'Of course, for the half of working Americans with a 401(k) account, (the) stock market decline does mean a loss. But the real problem is the inability of many workers to save much at all,' writes usatodayopinion contributor ALYarrow.
of all workers do not have a retirement savings plan and, for many, employer-provided health insurance comes with ever higher deductibles and co-pays.Of course, for the half of working Americans with a 401 account, today’s stock market decline does mean a loss. But the real problem is the inability of many workers to save, as theTens of millions of low-income Americans have more than their share of strikes against them: They were formerly incarcerated. They are substance abusers.
The Wuhan coronavirus and its impact on the Chinese economy — and potential impact on the global economy — are cited as the major reasons for Monday’s stock market sell-off. However, it is poor, low-wage and even many middle-class Americans who are more likely to be in poor health and have a significantly shorter life expectancy than those who have higher incomes and are well educated. The richest American men liveA huge collapse in the stock market makes little difference to them.
Conversely, a 1,000-point drop in the Dow Jones is not going to stop the wealthiest Americans from buying homes around the world and a yacht or private jet where they can drink Dom Perignon. As inequality has grown, the top one-fifth of earners account for about 55% on the nation’s annual income. By comparison, the bottom 20% account for
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