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Another source of growing economic insecurity |
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From Economic Policy Institute: There are many dimensions to the economic insecurity facing American families today. Mid-level incomes have stagnated in real terms over the past few years, and most recently, higher gas and food prices are taking a larger bite out of paychecks. But one dimension of economic insecurity gets less attention: the increase in family income volatility, or how much families' incomes fluctuate up and down over time. Recent analysis shows that families are facing much greater income swings than they did a generation ago. An included chart plots the increase in average family income volatility, showing various peaks and valleys around an upward trend since the mid-1970s. Over the last three decades, volatility by this measure has doubled.
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