The top 10% of American households now own 84% of all stocks
The stock market continues to be one of President Donald Trump’s favorite indicators of the country’s health as stocks continue to hit all-time highs.
But a shrinking share of Americans are getting rich off the market’s dizzying rise, according to a new analysis.
The top 10% of American households, as defined by total wealth, now own 84% of all stocks in 2016, according to a recent paper by NYU economist Edward N. Wolff.
Doesn’t the stock market suck for us average joe’s…If it goes up the rich get richer without having to work..And if it goes down we lose our jobs!
AMAZON GETS TAX BREAKS WHILE ITS EMPLOYEES RELY ON FOOD STAMPS
LATER THIS YEAR, Amazon will begin accepting grocery orders from customers using the Supplemental Nutrition Assistance Program, the federal anti-poverty program formerly known as food stamps. As the nation’s largest e-commerce grocer, Amazon stands to profit more than any other retailer when the $70 billion program goes online after an initial eight-state pilot.
But this new revenue will effectively function as a double subsidy for the company: In Arizona, new data suggests that one in three of the company’s own employees depend on SNAP to put food on the table. In Pennsylvania and Ohio, the figure appears to be around one in 10. Overall, of five states that responded to a public records request for a list of their top employers of SNAP recipients, Amazon cracked the top 20 in four.
By 2021, Amazon is projected to handle 50 percent of all online sales in the United States. To accomplish this, it must add to the dozens of fulfillment centers that ensure the swift delivery of cheap televisions and shampoo bottles to nearly every corner of the nation. And to finance this expansion, the company will doubtless continue to leverage the promise of full-time jobs with benefits that it has used to win more than $1.2 billion in incentives from state and local governments so far.