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00:00So there are a number of things that I agree with Greg that those of us who have property and assets are doing just fine in America.
00:07But there are a number of things that Greg said that aren't supported by facts.
00:12First of all, under Biden, for the first time, the median wage rose faster than the average wage.
00:18I've been documenting for 30 years each year the distribution of wages in American incomes.
00:23And under Trump, gains went to the top combined with massive tax cuts for people in the upper reaches of the 1%, mostly the over $2 million a year crowd.
00:36Secondly, in the United States, there is a serious problem with people not having sufficient incomes.
00:44The bottom 50% certainly do not.
00:47Well, tariffs are inherently inflationary, and we are already seeing inflation has ticked up from an annual rate when Biden left office that was below the post-World War II average to about 4.8% annualized.
01:02Now, we don't know if that will continue.
01:03We only have one month's data at this point.
01:06But tariffs will lead to higher prices, and overwhelmingly, because they're on goods and lower-income people spend all of their income, or nearly all of it, on goods and services, it's going to hit people down the income ladder.
01:21So this is not good for most Americans.