“The top 1% gained more than $6.5 trillion in corporate equities and mutual fund wealth during the Covid-19 pandemic, while the bottom 90% added $1.2 trillion, according to the latest data from the Federal Reserve.”
The bottom 90% now hold 11% of stocks, down from 12% before the pandemic. Every rescue that pumped the market went mostly to people who already owned it. “The economy is doing great” means the S&P is doing great. Most Americans don’t own enough of it to notice.