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One of the issues of such a contraction is its impact on stocks. People often think it's just for the rich. It's not! Think of all the teachers, firefighters, n

One of the issues of such a contraction is its impact on stocks. People often think it's just for the rich. It's not! Think of all the teachers, firefighters, nurses, police - all those first responders whose pensions are invested in stocks. Such contraction will terrible for their eggnests.

Nerevarine76 6y ago
I mean, not to mention everyday people who have 401ks with their employer or their own IRAs.
raincom 6y ago
"A whopping 84 percent of all stocks owned by Americans belong to the wealthiest 10 percent of households"[1] "37 percent held by retirement accounts" [2] Politicians and the wealthy use that poor schmuck's 401k to bail out the wealthy. [1] https://www.nytimes.com/2018/02/08/business/economy/stocks-economy.html https://www.nytimes.com/2018/02/08/business/economy/stocks-e... [2] https://www.taxpolicycenter.org/taxvox/only-about-one-quarter-corporate-stock-owned-taxable-shareholders https://www.taxpolicycenter.org/taxvox/only-about-one-quarte...
- esoterica 6y ago
  A cop married to a nurse could easily belong to the top 10% of households, so you're not exactly contradicting the parent post.
  - raincom 6y ago
    Yes and No. Yes, if the top 10% of households is called "working class". If a cop and nurse family is the representative of working class, yes, use the people in the service sector (restaurants, gig workers, contractors, etc) to bail out the govt fat cats.
    - dragonwriter 6y ago
      > Yes, if the top 10% of households is called "working class". The working class (proletariat), especially the proletarian intelligentsia, overlaps with the top 10%. “Working class” is an economic relationship, surviving principally through selling labor, rather than through a balanced mixture of capital and labor (“middle class" or petit bourgeoisie) or principally through returns on capital (capitalist class, or *haut bourgeoisie). But a cop and a nurse on average would make about $130k (round figures, $55k for the cop and 75k for the nurse), 90th percentile household income is about $185k, so while it's possible for a cop/nurse couple to reach it, it's not remotely typical for even that couple.

Nerevarine76 6y ago

I mean, not to mention everyday people who have 401ks with their employer or their own IRAs.

raincom 6y ago

"A whopping 84 percent of all stocks owned by Americans belong to the wealthiest 10 percent of households"[1] "37 percent held by retirement accounts" [2] Politicians and the wealthy use that poor schmuck's 401k to bail out the wealthy. [1] https://www.nytimes.com/2018/02/08/business/economy/stocks-economy.html https://www.nytimes.com/2018/02/08/business/economy/stocks-e... [2] https://www.taxpolicycenter.org/taxvox/only-about-one-quarter-corporate-stock-owned-taxable-shareholders https://www.taxpolicycenter.org/taxvox/only-about-one-quarte...

esoterica 6y ago
A cop married to a nurse could easily belong to the top 10% of households, so you're not exactly contradicting the parent post.
- raincom 6y ago
  Yes and No. Yes, if the top 10% of households is called "working class". If a cop and nurse family is the representative of working class, yes, use the people in the service sector (restaurants, gig workers, contractors, etc) to bail out the govt fat cats.
  - dragonwriter 6y ago
    > Yes, if the top 10% of households is called "working class". The working class (proletariat), especially the proletarian intelligentsia, overlaps with the top 10%. “Working class” is an economic relationship, surviving principally through selling labor, rather than through a balanced mixture of capital and labor (“middle class" or petit bourgeoisie) or principally through returns on capital (capitalist class, or *haut bourgeoisie). But a cop and a nurse on average would make about $130k (round figures, $55k for the cop and 75k for the nurse), 90th percentile household income is about $185k, so while it's possible for a cop/nurse couple to reach it, it's not remotely typical for even that couple.