Archive for October, 2019
In 2016 “Despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10% of households controlled 84% of the total value of these stocks in 2016,” according to a recent paper by NYU economist Edward N. Wolff writes. In 2001, the top 10% owned just 77% of all stocks.
In 2018 “The wealthiest 1% of households now own 50% of total household equities respectively, up significantly from 39% in the late 80s,” Daan Struyven, Goldman Sachs’s chief economist said in a note earlier this week.
The American dream, the idea that life will get better that progress is inevitable, all we have to do is obey the rules and work hard, that prosperity and a better life is assured. This has been replaced by a hard and bitter truth, there is a widening gap in wealth between the rich and poor. The American dream, is for most Americans in 2019 a deception, a lie.
cj Woeld News US