Despite this disparity, there's a collective obsession with the stock market as a solution to all problems. Greatly disproportionate wealth leads to greatly disproportionate political influence. It also creates hugely unequal opportunities for the next generation. Wealth inequality also means that lower-income people, who are more vulnerable to vicissitudes of employment, have less cushion against misfortune, especially since growing numbers of Americans also have no health insurance. Not only are they bad for people's health, but, as even many conservatives acknowledge, huge disparities in wealth and income create social tensions.
Accumulated wealth is also the basis for retirement incomes.
Significant personal savings are obviously concentrated at the top, while most people rely primarily on Social Security. Yet bull-market mania has led to an assault on Social Security through plans for privatization. Though its projected gains are highly unrealistic, the Bush plan would fatten brokers' pockets with administrative costs. With part of the revenue diverted, it would also require more taxes or benefit cuts for current retirees. Al Gore also has succumbed to stock-market fever.