20% of Americans hit by major economic loss
By Jeanne Sahadi
July 22, 2010
NEW YORK (CNNMoney.com) — A new study released Wednesday estimates that 20% of Americans suffered a significant economic loss last year – the highest level in the past 25 years.
The new Economic Security Index looks at the interaction of three key variables that have a direct bearing on a person’s economic security: income loss, medical expenses and debt.
The index, which tracks data since 1985, shows that economic insecurity has risen across all groups, not just among low-income families and those without much education.
The index was constructed by Yale political scientist Jacob Hacker and a team of researchers, and the project was funded by the Rockefeller Foundation.