The Stock Market Has Become A Private Club For The Elite
A recent Peter G Peterson Foundation poll, as reported by the Financial Times, revealed a statistic that we have suspected for quite some time. To wit:
“Nearly two-thirds of Americans say this year’s record-setting Wall Street rally has had little or no impact on their personal finances, calling into question whether one of the strongest bull markets in a decade will boost Donald Trump’s re-election chances.
A poll of likely voters for the Financial Times and the Peter G Peterson Foundation found 61-percent of Americans said stock market movements had little or no effect on their financial well-being. 39-percent said stock market performance had a “very strong” or “somewhat strong” impact.
The survey suggested most Americans are not aware of market movements, with just 40-percent of respondents correctly saying the stock market had increased in value in 2019. 42-percent of likely voters said the market was at “about the same” levels as at the start of the year, while 18-percent believed it had decreased.”
Another article by Shawn Langlois via MarketWatch revealed much the same discussing a recent publication from the Economic Policy Institute. That study also revealed the increasingly inadequate retirement savings of Americans, as well as the dispersion of wealth among income earners.
As Shawn penned:
“The big gap between the mean retirement savings of $120,809 and the median retirement savings is yet another example of how the rich are getting richer and the poor are getting poorer in this country.”
This isn’t anything new.