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Measuring Middle Class Economic Security

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  • Christian Weller
  • Amanda Logan

Abstract

Economic security is the protection from hardship causing economic losses. Such losses can occur due to unemployment, medical emergencies, and other unforeseen events. To measure how well prepared families are for these events, we calculate a series of middle class security indicators, specifically the share of families who have enough financial wealth to weather an unemployment spell, those who can cover a medical emergency, those can handle both unemployment and a medical emergency and those who can sustain an emergency that requires three months of income. Based on data from the Federal Reserve, the Bureau of Labor Statistics, and the Agency for Healthcare Research and Quality, we find that economic security steadily improved in the 1990s, but sharply declined after 2000. Within 2-3 years, all gains of the 1990s were erased due to a debt boom fuelled by weak income growth and sharp price increases.

Suggested Citation

  • Christian Weller & Amanda Logan, 2009. "Measuring Middle Class Economic Security," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(2), pages 327-336.
    • Handle: RePEc:mes:jeciss:v:43:y:2009:i:2:p:327-336
    DOI: 10.2753/JEI0021-3624430205
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    Cited by:

    1. Michal Grinstein-Weiss & Blair D. Russell & William G. Gale & Clinton Key & Dan Ariely, 2017. "Behavioral Interventions to Increase Tax-Time Saving: Evidence from a National Randomized Trial," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(1), pages 3-26, March.
    2. Severin Rapp & Stefan Humer, 2023. "Wealth and Welfare: Do Private and Public Safety Nets Compensate for Asset Poverty?," Social Inclusion, Cogitatio Press, vol. 11(1), pages 176-186.
    3. Shari De Baets & Dilek Önkal & Wasim Ahmed, 2022. "Do Risky Scenarios Affect Forecasts of Savings and Expenses?," Forecasting, MDPI, vol. 4(1), pages 1-28, February.
    4. Stefano Di Bucchianico, 2020. "A note on financialization from a Classical-Keynesian standpoint," Department of Economics University of Siena 824, Department of Economics, University of Siena.
    5. Hsiu-Fen Lin & Judy L. Postmus & Hongwei Hu & Amanda M. Stylianou, 2023. "IPV Experiences and Financial Strain Over Time: Insights from the Blinder-Oaxaca Decomposition Analysis," Journal of Family and Economic Issues, Springer, vol. 44(2), pages 434-446, June.

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