The financial crisis cost the typical U.S. family at least one full year's income, according to a new Fed study.
Economists at the Dallas Federal Reserve, in a study published on Tuesday, estimate that the financial crisis, which peaked with the Lehman Brothers collapse five years ago, cost the U.S. economy between $6 trillion and $14 trillion, or between 40 and 90 percent of one year's U.S. gross domestic product. Put another way, that represents a loss of between $50,000 and $120,000 per U.S. household, the Dallas Fed estimates.
Median household income was about $50,000 in 2009, according to the latest Census Bureau data available, meaning the crisis cost the typical U.S. family one to two years' income.
Of course, some families likely lost quite a bit more than that. More than two years after the crisis ended, about 1.5 million people had been unemployed for more than 99 weeks, or roughly two years, according to a study by the Congressional Research Service study.