abstract: 'Objective To examine the distributional effects of the 2008 recession

  and subsequent recovery across generational cohorts. Methods Using data

  from the Survey of Consumer Finances (2007-2016), we constructed a

  measure of economic well-being accounting for income, household size,

  and annuitized value of assets. We examine trajectories of adjusted

  income and inequality, using Gini coefficients and income shares by

  decile, for the overall population and by cohort during the recession

  and recovery. Results Inequality declined temporarily during the

  recession, but reached new highs during the recovery. During recovery,

  population-level increases in economic resources were not reflected

  among below-median households, as the more concentrated financial assets

  rose while broader-based home equity and employment fell or remained

  stagnant. Inequality measures increased for cohorts in their primary

  working years (Generation-X and Baby Boomers), but not among the younger

  Millennials, who were at early stages of education, workforce entry, and

  household formation. Discussion The study illustrates an integrative

  approach to analyzing cumulative dis/advantage by considering

  interactions between historically consistent macrolevel events, such as

  economic shocks or policy choices affecting all cohorts, and the

  persistent life-course processes that tend to increase heterogeneity and

  inequality as cohorts age over time. Although recovery policies led to

  rapid recovery of financial asset values, they did not proportionately

  reach those below the median or their economic resource types. Results

  suggest that in a high-inequality environment, recovery policies from

  economic shocks may need tailoring to all levels of resources in order

  to achieve more equitable recovery outcomes and prevent exacerbating

  cohort inequality trajectories.'
affiliation: 'Zewde, N (Corresponding Author), CUNY, Grad Sch Publ Hlth \& Hlth Policy,
  55 W 125th St,5th Floor, New York, NY 10024 USA.

  Zewde, Naomi, CUNY, Grad Sch Publ Hlth \& Hlth Policy, 55 W 125th St,5th Floor,
  New York, NY 10024 USA.

  Crystal, Stephen, Rutgers State Univ, Ctr Hlth Serv Res, New Brunswick, NJ USA.'
author: Zewde, Naomi and Crystal, Stephen
author-email: naomi.zewde@sph.cuny.edu
author_list:
- family: Zewde
  given: Naomi
- family: Crystal
  given: Stephen
da: '2023-09-28'
doi: 10.1093/geronb/gbab141
earlyaccessdate: SEP 2021
eissn: 1758-5368
files: []
issn: 1079-5014
journal: 'JOURNALS OF GERONTOLOGY SERIES B-PSYCHOLOGICAL SCIENCES AND SOCIAL

  SCIENCES'
keywords: Generational outcomes; Wealth distribution trends; Wealth inequality
keywords-plus: CUMULATIVE DISADVANTAGE; ADVANTAGE
language: English
month: APR 1
number: '4'
number-of-cited-references: '52'
orcid-numbers: Zewde, Naomi/0000-0001-7461-8696
pages: 780-789
papis_id: 2e80935b273531310caef151a1c54beb
ref: Zewde2022impact2008
researcherid-numbers: 'Zewde, Naomi/JBS-7760-2023

  '
times-cited: '5'
title: Impact of the 2008 Recession on Wealth-Adjusted Income and Inequality for US
  Cohorts
type: article
unique-id: WOS:000756495200001
usage-count-last-180-days: '1'
usage-count-since-2013: '2'
volume: '77'
web-of-science-categories: 'Geriatrics \& Gerontology; Gerontology; Psychology; Psychology,

  Multidisciplinary'
year: '2022'