The Great Recession hit family finances from many directions, from lost or lower wages to falling house values and retirement account balances. Even before this financial crisis, however, young Americans were accumulating less wealth than their parents, and people of color were less wealthy than whites.
Each year, the federal government spends hundreds of billions of dollars to support long-term asset development. But these funds do not seem to be reaching the people who need help the most. Reducing wealth inequality creates better opportunities for all Americans.