As Trump once again takes credit for a Dow Jones all-time high, we must remember that the stock market isn’t the economy.
The tweet hereunder, by former Secretary of Labour Robert Reich, highlights the discrepancies in stock ownership between the richest and the bottom 50%.
Pushing the math just a little further reveals just how shocking the reality is.
The overall capitalisation of the US stock market sits at about 36 trillion dollars (that’s 36,000,000,000,000). The current US population is around 328 million people.
The richest 1% (3.28 million people) own $18 trillions worth of stocks. That’s $5.5 million each on average.
The bottom 50% (164 million people) own $252 billions worth of stocks. That’s an average of $1,536.59.
The stock market is not the economy, indeed.