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Americans with wealth or property have done great for themselves. They currently feel that the economy is in the dumps, but that's just because talking heads on
by vkou 3y ago
Americans with wealth or property have done great for themselves. They currently feel that the economy is in the dumps, but that's just because talking heads on Fox are telling them that it is. They can't articulate why the economy is in the dumps.
Americans who are between the ages of 15 and 35 feel like the ladder has been pulled up out of their reach, and they've felt this way for the past decade. Mostly because property owners have reaped most of the benefits of the past two decades.
- pseudo0 3y agoThe top 10% of American households own 89% of US stocks, and the top 1% own 50% of US stocks. The benefits have almost entirely accrued to a small minority at the top. Some of the 35+ cohort are doing exceedingly well, but most just have a primary residence (with a mortgage), some limited retirement savings, and maybe a small investment account. Those people are still working for a living, and likely have experienced real wage stagnation or decline. So media pundits claiming "the economy is great!" really does not match up with the typical experience. The stock market is not the economy. https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-...
- ddd00001 3y agoSince ~2012 disposable income for Americans has lapped that of Europeans. See for yourself. https://dart.lisdatacenter.org/dart https://dart.lisdatacenter.org/dart
- pseudo0 3y agoI don't think anyone is disputing that the US had a really good run from 2014 until 2020, but real wages still have not recovered to pre-COVID levels. See eg. the BLS Employment Cost Index. https://www.bls.gov/blog/2023/more-ways-to-look-at-wages-and-inflation.htm https://www.bls.gov/blog/2023/more-ways-to-look-at-wages-and...
- ddd00001 3y agoThe point of the convo is that Americans are much richer than Europeans. Which is true.
- ddd00001 3y ago[flagged]