Posted Sep 24, 2019 by Martin Armstrong
Elizabeth Warren demonizes the rich and never considers the real facts as she listens to the communistic ideas of Thomas Piketty. In truth, the vast wealth of America’s share market is owned by retired folks. Federal Reserve numbers show that households headed by people over the age of 55 own 73% of the value of domestically owned stocks. These are the people she hates so much?
If we look at the Fed’s numbers, households of ages 65 to 74 have an average of $1,066,000 in net worth. Those in the lower age group of 35 to 44 have only about $288,700.
All Warren sees is the injustice in that inequality of wealth. But what about working your whole life and saving? So the person at 35 should have the same wealth as someone at 75 who saved their whole life?