Show Wealth mn mn U. U S. S S e m y Shared by Common People A recent article based on a survey of savings gave a distorted distorted dis dis- dis- dis furled picture of the proportion of the nations nation's wealth owned O by average Americans The survey was made by economists of the department of agriculture and agents for the federal reserve board They estimated estimated estimated esti esti- mated on the basis of checks in typical communities in the nation that the average savings of those in lower income groups was It was suited stated that two-thirds two of the population own about 24 per cent of the total estimated liquid savings of and that the balance is in the hands and portfolios of wealthy investors banks insurance companies trust funds federal agencies states and municipalities Superficially this looks like heavy concentration of wealth In the hands of a few rich individuals and the figure of two two- twp twp- thirds of the people owning only 24 per cent of our liquid wealth will no doubt be widely quoted by wealth the radicals radicals radicals radi radi- cals or inclined communistically-inclined individuals as evidence of economic economic economic eco eco- imbalance which needs to be readjusted There are two fallacies however in such an interpretation First is the fact the third one-third of the nation which supposedly owns 76 per cent of the liquid wealth cannot by bj any stretch of the imagination be described as a wealthy class lass There arent aren't that many wealthy people in the nation The great bulk of that third of the nation consists of common ordinary people just like the other two-thirds two except for the fact that they may be a little more frugal a little more industrious and a little littlemore more ambitious Second fallacy is the s statement that the 76 per cent of liquid savings is held by wealthy investors banks insurance companies trust funds federal agencies states and ties Except for the wealthy investors classification all those other holders of the nations nation's liquid savings are not individual people of wealth but trustees of the wealth of people generally little and big rich and poor The government bonds which banks hold for instance do donot donot donot not belong to individual bankers they really belong to the people who deposit their money with the banks It is the peoples people's money which bought those bonds not the banks bank's money The share held by insurance companies is in the same category It ItIs Itis Itis is policyholders policyholders' money held in trust to insure payment at the proper time Many trust funds are really public not private funds They hold money which has been set aside for educational or charitable or religious purposes And certainly the share of liquid wealth held by federal agencies states and municipalities is the peoples' peoples money not the money of wealthy individuals Rich people do of course own an important part of the wealth of this country It could hardly be otherwise But the probability is that the rich dont don't own even a fourth of the nations nation's nations nation's nations nation's na na- na- na tion's wealth much less three-fourths three of it The wealth of this nation is widely shared among millions and millions of American people who own homes and businesses automobiles and machinery machinery machinery ma ma- chinery stocks and bonds insurance policies and bank accounts The truth is that with very few exceptions we are all capitalists We Ve all aU have bave a stake in this country And that's one of the big reasons we are a strong prosperous and progressive nation |