Same thing. Pension funds ARE the ownership class.
I’ve been commenting that people over 55 own 52% of the US and baby boomers as a generation own ~8x more than billionaires as a class, but I re-checked and I’d quoted the wrong number in a bunch of my comments. 52% is for baby boomers only. All over 55s added together are actually over 70%. Let that sink in.
The entire goal of the economy is to let old people enjoy the spoils of the young’s work. Even billionaires are just a symptom of a larger, systemic issue (which is not to say they shouldn’t be hunted for sport, that should still happen).
I think this kind of data is exactly what you’d expect to see in a somewhat equal society: you work your whole life, saving, of course you’ve got more savings then people who haven’t been working their whole lives.
Really I suspect averaging here is skewing your perception, that 70% can hide a few super wealthy and many more poor (which is what you’d expect given 1% of the population own more than the combined bottom 95% ).
They own, but they don’t control that ownership. Their savings are used as investment funds, but very few actually know what they are invested in. That control is in the hands of the indexes. S&P, NASDAQ and the like. Just because NASDAQ blessed SpaceX with being part of their index, millions of pensions bought the stock.
Same thing. Pension funds ARE the ownership class.
I’ve been commenting that people over 55 own 52% of the US and baby boomers as a generation own ~8x more than billionaires as a class, but I re-checked and I’d quoted the wrong number in a bunch of my comments. 52% is for baby boomers only. All over 55s added together are actually over 70%. Let that sink in.
The entire goal of the economy is to let old people enjoy the spoils of the young’s work. Even billionaires are just a symptom of a larger, systemic issue (which is not to say they shouldn’t be hunted for sport, that should still happen).
Over 55 isn’t babyboomers anymore that’s gen x.
I think this kind of data is exactly what you’d expect to see in a somewhat equal society: you work your whole life, saving, of course you’ve got more savings then people who haven’t been working their whole lives.
Really I suspect averaging here is skewing your perception, that 70% can hide a few super wealthy and many more poor (which is what you’d expect given 1% of the population own more than the combined bottom 95% ).
They own, but they don’t control that ownership. Their savings are used as investment funds, but very few actually know what they are invested in. That control is in the hands of the indexes. S&P, NASDAQ and the like. Just because NASDAQ blessed SpaceX with being part of their index, millions of pensions bought the stock.