Per Gemini:
In the United States, stock market wealth is highly concentrated, with the wealthiest 10% owning a record 93% of all stock market wealth, while the bottom 50% owns just 1%.
OP isn't wrong.
In the United States, stock market wealth is highly concentrated, with the wealthiest 10% owning a record 93% of all stock market wealth, while the bottom 50% owns just 1%.
OP isn't wrong.
On a personal quality of life basis the middle class will get hit the hardest. It will impact retirement timelines, vacations, home renovations, car purchases, etc. seeing their 401k go down will make them feel poorer and want to save more and thus reduce their discretionary spending and reducing the amount of fun and entertainment they enjoy.
Anyone doing 60/40 isn't doing all that bad right now anyway. And this "market crash" (haha compare to '00 or '08) is on top of massive gains in the past few years.
The "middle class" or what's left it (see techies and their RSUs) are the ones who actually care about the stock market in the short/medium term because all their money is tied up in it, and their lucky bets are all that stand between them and being working class.
The working class has been screwed six ways to sunday, so they don't really care except insofar as it might mean we're doing stupid stuff like getting in more wars, or making it impossible to pay rent.