in 1989, the middle quintile of earners typically had accumulated enough financial wealth to maintain 3.6 months of normal spending if they lost their income. By 2013, that figure had fallen to just 0.2 months. In other words, the typical safety cushion was now down to just a week or so’s normal spending. Is it any wonder

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Elsewhere on Tuesday, a few headlines…

— Duncan Weldon on Ed Wolff on...

Cardiff Garcia
Cardiff writes mostly about US macroeconomic issues, with daily excursions into other topics about which he claim no expertise. Before Alphaville, Cardiff spent a little more than two years as a reporter at Dow Jones Financial News covering investment banking, asset management, and private equity. Along the way he has written freelance pieces on a variety of other topics from behavioural psychology to Muay Thai, the latter also being a personal interest that involves frequently getting kicked in the shins (and torso, and head).

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