In case you missed it, here’s a snapshot of the most recent Federal Reserve board meeting:
It’s certainly a peculiar moment in history when the President chides everyone who hasn’t gained 90% in their 409K (sic), seemingly unaware that only the top 5% have enough in a 409K to make a difference.
President Trump and the Federal Reserve agree: the “solution” to inequality and malaise is to boost the 409Ks of the top 5%, leaving the rest of the American workforce as glorified servants of the few who benefit from a record-setting stock market.
Note to the Prez and the Fed: goosing the stock market only increases wealth/income inequality. There’s only so many dogs owned by the top 5% the peasantry can walk, only so many Priuses and Teslas to wash, only so many preciously over-scheduled children to tutor, only so many $50 steak dinners to bus, only so many bedpans of the top 5%’s parents to empty. The top 5% who benefit from the stock market’s relentless melt-up can’t generate a tide that raises all ships; all they can do is further enrich themselves on the debt-serfdom of their servants.