... and you shall live ...
- Jul 13, 2015
- Realms of chaos
- Religious Affiliation
- Marital Status
- Acceptance of the Trinity & Nicene Creed
Almost all employed people have a 401k and that relies on a good economy to grow. It did great and yes, Americans who were employed benefited from that.
I grew up poor but my father worked many jobs and at times had multiple jobs. He never invested in anything except with where he worked. But my husband's family were investors and so were my husband's friends. It was his friends who encouraged us to begin investing when we were 23 and 24. That had nothing to do with privilege but a smart move that gained us thousands. Having a good economy helped us with our investments even though we didn't make a lot of money at first during our marriage.
With Biden in office I wonder how safe my investments are and whether they should be pulled and moved into safer ones with low or no risk?
Almost all employed workers? Is that talking about people in professional jobs or does it also include the minimum wage jobs? (Serious question, I'm not familiar with how employment in the US works at different levels).
You don't need privilege to invest, you just need enough money over and above daily expenses to be able to invest enough you don't lose your gains to brokerage fees. You also need enough cash on hand to cover living expenses for a time so that if you lose your job you're not forced to cash in your investments even if the market is way down. When house prices soar it takes ever-more money just to make rent or mortgage payments. Even before the pandemic something like 40% of US households lacked the means to pay a $400 unexpected bill without selling something - while it's eminently possible at least some of those households would benefit from a few classes in home economics just as much as a pay raise it's hard to believe every single one of them is in such a predicament due to financial ineptitude.
One trouble with the economy as it is now is that so much relies on the Fed pumping more money into the system. Adding money to the system doesn't create wealth, you need to actually add some value to create wealth. If it was as simple as adding money we might as well just put a couple of noughts on the end of everybody's salary and bank balance, although we shouldn't be surprised if prices end up with a couple of noughts added to the end, meaning nobody is any further forward.
Don't get me wrong, I think Trump would have been far better for the economy than Biden will be, I'm just not convinced it was all as rosy as some like to think.