Charles Painter argued Stuart Wesbury overlooked a central barrier to wealth-building: lower-income Americans often have no money left to invest despite formal access to stocks and bonds.
The letter said the bottom 50% own about 1% of U.S. wealth while the top 10% hold 75%, framing concentration—not just redistribution policy—as the core problem.
Painter added that savings are falling and debt is rising for the bottom half, leaving households focused on rent, food, healthcare and transportation rather than investment returns.
He warned that without tougher action on inflation, dollar stability, public and private debt, and what he called endless expensive wars, future generations will face weaker opportunities and living standards.