For Richer Or Poorer?
Street Talk
Thursday, September 30, 1999
In the 1980s, President Reagan promised us that economic growth would "trickle down" to lower income groups, making everyone richer. That sounded good. But today the U.S. has one of the highest income gaps between the rich and poor of all developed nations. Are Monterey Bay residents living larger than they did a decade ago?
Jason Encinas
Age 25Resides Seaside
Occupation Student; food service industry
Do you earn more than you used to?
Not really. I think companies are firing old-timers so they can hire younger people and pay them less. Now I have to work two jobs while I'm in school to pay the bills.
Then where's the money?
People in technology are making all the money--like in San Jose and Silicon Valley. Down here we just have vegetables for sale. That doesn't get you far.
Do you invest in the stock market?
No, but I'm in the process of figuring that out.
Melanie Arellano
Age 27Resides Seaside
Occupation Accountant
Do you earn more than you used to?
No, I don't. I get a 1 percent pay raise a year, but that's not much. My employer has started matching what I invest in my pension fund up to 2 percent a year. But that's it.
So, where's the money?
The rich are getting richer and the poor are getting poorer! I don't know who the rich are. I wish I knew!
Do you invest in the stock market?
No, I can't afford it. I don't have enough money to risk losing it like that.
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