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Divided We Stand

Divided We Stand
New book about the 2020 election.

Thursday, July 17, 2014

Stock Market America and the Rest of Us

At The Daily Beast, Lloyd Green notes that assets are at record levels.
For most working Americans, the story is very different. Income ticks upwards at a crawl. Year to year, private sector wages were up just 2 percent and that was before inflation, which stands at a little over 2 percent. That’s called running in place, but Democrats and Republicans ignore the hollowing out of working and middle-income America.
In contrast, life for the donor base is good, regardless of party. The S&P 500 has grown more than 19 percent over the past year, and more than 6 percent since January 1st. It’s the best of times for a relative few, and the worst of times for many.
He says that most politicians aren't talking about the recovery's failure to reach so many.  Two exceptions are Hillary Clinton and Marco Rubio.
In a recent speech, Rubio hit upon the right combination of anxiety and hope. According to Rubio, “The American Dream is still attainable. But it has gotten increasingly difficult to achieve for far too many. Wages have stagnated; everyday costs have risen… millions go to sleep each night overcome with the sense that they are one bad break from financial ruin.” Not bad for a party that hated on the 47 percent.
In March of last year, Pew reported on the demographics of stock ownership: