The Dow is at a record high, and there is rejoicing on Wall Street in reaction to the stock market rally. In fact, the stock market rally appears to have made more people rich. A total of 300,000 newly minted millionaires were created from the current multiyear stock market rally, according to Spectrem Group. (Source: Frank, R., "US (and Booming Market) Adds 300,000 New Millionaires," CNBC, March 19, 2013.) This is great news for the new members of the $1.0-million club (excluding primary residence), but the reality is that there continues to be a mass of Americans collecting food stamps-around 48 million according to USDebtClock.org-and they have not reaped any rewards from the stock market rally.
The headlines commenting on how America is becoming richer are myths; that is, unless you don't care about the other 95% of Americans who are just getting by and the bottom rung of this group who are considered America's poor, making minimum wage.