The Wealthiest 10% Of Americans Own A Record 89% Of All U.S. Stocks
Oct 18, 2021
The wealthiest 10% of Americans now own 89% of all U.S. stocks, a record high that highlights the stock market’s role in increasing wealth inequality. The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the Covid-19 pandemic, while the bottom 90% added $1.2 trillion, according to the latest data from the Federal Reserve. The share of corporate equities and mutual funds owned by the top 10% reached the record high in the second quarter, while the bottom 90% of Americans held about 11% of stocks, down from 12% before the pandemic. Read more at CNBC.
An excellent link. For people like me that have been doing this for nearly 50 years (May of 2022!), we have watched the market share of our local menswear industry shift 90% from local to national. Local circulation of capital, benefitting everyone in our communities, was sucked OUT of said communities to stock market beneficiaries, CEOs and upper management everywhere but here. The list of independent store brands lost since I started due to collusion between national chains and landlords that are also stock market companies is staggering in Detroit metro alone. Anyone reading this from any city in America can rattle off THEIR lost icons.
When it gets printed here in October of 2022 as NEWS (DUH!!!!!), it illustrates how destructive the stock market has been for everyone below the 75th (ish) percentile in income. It also illustrates how much America has bought the lies, hook line and sinker. They saw lucrative markets, easy to steal if enough capitalization was thrown at it. They seized the opportunity, and overbuilt the nation’s retail square footage dozens of times more than the per capita need.
My generation is called the baby boom generation. My generation is responsible for destroying the balance of equity, which tipped the scales from local to national. It sent money screaming to the top, leaving the middle decimated while tremendous wealth was created elsewhere. MY generation – – – not the much maligned follow on generations – – – has destroyed capitalism when it was at it’s very peak of fair and broad benefit for ALL. We are now on the brink of a very different sort of USA.
I never expect anyone to comment on this topic or my words of disgust. There were people at one time that sounded alarms about impending invasions, and who fought back against the natural tendency of capitalism to devour itself as it is doing. Not anymore; nobody cares. Our industry has been subverted. My stores are doing really well right now, compared to 25 years ago. That’s good, of course. But when I compare it to 1972, and I factor in inflation, we’re nowhere remotely CLOSE to the sales in the days before the invasion. You need only look at the modern day catastrophe of Macy’s and compare it to the magnificent edifice to retail that it was, along with all the department stores that are GONE. Again, we are NOT better off.
Still, I have been able to stay alive while the vast majority failed. But what has happened is a travesty. We are NOT better off than we were in 1972. The middle and lower classes are now slaves to the top percentiles. Indie stores that offered solid jobs with full benefits and 401Ks. We offered infinitely better and friendlier and more honest service. We are the real thing; not just my stores, but ALL the independent stores that remain.