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- The richest 10 percent of Americans own about 84 percent of all stock.
Consider the most common measurement used by officials and the media to tell us whether our economy is zooming or sputtering: Wall Street’s index of stock prices. The media literally spews out the Dow Jones Average of stock prices every hour — as though everyone is waiting breathlessly for that update.
But wait — about 84 percent of all stock is owned by the richest 10 percent of Americans, so the Dow Jones Average says nothing about the economic condition of the 90 percent majority of Americans. For us (and for the true economic health of America as a whole), we need to know the Doug Jones Average — how’re Doug and Dolores doing?
As we’ve seen, stock prices keep rising to new highs, while wages and living standards of the middle class and poor majority have been held down by the same corporate and political “leaders” telling us to keep our eye on the Dow. To disguise this decline, they play another dirty language trick on us when they issue the monthly unemployment report.
Currently, with the unemployment rate down to 4 percent, they tell us America’s job market is booming!
But wait again — that only reflects the number of jobs, not the dollar value of those jobs in terms of wages and benefits. Having lots of people doing poorly paid work is hardly a healthy job market. Notice that they don’t measure the stock market by the number of stocks out there, but by their value. And they should measure our job market the same way in order to get an honest picture of how Doug and Dolores are doing.
Of course, they’d only do that if they gave a damn about all of us Dougs and Doloreses. And that speaks volumes about their bias for stock-owning elites.
You can contact Hightower at jimhightower.com.