AbstractsBusiness Management & Administration

Many families suffer economic losses during economic crises and a key political issue during any such crisis is allocating these losses. During the 2008 financial crisis, American policymakers' primary objective was shielding investors, business owners and financial insiders from losses through a series of bailouts, capital market interventions and tax breaks. In my dissertation, I examine how this decision reshaped the distribution of risk and economic insecurity in the post-crisis era using data from the Federal Reserve’s Survey of Consumer Finances and Consumer Credit Panel. I employ a variety of statistical methods in my analyses, including multiple imputation, logistic regression and various post-estimation techniques. I find that some families have become more secure: those who depend upon ownership or control of wealth have become more entrenched in their top positions. Many more have become less secure, particularly those depending on labor, housing and consumer credit markets for resources. The result is that middle class families now have the same risk of income loss as the working poor and budget problems are no longer limited to the marginalized or improvident. These findings point to a major shift in economic risk from elites to middle-class and lower-income families and may portend further economic and political polarization. Advisors/Committee Members: Dwyer, Rachel (Advisor).