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The Great Recession
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With the bursting of the housing bubble, the decline in the stock market, and the weakness of the labor market, household wealth has taken a substantial hit in the Great Recession. The median net worth of whites fell by around a third from 2004 to 2007, dropping from around $150,000 to around $100,000.  The median wealth of blacks, historically much lower than that of whites, took an even bigger hit, dropping by over three-quarters, from around $10,000 to around $2,000. 

As most Americans, particularly those under 65 years old, rely on health insurance obtained through the workplace, it is no surprise that employer-sponsored health insurance fell dramatically in the Great Recession.  The share of Americans under age 65 who are covered by employment-based health insurance fell from 62.9% in 2007 to 58.9% in 2009.  Some of that decline was offset by increases in public insurance coverage, but nevertheless in 2009 there were 50.7 million people, 7.5 million of them children, without any type of health insurance.

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