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Bankers on Wall Street rang in the final hours of 2013 with gains unseen in almost twenty years. However, for roughly half of America, these stock market highs mean nothing as they face a new year with little work and even less of a safety net.
"Never, I don't think, in recent history have you had unemployment this chronically high for so long with the market having done this well," Roben Farzad, an economics writer and contributor to
Bloomberg's Businessweek,
said on
PBS Newshour Tuesday.
"There's a stat that Obama's bull market just beat Ronald Reagan's. I dare say, if you canvass the man on the street, no one would guess that we beat the decade of decadence already. You're certainly not feeling it out there," he continued.
At the end of the day Tuesday, the Standard & Poor index closed with a nearly 30 percent gain, its best since 1997. The Dow Jones Industrial Average also closed at a record high, reaching 16,576.73, up 26.5 percent on the year - marking the largest annual jump since 1996.
And,
according to the
Wall Street Journal, when dividends are taken into account, stocks posted their best returns since 1995.
However, for the
half of Americans who avoid or cannot afford to dally in the stock market, these gains are inconsequential. With the unemployment rate currently near 7 percent, it's clear that many of these corporate gains have not had any positive impact on working people.
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