Overall State of the Union – Unbiased Economics

The definition of the “rich” has become anyone who has investment income. Home ownership has declined since mortgages generally now want 20% down and taxes have risen. Of course, the socialists say this is not fair and the rich are getting richer yet this is not income from wages, but rather investment. The gains go predominantly to mutual funds and pensions not to mention foreign investment since retail participation has also declined since the Great Recession. This means the yelling and screaming is by no means reflecting a purely domestic situation. Furthermore, had Congress privatized Social Security long ago, then those funds would have been invested in the stock market so the very people they say are not participating would have a stake in the economy. Continue reading