'Lost Decade' for US Middle Class, says Economist

- Common Dreams staff 

 

A survey released by Federal Reserve on Monday tells a grim story in numbers what millions of Americans have been feeling in reality for nearly ten years.

The Survey of Consumer Finances, conducted every three years and covering a span from 2007 to 2010, documents steep declines in family income and an overall loss of wealth, mostly fueled by the collapse of the housing market in the US following the subprime mortgage crisis caused by Wall Street in 2008.