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"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] Pol
by raincom 7y 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 7y agoA cop married to a nurse could easily belong to the top 10% of households, so you're not exactly contradicting the parent post.
- raincom 7y agoYes 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 7y 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.