Yes we are close. But in order for Capitalism to work for labor, it has to be well regulated. We see from 1978 as labor lost their seat at the table and states passed right to work laws, the middle class is getting poorer.
Let me remind you From 2019 to 2022, the median net worth of American families jumped 37% to $192,900, after adjusting for inflation. It’s the largest increase ever recorded by the federal Survey of Consumer Finances, released last fall. Surging
home values and rising stock ownership fed the surge.
Some of the new numbers are startling. Average household net worth now tops $500,000 for Americans in their late 30s. For late-40-somethings, it exceeds $750,000. For 50-somethings, it reaches seven figures.
If you’re a 50-something and you’re not worth a cool $1 million, do not despair. Those numbers are averages, and the super-rich drive them waaaay up.
- Median net worth: $272,800 (ages 50-54), $320,700 (ages 55-59)
What does this tell you? It tells you that the rich are doing great because of Reagan, Bush and Trump tax breaks. You're saying we're the party for the rich because we don't undo the tax breaks YOU gave the rich?
Think about this. The median 59 year old only has $320,000 and that includes his $200K home. So he really only has a $120,000 401K and he wants to retire at 65, right when you're talking about cutting his benefits 20% rather than undoing the Reagan/Bush/Trump tax breaks.
And we're the party for the rich?