A third of middle-class adults can't afford to pay for a $400 emergency (via CNBCMakeIt)
Financial security, Brainard said, is an important marker of middle-class living. That so many households are having trouble saving for even minor crises is bad news for the economy.
"Having a strong middle class implies that families with average incomes have the purchasing power to consume and the savings to invest," said Brainard. "So a strong middle class is often seen as a cornerstone of a vibrant economy and, beyond that, a resilient democracy.
"The wealth of the top 10% of households is 19% higher than before the recession, even after factoring in the decline in stock prices at the end of last year," said Brainard. "In contrast, the wealth of middle-income families still has not returned to its pre-crisis level, and lower-income families have a wealth shortfall of 16%."
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