Paul Taylor, Pew Research Center:
We have now had more than a decade where median household income has not returned to an earlier peak. Never seen this since the Great Depression. So, everything — everybody has taken a big bite…It’s hurt the most in the middle. It’s hurt people of color more than whites. It’s hurt young more than old.
To the extent that anyone was a little bit sheltered, older folks were somewhat sheltered. Those who were retired didn’t have jobs to lose. Many of them purchased their houses at pre-bubble prices. Many of them had already paid off their houses. So they were not quite as exposed as the people who bought at bubble-inflated prices, when the market collapsed.