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Asset Poverty in The United States: Its Persistence in an Expansionary Economy

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  • Asena Caner
  • Edward N. Wolff

Abstract

From this paper's Preface, by Dr. Dimitri B. Papadimitriou, President: Economic growth and a rising stock market in the 1990s gave the impression that everyone was accumulating wealth and asset poverty rates were declining. The impression was supported by the official, income-based poverty measure, which exhibited a sharp decline. According to Senior Scholar Edward N. Wolff and Research Scholar Asena Caner, poverty measures should include wealth as well as income. Their study of asset poverty in the United States between 1984 and 1999 focuses on the lower end of the wealth distribution and shows that asset poverty rates did not decline during the period studied, and that the severity of poverty increased. It also shows that asset poverty is much more persistent than income poverty.

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Paper provided by Levy Economics Institute in its series Economics Public Policy Brief Archive with number ppb_76.

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Handle: RePEc:lev:levppb:ppb_76

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  1. Asena Caner & Edward N. Wolff, 2002. "Asset Poverty in the United States, 1984-1999: Evidence from the Panel Study of Income Dynamics," Economics Working Paper Archive wp_356, Levy Economics Institute.
  2. Edward N. Wolff, . "Racial Wealth Disparities Is the Gap Closing?," Economics Public Policy Brief Archive ppb_66, Levy Economics Institute.
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Cited by:
  1. Chang-Keun Han & Michael Sherraden, 2009. "Attitudes and Saving in Individual Development Accounts: Latent Class Analysis," Journal of Family and Economic Issues, Springer, vol. 30(3), pages 226-236, September.
  2. Gary Dymski, 2009. "Financing Community Development in the US: A Comparison of “War on Poverty” and 1990s-Era Policy Approaches," The Review of Black Political Economy, Springer, vol. 36(3), pages 245-273, December.
  3. Lori Martin, 2011. "Debt to Society: Asset Poverty and Prisoner Reentry," The Review of Black Political Economy, Springer, vol. 38(2), pages 131-143, June.
  4. Todorova, Zdravka, 2013. "Consumption as a Social Process within Social Provisioning and Capitalism: Implications for Heterodox Economics," MPRA Paper 51516, University Library of Munich, Germany.

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