7/25/2013 6:15 PM ET|
No recovery for the middle class
The stock market is back, but for whom?
It's true that household wealth has rebounded strongly in the past few years and is pushing to record highs. According to Federal Reserve data, the net worth of households and nonprofits has increased by more than $18 trillion from their lows in early 2009.
But most of this gain has been in the stock market. And as with housing, most of the wealth has accumulated to the richest Americans.
Before the recession, the top 1% owned nearly 35% of all wealth in the United States. The top 20% owned 85%. The middle 20% owned just 4%.
It's gotten worse. The chart above compares the drop in Gallup's measure of stock market participation with the rise in the Standard & Poor's 500 Index ($INX). What this means is that since the S&P 500 suffered its harrowing drop to 666 in March 2009, the average household has been steadily pulling money out of investments. Those households lost on the way down yet they haven't benefited from the market's rebound.
This is fairly typical of what happens in market downturns, and it's too easy to say the middle class just made a bad call. Families struggling with lost jobs and lower wages in the recession often had no choice but to tap investments to get by.
So even though corporate profits are riding high in this post-recession era, the middle class isn't seeing the gains.
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the question I have is, when in hell are voters going to smarten up and really look a candidate over instead of following them down the road like Norway rats behind the pied piper just because they like the sound of his music? people in Germany in the 30's followed Hitler because he was telling them what they wanted to hear...and look what it got them.
Everyone will be sorry when the middle class continues to decline. Who do you think supports this country? It isn't the rich hiding their money overseas...it sure isn't all the other countries we enjoy sending our hard-earned tax dollars to.
It's a complete shame - we are so desperate to be the "rich" or "good" guys giving away assistance that we have to borrow from China in order to do so that we are bankrupting this country. Don't have kids people because you are just subjecting them to what will end up being a 3rd world country eventually if we keep on the way we are.
And hey, why not mention the fact that there are generations of people on welfare that don't want to work and never have. I don't want to go to work each day only to never get a raise but I have to do it.
I guess Obama is really a capitalist who looks out for the rich. He sure talks like he cares but his actions show a man who is only interested in his elitist friends. He follows closely in the steps of George Bush and it is a shame.
With all of the illegal things that happened on Wall Street and at big banks no one went to jail or was even charged. Instead every company who violated the law was bailed out. Even Obamacare has given an extra year to big companies and said 'screw you' to the middle class. And that was Obama himself who authorized it.
LETTER TO THE CRIMINAL RULING CLASS:
You control our world. You’ve poisoned the air we breathe, contaminated the water we drink, and copyrighted the food we eat. We fight in your wars, die for your causes, and sacrifice our freedoms to protect you. You’ve liquidated our savings, destroyed our middle class, and used our tax dollars to bailout your unending greed. We are slaves to your corporations, zombies to your airwaves, servants to your decadence. You’ve stolen our elections, assassinated our leaders, and abolished our basic rights as human beings. You own our property, shipped away our jobs, and shredded our unions. You’ve profited off of disaster, destabilized our currencies, and raised our cost of living. You’ve monopolized our freedom, stripped away our education, and have almost extinguished our flame. We are hit… we are bleeding… but we ain’t got time to bleed. We will bring the giants to their knees and you will witness our revolution!
The middle class that built this country
all you left wing democrats are so full of crap! NOBODY DOES BETTER WITH DEMOCRATS AND
THEIR LIBERAL AGENDA! EVERY FRICKING STATE AND CITY WITH THEM IN CHARGE IS
IN DEBT AND GOING BROKE! I WAS DOING GREAT WHEN BUSH WAS IN OFFICE AND I WAS
NO BIG FAN OF HIS BUT I THINK MOST PEOPLE WERE DOING BETTER! GAS ONLY REACHED 2 BUCKS A GALLON NOT 4 AND FOOD PRICES WERE NO WHERE NEAR THIS HIGH AND WE WERE MUCH SAFER AFTER 9-11 WHICH WAS THE DEMOCRATS FAULT AND YOU CAN SEE HOW GREAT THEIR FOREIGN POLICY IS WORKING WITH MR APOLOGY IN CHARGE AND CLINTON THE WORST FOREIGN SECRETARY EVER! AND NOW ALL THE HARD WORKING ARE GONNA LOSE THEIR INSURANCE CAUSE OF OBAMA DEATH CARE TO PAY FOR THOSE WHO DON'T WANNA WORK OR WANT TO PAY THEIR FAIR SHARE! EVEN ILLEGALS COULD GO TO THE EMERGENCY ROOM AND GET TREATED SO WHO WASN'T GETTING ANY HEALTH CARE??? IT'S ALL BS FOR SINGLE PAYER SYSTEM AND MORE PROGRESSIVE PROGRAMS AND MORE BIG GOVT NANNY STATE FROM DICKTATOR OBAMA! MORE DEMOCRATS ARE PART OF THE 1% THAN REPUBLICANS! FING DEMOS!
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[BRIEFING.COM] The major averages spent the entire session in a steady downtrend, but despite persistent selling pressure, today's losses were limited in scope. The Dow, S&P 500, and Nasdaq shed between 0.2% and 0.3% while the Russell 2000 lagged, falling 0.9%.
The underperformance of the Russell 2000 was likely owed in part to tax-loss selling, which tends to pick up this time of year. Small-caps often feel that pinch in a stronger fashion than large-cap issues since individual ... More
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