Occupy Wall Street: More Protesters to Come
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( TheStreet) -- There is a bona fide reason for the protests on Wall Street. Of course, the egalitarian socialists in the crowd offer a cure that would be worse than the disease. Namely, to divide the nation's wealth by the number of people in the country. But their anger emanates from a genuine realization that there is a growing wealth gap in the U.S.
The Census Bureau recently indicated that real incomes have dropped 9.8% since the start of the Great Recession in December of 2007. And an OECD study found that the gap between the rich and the poor widened by 20% since the mid-1980s. In other words, the American middle class is slowly being wiped out.
Michael Pento is the President of Pento Portfolio Strategies.
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