Wealth

When the market rises, many reports are issued about how the rich are getting richer but not so much when the market goes down. The top one percent have a combined wealth of $50 trillion dollars, which represents 30% of the total wealth held by US households. Since the market is down 20%, the top 1% have lost $10 trillion dollars and the rest of the investors have lost one trillion. The last bear market occurred in the summer of 2022. A bear market is defined as a drop of 20% or more. While policies are needed to close the wealth gap, this is not an appropriate vehicle. It would be better to find ways to raise the wealth of the working people by providing good paying jobs. As globalization fades into history, manufacturing jobs will return to the US, bringing with them the badly needed aforementioned good jobs. This means a complete turnaround from the economy of the past 50 years and will be difficult, painful and likely impossible.