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For most Americans, Dow 20,000 carries little benefit
by Christopher S. Rugaber, AP Economics Writer
The Associated Press Translate This Article
26 January 2017
On 26 January 2017 The Associated Press reported:
While Wall Street celebrates yet another stock market record -- surpassing 20,000 on the Dow Jones industrial average -- many Americans have little reason to cheer. Research by Edward Wolff, an economist at New York University, found that the wealthiest 10 percent of households owned 81.4 percent of stock market wealth as of 2013, the most recent year for which figures are available. The middle 60 percent of U.S. households owned just 7.7 percent. Those figures include stocks held in individual retirement plans and 401(k)s as well as in mutual funds. The giant mutual fund company Vanguard says its typical retirement account balance in 2015 was $26,405.
Global Good News service views this news as the failure of modern business systems.
Such 'flops' highlight the need for more intelligent, evolutionary, Natural Law based, life-supporting systems.
A rising stock market does provide benefits to the broader economy. . . .
Just under half of American households own stock, either directly or through retirement accounts, according to Federal Reserve data. Most of those portfolios are relatively small. Only one-quarter of the poorer half of American households own stock. The average holding for those people is $54,000. The giant mutual fund company Vanguard says its typical retirement account balance in 2015 was $26,405.
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