Stock market affects real workers -- Allen Knop
Many journalists and economists have been commenting on the ups and downs of the stock market. Democrats especially have noted how President Donald Trump took great credit for the market when it boomed but has said nothing about it since it has been in freefall. No one is surprised.
But the Fox News Republicans have been going on about how little the market has affected the economy. They point out unemployment is at all-time lows and consumers spent more this holiday season. Most of this is true.
They do not, however, comment about everyday working Americans and their 401ks. Few companies now provide retirement pensions for their employees. Every worker is expected to save and provide for their own retirement.
Check with a working person on the status of their 401k after the December swoon in the market and January’s 600 point drop. One person told me his 401k lost a huge amount of its value. That person is 62 and planning on retiring next year. Now he is planning to work until at least 70.
Today’s market has real effects on the lives of ordinary working Americans.
Allen Knop, Madison