"The Great Recession hit family finances from many directions. Housing and stock prices fell sharply, and along with them, family wealth. As economic output dropped and unemployment rose sharply, those who lost their jobs or were underemployed saw their wealth erode. The Great Recession had an especially severe impact on the wealth building of Generations X and Y, people of color, and families in low-income neighborhoods. In some cases, the impact only added to longer-term trends prevalent before the recession. These findings call into question the efficacy of wealth-building tax subsidies that exclude lower-income families; housing policies that adopt a “buy high, sell low” homeownership strategy for those with low and moderate incomes; rental and other subsidies that discourage homeownership; and a pension system that leaves most workers with little or no savings by the time they retire."