America’s Political Economy: 2007-2010 crisis hit lowest income groups harder than ever

Quartz did a good write up of some research by the Minneapolis Fed on the differential impact of the recent crisis on different income strata. In general recessions hit top incomes hardest. They have the most to lose and their incomes derive disproportionately from profit which fluctuates most in crises. 2007-2010 hit top incomes hard. But what was remarkable about it was how badly low incomes were affected.

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