"All of those millions of people with 401s and pensions are doing far better than they have ever done before with increases of 60,70,80,90 and 100 percent and even more," Trump said in his address to a joint session of Congress.
"For most Americans, a stock price increase is pretty immaterial to their well-being," said Wolff, who published a paper about wealth inequality in the National Bureau of Economic Research in 2017. So who owns most of the stock market? The majority of corporate equities and mutual fund shares are held by investors who are white, college educated and above the age of 54, according to an analysis from the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.
Still, the recent revival in the housing market, spurred in part by the Federal Reserve's interest rate cuts, is not helping all Americans equally. Rising property values benefit homeowners but make it harder for aspiring home buyers to break into the market, said Eugene Steuerle, co-founder of the Tax Policy Center, a joint venture between the Urban Institute and the Brookings Institution.
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