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Some benefits because a lot of people have 401Ks that are tied to the market and such. But it's not a strong indicator of unemployment, growth, and purchasing power overall. Mostly the people making money on the stock market are the companies and banks that already have a lot of money. There are other metrics, such as household purchasing power and wealth disparity, that show better the health of the middle class and aggregate People.
Quite right. A stock market index is but one metric and not the most important one for the average person. But I do not think wealth disparity matters that much - it can be low, as in Sweden, but living standards can still decline.