As incomes drop, Americans dip into savings
- October 3, 2011
- David Neumark, economics professor and Center for Economics & Public Policy director, is quoted in the Washington Post September 30, 2011
From the Washington Post:
The personal income of Americans dropped for the first time in two years in August, according to government figures released Friday, forcing people to dip into their savings to cover their spending. The drop in earnings is just one more sign that the country's stalling economy is straining families - and it's consistent with a generally bleak picture for American workers whose wages have remained stagnant since 2001.... "You have a massive number of families, and not just the unemployed, who feel like their financial position is not where they want it to be," said David Neumark, professor of economics and director of the Center for Economics & Public Policy at University of California, Irvine. "And the only way to get there is to save more."
For the full story, please visit http://www.washingtonpost.com/business/economy/as-incomes-drop-americans....