The Economy Is Booming For 19 Americans

[gab13by13]

"I’m also wondering how 19 super-rich American households could have added $1.8 trillion to their wealth in just the last 24 months — roughly the size of the economy of Australia — while the rate of child poverty in the U.S. has more than doubled, from a low of 5.2 percent in 2021 to over 13 percent now?"

Robert Reich

USA USA

[pwb]

1. Most of their money should have gone to workers and share holders.

They avoid taxes and wear opponents out with their money when we try to fight them. We need a blue wave election so we can find a way to get that back.

[paleotn]

2. Yep. The AI bubble.

They all own massive amounts of shares in their own companies. All that appreciation is driven by an AI financial bubble. And we all know what happens to financial bubbles. Those 19 shouldn't celebrate just yet.

[FakeNoose]

3. AI isn't generating profits ... and there's a good chance that it never will

AI allows the tech company owners to layoff high-paid workers, and keep those salaries in the bank as fake profits. But that can only continue for so long, then what? They will be forced to admit that their billion-dollar-investment in AI has never made any money. The tech bros really haven't thought this through.

[brakester]

5. Blame Klepto-kurrency

and insider trading on top of the Big Billionaires Bill!

[popsdenver]

4. It is nothing new

The Republicans have been playing the long game since 1980, when HWBush's CABAL corruptly and Treasonously installed their puppet Reagan in the White House.....Followed by Cheney/Rumsfeld CABAL corrupting the 2000 and 2004 elections, installing their puppet (WBush) in the White House, and 2016 when the current CABAL installed Trump as their pawn.......and again in 2024...............

As I have said many times before;

The perfect title for a book about the past 46+ years would be: WHILE THE NATION SLEPT

The Dems were walking down the jungle path swatting at mosquitoes, and were oblivious to the herd of charging elephants...
(Pun Intended)

[Igel]

6. Reich knows better.

Great, let's have a massive sell-off of stocks to provide the liquidity to distribute their money.

Wait. Who's going to buy all that stock at those prices? And you know, with the market flooded like that, the stock prices will plummet. Then you won't get that money.

Reich knows how it works. He also knows that a lot of people don't.

My mom was one of them. Their house almost doubled in value in a bit over 10 years because of demand. Then 2009 hit and her house value went back to the nominal value it had when they paid for it. And my mom wanted to know who stole her money! Except that she never asked who she stole the money from when the house appreciated. It was a gift of the market, so to speak--and when the market went way soft, the market reclaimed the non-money valuation of the asset.

You can't spend unrealized assets (unless you decide to borrow against them and pay interest instead of taxes). At the same time, sometimes the sale involved in realizing assets changes the market.