Photo: Sean Rayford/Getty Images President Trump’s town-hall discussion on ABC last night produced the usual blizzard of lies, but one of the lies was especially interesting. At one point, George Stephanopoulos asked Trump about the “K-shaped recovery,” a phrase analysts have used to describe the divergent prospects of the affluent and the working class. Stephanopoulos suggested that Trump’s constant citing of stock-market gains has no bearing on the living standards of most Americans.
I will tell you this, if Joe Biden ever got this position — and that’s a headwind on the stock market — our stock market would be much higher if it weren’t for that. If Joe Biden ever got in, I think you’d have a depression the likes of which we have never seen in this country. As a factual matter, Trump is clearly wrong. Only half of the American public owns any stock at all. Of the half that does, ownership is concentrated overwhelmingly at the top. And 84 percent of stocks are held by the wealthiest 10 percent of the public, and the wealthiest one percent have an outright majority:
That was reflected in Trump’s 2016 campaign. Where Romney designed a campaign targeted to business owners , Trump posed as an outsider who would take on the rich. He promised to increase his own taxes and postured as a threat to financial elites.
jonathanchait Hm... yes this is accurate...
jonathanchait FactsMatter
jonathanchait Where are my share certificates? Didn’t know I had holdings in all companies...I’m rich! I’m rich!!!
jonathanchait As you know, investing leans heavily to wealthy white people.
jonathanchait Now really. Can anyone honestly believe that most average people actually ‘own’ shares?
jonathanchait
jonathanchait Did you listen to the Woodward tapes? If you haven’t, you should. He knows better. He is pretending. Don’t tell me you’re falling for it.
jonathanchait Yup
jonathanchait He’s never been in touch but the media has been reluctant to be honest. Why?
jonathanchait Don’t believe this Imbecile !!!
jonathanchait Hard to lose something you've never had.
jonathanchait 45 has been out of touch for a long time! FailedPresident