Wall Street boom vs Main Street bust | This is America
This is America, and this is Wall Street, where major stock indexes have hit record highs this year. Donald Trump points to the stock market as evidence the economy is booming, but can that wealth be transferred to average Americans who are still dealing with a cost of living crisis?As stocks hit record highs, Trump is staking his economic legacy on Wall Street ahead of the midterms. But nearly 40% of American households own no stocks at all, and the richest 10% hold 87% of household stock wealth. The wealth gap is now at its widest in three decades, with inflation, housing costs and grocery prices continuing to squeeze average Americans. Trump has proposed "Trump Accounts" – a $1,000 government seed investment for every child born during his administration – as a solution to the wealth gap. But critics say the idea is symbolic rather than transformative.
So can Wall Street's success be translated into Main Street's recovery?
Presenter: Alex Marquardt
Guests:
Adam Michelle, director of tax policy studies at the Cato Institute.
Jeff Ferry, chief economist emeritus at the Coalition for a Prosperous America.
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