The stock market has reached new highs under President Trump for which he is taking credit. Don’t get me wrong, I am happy because I am part of the 10% of the population that owns 84% of the stock market. As a baby boomer I was able to contribute to my company stock plan in the '80’s and was fortunate enough to stay in the market after the crash. Those of my friends who sold during the crash were not so lucky.
What about the other 90% of the population who own just 16% of the stock market? Their focus is surviving day to day, paying medical bills, mortgage payments, food and raising their children. It would be nice to invest in the stock market, but where does that extra cash come from? Reduction in their taxes? Increases in the minimum wage? Getting a full-time job with benefits? Unfortunately none of the above.
So here we have 10% of the population riding the stock market train and the faster the train goes the better it is for those on the train. The 90% of the population who are standing on the platform can only watch in frustration and wonder how can they ever board the stock market train.
Using the stock market to reflect the financial health of America is to forget about the 90% of our population who can only wish they had enough money to board the train and share in the prosperity and wealth of America.