![]() The value of homes - the largest asset for most families - has continued rising. Today, the unemployment rate has fallen back below 5 percent. ![]() ![]() Instead, the pandemic caused a sharp, brief recession. But it has not damaged credit markets or household balance sheets, as the housing bubble of the early 2000s did. Covid-19 has caused a horrible amount of death and illness and interrupted the daily rhythms of life. How could that be? A pandemic is not a financial crisis. Even amid a global pandemic, most American households are doing better financially than they were in 2019. Surprisingly, however, the past two years have been one of those exceptions. With only brief exceptions, the incomes of most middle-class and working-class American families have grown frustratingly slowly - trailing well behind economic growth - since the late 1970s. Sluggish income growth has been a defining economic problem of recent decades.
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