The stock market was once considered by many Americans of all income levels as an accurate gauge of how well the overall economy is performing.
Those days are over. The widening gap between the top 10 percent and the rest of society has changed that view.
Some 57 percent of respondents told a CNBC All-America Economic survey that a surging Dow, S&P 500, and Nasdaq means the rich are just reaping bigger rewards. That number is an 11 percent jump from those polled in 2018. About 60 percent of adults from 18-34 surveyed said that a booming stock market only benefits the wealthy and big corporations.
The Dow closed at all-time highs last week, at the same time it was revealed that rehiring workers in the U.S. has slowed to a crawl.
Ron Insana, who used to interview Gerald Celente when he was a host on CNBC, wrote on their site that in New Jersey alone, “it is estimated that between 28 percent to 31percent of small business have shuttered during the coronavirus pandemic.”
