Mark says:
I'm sorry, this math makes no sense to me. If you agree that
pension funds hold 25-30 of the financial assets, how is it that
the middle class has so little money in the stock market? Are the
pension funds all in the bond market? I've had personal knowledge
of public employee pension funds that were invested in venture
capital funds. Horror of horrors, the intent of those investments
was to make profits for the pension funds. And not all of the
employees of the company where the money was invested met the
living wage test.
60 percent of pension fund assets belong to people with incomes over
$100,000 per year. People with incomes under $50,000 - around 60
percent of the population - hold about 11 percent of pension fund
assets. So households with incomes between $100,000 and $50,000 are
around 30 percent of the population, and hold around 30 percent of
the assets in pension funds, which are 30 percent of the assets in
the U.S. market. (That figure comes from a 2004 report by the
Economic Policy Institute, The State of Working America, using
federal data.)
Becca Vargo Daggett
Seward
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