March 4, 2005

by Reb Yudel
If America is richer, why are its families so much less secure?

Important series from the Los Angeles Times

Los Angeles Times reporter Peter G. Gosselin has spent the last year examining an American paradox: Why so many families report being financially less secure even as the nation has grown more prosperous.

The answer lies in a quarter-century-long shift of economic risks from the broad shoulders of business and government to the backs of working families.

Safety nets that once protected Americans from economic turbulence — safeguards like unemployment compensation and employer loyalty — have eroded or vanished. Familes are more vulnerable to sudden shifts in the economy than any time since the Great Depression.

The result is a daunting "New Deal" for many working Americans — one that compels them to cope, largely on their own, with financial forces far beyond their control.

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