The Stock Market Is Not Your Friend, Jacoby Says

Public Policy Professor Sanford Jacoby spoke to WalletHub about the COVID-19 pandemic’s impact on American workers’ sense of job security as Labor Day approaches. A WalletHub survey found that 75% of people will not travel this Labor Day weekend, and Jacoby predicted that reduced revenue for those in the vacation industry will hit small businesses the hardest. Jacoby recommended helping small businesses and restaurants through government subsidies of restaurant meals, as well as the elimination of fees at state and national parks and campgrounds. He also argued that big shareholders have taken advantage of labor during the pandemic, contributing to the staggering inequality in the American economy. “The top 10% of the wealthiest American households own 93% of the stock, while the bottom half of U.S. households own no stock whatsoever,” he said. “It’s time to educate Americans that the stock market is not their friend and that it mostly benefits America’s wealthiest.”

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