Ben, One more point from the Scott Bessent interview.
“ Summer of 2024, Americans took more European vacations than they had in history. Summer of 2024, more Americans were using food banks than they ever have in history. I went into two food banks near my hometown to ask, what's the story?”
Good perspective of the downs and ups of the market in recent years. Treasury Secretary Scott Bessent made a couple interesting points in an interview with Tucker Carlson yesterday. He said when he looks at the first Trump term, “ The bottom 50% of households, their net worth increased faster than the top 10% of households.
And I'm not happy with what's going on in the market today, but the distribution of equities across households, the top 10% of Americans own 88% of equities, 88% of the stock market. The next 40% owns 12% of the stock market.
The bottom 50 has debt. They have credit card bills, they rent their homes, they have auto loans, and we've got to give them some relief. That I was struck by the statistic from last year.“
Ben, One more point from the Scott Bessent interview.
“ Summer of 2024, Americans took more European vacations than they had in history. Summer of 2024, more Americans were using food banks than they ever have in history. I went into two food banks near my hometown to ask, what's the story?”
Americans knew past policy wasn’t working.
Ben, great column as always.
Good perspective of the downs and ups of the market in recent years. Treasury Secretary Scott Bessent made a couple interesting points in an interview with Tucker Carlson yesterday. He said when he looks at the first Trump term, “ The bottom 50% of households, their net worth increased faster than the top 10% of households.
And I'm not happy with what's going on in the market today, but the distribution of equities across households, the top 10% of Americans own 88% of equities, 88% of the stock market. The next 40% owns 12% of the stock market.
The bottom 50 has debt. They have credit card bills, they rent their homes, they have auto loans, and we've got to give them some relief. That I was struck by the statistic from last year.“
Betsy Chapman