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Testimony of Dean Baker Before the Senate Special Committee on Aging

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Publication Date: February 2009

Publisher(s): Center for Economic and Policy Research

Author(s): Dean Baker

Topic: Economics (Property and wealth)

Keywords: Personal wealth; Home ownership; Elderly

Type: Testimony

Coverage: United States

Abstract:

Hearing on “Boomer Bust? Securing Retirement in a Volatile Economy”. Baker highlights three CEPR report findings: 1) The median household with a person between the ages of 45 to 54 saw their net worth fall by more than 45 percent between 2004 and 2009, from $150,500 in 2004, to just $82,200 in 2009 (all amounts are in 2009 dollars). 2) The situation for older baby boomers is similar. 3) As a result of the plunge in house prices, many baby boomers now have little or no equity.