Coupon clippers are doing just fine in this pandemic, what with stocks and bonds back to where they were at the start of the year or slightly ahead. Low-paid workers are getting crushed.

Capitalism is a mixed blessing. The system has lifted billions of people out of poverty, but it doesn’t work particularly well for people without capital.

The past four decades have delivered quite a windfall to Americans with capital. Counting from the end of 1981, which is close to the bottoms in financial markets, a dollar put into corporate bonds has grown to $14, in stocks to $24. Those are real returns, beyond inflation.

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