Counterpoint, the shareholders are like 70%+ just retired workers. Do the rights of the retired not matter to people like you? They took their wages to invest, and now expect a return on it to make up for the time they spent working. Labor isn’t fighting capital, but other older laborers. - ThreadSky

redblackhistoryman.bsky.social • 1 day ago

Counterpoint, the shareholders are like 70%+ just retired workers. Do the rights of the retired not matter to people like you? They took their wages to invest, and now expect a return on it to make up for the time they spent working.

Labor isn’t fighting capital, but other older laborers.

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friggle.bsky.social•1 day ago

Is this 70% by participation or by % of holdings? The former being 100 total shareholders consisting of 70 retirees with 1 share each and 30 brokers with 1000 shares each

joshcrowley.bsky.social•1 day ago

93% of stocks in the U.S. are held by the wealthiest 10% so that answers that question.

https://markets.businessinsider.com/news/stocks/stock-market-ownership-wealthiest-americans-one-percent-record-high-economy-2024-1

friggle.bsky.social•1 day ago

Yup, this as disingenuous a framing as showing the US map with all the red states and claiming all that empty land outnumbers the populated cities of blue states

joshcrowley.bsky.social•1 day ago

We could also engineer a significantly better system where we as a society take care of our elderly and ensure dignity and comfort in retirement years, rather than relying on exploitation of labor and individual stock holdings.

joshcrowley.bsky.social•1 day ago

It’s interesting that people treasure a system where workers get screwed for, ostensibly, “the benefit of retirees” (despite only 50% of Americans having any private retirement savings) but reject the idea of workers paying taxes into a balanced public pension system.

joshcrowley.bsky.social•1 day ago

Like, okay so workers get screwed so that maybe half of all retirees will be able to have varying ranges of comfort and a tiny fraction will have grotesque excess… and that’s better than paying progressive tax rates so that everyone will have a livable and comfortable retirement how exactly?

redblackhistoryman.bsky.social•1 day ago

Yes, the wealthiest 10% of Americans. How many Americans are retired? 16.2%. That means a little over half of American retirees own 93% of stocks.

joshcrowley.bsky.social•1 day ago

Are you suggesting that the wealthiest Americans are all retirees?

redblackhistoryman.bsky.social•1 day ago

Most are! Absolute wealth peaks for people in the 65-75 bracket before declining and more people are hitting that bracket now than ever before as the boomers retire.

redblackhistoryman.bsky.social•1 day ago

They own retirement ETFs usually not stocks outright, but it’s a mix of both. People cite the “wealthiest 10%” but that’s old people, wealth compounds more aggressively with age but it’s a phantasm since they draw 6% or less annually, meaning it only grows larger in a snowball.

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