-Caveat Lector-

The Hindustan Times
August 20, 2001

US boom bypassed middle class
PTI
New York, August 19

THE ECONOMIC boom of the last decades mostly benefited
the richest of the American population, bypassing the
middle class, a new survey has revealed.

"The fruits from economic growth in the last few
decades were enjoyed by a surprisingly small part of
the population, the top 20 per cent, and particularly
the richest one per cent," the results of the survey,
published in the Milken Institute Review, said.

Edward Wolff, who conducted the survey, debunked the
theory that the rising economic tide helped everyone
from the richest to the poorest.

Living conditions of the middle class stagnated in the
1990s and household debt rose in the last two decades,
mostly due to a rise in mortgage debt, Wolff found.

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