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Yes, and this is good. The American stock market going up benefits 10% of the US population.

The US has the highest share of revenue going to owners than it ever has in history. We've left behind the Gilded Age.

Where are you getting this 10% number? 54.3% of US households held a retirement account in 2022. https://www.federalreserve.gov/publications/files/scf23.pdf

The top 10% of wealth holders own 90% of stocks. The other 90% of people not in the top 10% own the remaining 10%.