. Declining union membership, for one, contributes to massive wealth inequality. Many families struggle to deal with economic emergencies, have a hard time getting ahead and face an uncertain retirement, partly because a key to building middle class wealth, the labor movement, has diminished in importance.
Wealth is key to families’ economic security. It is a way to handle the fallout from a financial emergency, such as a layoff or a large medical bill. Yet, four in ten adults could not pay for a $400 emergency without borrowing or selling assets in 2017, meaning they had no or very few emergency funds.
The above excerpt was originally published in Forbes.
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