Joe Biden lives in the past. Old Joe is supposed to be a future oriented progressive, but he’s stuck like 50 years ago.
I mention this today because at a gathering of about 20 people in PA, Biden announced that the era of shareholder capitalism is over. Joe compared rich stock-owning plutocrats (who don’t need him) with average Americans who do. That may have been accurate in the 1930s but today almost 60% of Americans own stock. Sure, some own more than others, but all those IRAs and 401k plans and other retirement savings plans give a great many a stake in the market. If old Joe decides to raise taxes on stock and corporations as he says he would, the hit to the stock market would wipe out the retirement savings of tens of millions of average Americans. Even union pension plans would get hit hard thereby smashing the very people old Joe says he plans to help.
Until about 1960, there was a wealthy strata of America that was the predominant component of the stock market. In the next 25 years that all changed. Someone needs to explain that to Biden. He most likely won’t remember it tomorrow but at least it’s worth a shot
I mention this today because at a gathering of about 20 people in PA, Biden announced that the era of shareholder capitalism is over. Joe compared rich stock-owning plutocrats (who don’t need him) with average Americans who do. That may have been accurate in the 1930s but today almost 60% of Americans own stock. Sure, some own more than others, but all those IRAs and 401k plans and other retirement savings plans give a great many a stake in the market. If old Joe decides to raise taxes on stock and corporations as he says he would, the hit to the stock market would wipe out the retirement savings of tens of millions of average Americans. Even union pension plans would get hit hard thereby smashing the very people old Joe says he plans to help.
Until about 1960, there was a wealthy strata of America that was the predominant component of the stock market. In the next 25 years that all changed. Someone needs to explain that to Biden. He most likely won’t remember it tomorrow but at least it’s worth a shot
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