MINNEAPOLIS (WCCO) — The stock market hit another record high this week, closing above 24,000 points on Monday.
It is trading at a level unheard of just a few short years ago, boosting stock prices and 401K retirement plans.
But when you hear that everyone is reaping the rewards from surging stocks — don’t believe it.
An understandably-elated President Donald Trump has been charting each milestone on Twitter, and claiming credit for a “Trump Bump.”
“Everything is like at an all-time high, including the big one, it’s called the stock market, at an all-time high,” Trump said.
In fact, the Dow Jones has surged about 6,000 points since Trump was elected.
That is a 30-percent increase.
And it has had 65 daily record highs in 2017, the most in history.
But here is the reality: Wall Street is not Main Street.
Half of Americans do not buy stocks, and the surging market is heavily tilted toward the wealthy.
Only 54 percent of Americans buy stocks, which is down from 62 percent in 2008.
Young people (18-29) are not in the game: Only 31 percent own stocks now, compared to 42 percent in 2008.
And 31 percent of Americans do not even have jobs with access to retirement accounts, like 401Ks.
President Trump is bullish on the bull market now — but candidate Trump campaigned as if it was all about to come crashing down.
Trump on June 16, 2015: “We have a stock market that is so bloated. Be careful of a bubble.”
Trump on March 1, 2016: “The stock market now is starting to go down. We’re sitting on a big, beautiful bubble.”
Trump on Sept. 26, 2016: “Believe me, we’re in a bubble right now.”
Here’s what you need to know: the gap between have-nots and have-lots is wider than ever before.
Eighty-nine percent of people earning more than $100,000 own stocks.
And the richest 1 percent of families now control a record-high 38.6 percent of America’s wealth.
The stock market has been surging to new records for 105 straight months. That started in 2009 when Barack Obama was president, and continues with Donald Trump in the White House.