It would be really nice to read stories about Washington DC politicians who truly understand what is happening to every day Americans, whether they are currently being impacted by the government shutdown or just life in general. However, we get frequent stories that just highlight over and over how out of touch they are with the American worker’s reality.
I received an email that highlighted the following: “U.S. Commerce Sec. Wilbur Ross (BTW, a former partner of mine at Invesco) appeared on CNBC this morning, ostensibly to warn Americans that trade talks with China are going poorly. But he also got asked about furloughed federal workers who have been lining up at food banks, to which the billionaire said: “I know they are, and I don’t really quite understand why.””
He clearly doesn’t understand or want to know that 78% of American workers claim to be living paycheck to paycheck! That is both extraordinary and terribly frightening given that we have experienced an unprecedented stock market run. The average American is being asked to allocate their pressure compensation in more ways than they have historically, including having to fund their own retirement program. Given how little disposable income there is for these families, is it any wonder why defined contribution balances are so anemic?
It is about time that we have “leaders” who can recognize that the American dream is getting further and further from most people’s grasp.