According to Alexandria Ocasio-Cortez, Dow's record high is meaningless to many Americans

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Alexandria Ocasio Cortez 2nd

Alexandria Ocasio Cortez 2ndAP Photo / Cliff Owen, file


MP Alexandria Ocasio-Cortez argued in a tweet on Saturday That a record high for the Dow Jones industrial average, a benchmark index of 30 blue-chip stocks including Apple, Nike and Disney, underlined the problem of stagnating US wages and the wealth gap between investors and workers.

"The Dow is rising, wages are not," the New York congresswoman commented Twitter NBC News via the index, which passed the 29,000 mark for the first time on Friday. "Inequality in a nutshell."

Ocasio-Cortez probably referred to the widening gap between US stock market gains and wage growth in recent years. The Dow rose 22% in 2019, but the average hourly wage only rose 2.9%, according to the US Bureau of Labor Statistics.

Stagnating wages in the US have stunned many economists as unemployment has dropped to its lowest level in more than 50 years.

President Donald Trump has often touted the rising US stock market as evidence of a booming economy and a blessing for all Americans. However, Ocasio-Cortez has downplayed the relevance of stock market profits to non-stock workers.

"The stock exchange is NOT the economy" She tweeted in February 2018, "Shares are not jobs. Shares are not wages.

"As a result, stock prices can go up and ordinary people still don't feel more confident about their future," she added.

Ocasio-Cortez's comments on the inequality between workers and investors matched those of Bill Gates. The Microsoft co-founder and billionaire philanthropist recently urged the US government to close the wealth gap by shifting its focus from income taxation to investment and wealth taxation.