Gavin Newsom Says Trump's Economy Is Built To 'Serve Billionaires': 'Americans Are Being Forced To Live On The Edge'

Benzinga_recent_news12-12 10:38

California Gov. Gavin Newsom (D) says President Donald Trump's economic agenda favors billionaires while leaving many working families "living on the edge," sharpening an ideological clash as both men...

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Gavin Newsom (D) says President Donald Trump's economic agenda favors billionaires while leaving many working families \"living on the edge,\" sharpening an ideological clash as both men...</p>\n\n<a href=\"https://www.benzinga.com/news/politics/25/12/49353173/gavin-newsom-says-trumps-economy-is-built-to-serve-billionaires-americans-are-being-forced-to-live-on-the-edge\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BMG7P587.USD","symbol_name":"LEGG MASON CLEARBRIDGE GLOBAL INFRASTRUCTURE INCOM \"A\" (USD) INC","start_time":0,"source_url":"https://www.benzinga.com/news/politics/25/12/49353173/gavin-newsom-says-trumps-economy-is-built-to-serve-billionaires-americans-are-being-forced-to-live-on-the-edge","article_id":"2590260785","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2025/12/11/Sacramento--Ca---Jan-10--2024-Governor-G.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/news/politics/25/12/49353173/gavin-newsom-says-trumps-economy-is-built-to-serve-billionaires-americans-are-being-forced-to-live-on-the-edge","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590260785","pubTimestamp":1765507080,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Newsom challenges Trump's economic agenda, saying it favors billionaires and leaves working families struggling. 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Gavin Newsom (D) says President Donald Trump's economic agenda favors billionaires while leaving many working families \"living on the edge,\" sharpening an ideological clash as both men eye 2028.\nIn an X post on Thursday, Newsom wrote, \"Americans are being forced to live on the edge in an economy that is built to serve billionaires — not the working class.\"\nHe attached a video clip from his recent appearance on The Ezra Klein Show on The New York Times network, where he argued that headline statistics on growth and markets don't reflect the \"lived experience\" of most Americans.\n\"We're talking about the economy. We're not talking about the American people,\" he said in the excerpt, adding that \"that systemically, for decades, this economy has not been working.\"\nSee Also: Bill Gates Says ‘No Room for Bad Luck’ If You’re Poor Spending 70% Of Income On Rent—Even If He Has ‘No Personal Experience’ With That Crisis\nNewsom pointed to the extreme concentration of wealth, saying, \"Ten percent of people own two-thirds of the wealth; half the consumer spending is that top 10 percent. The stock market is seven damn stocks. Maybe 10, but primarily seven. Mostly in California.\"\nFederal Reserve data from June shows the top 10% of U.S. households hold about two-thirds of total wealth, while the bottom half holds a sliver. Separate research by Moody’s reveals that America’s top 20% of earners now drive more than half of consumer spending and that the wealthiest 10% control the bulk of stock market gains.\nNewsom’s latest comments come just over a month after backers filed the proposed 2026 Billionaire Tax Act, which would impose a one-time 5% levy on the fortunes of roughly 200 billionaires in California, a measure the governor has not explicitly endorsed or opposed.\nTrump and his advisers counter that their policies are lifting Americans broadly, pointing to steady GDP growth, easing inflation and a record stock market. In an interview in November, Trump boasted that \"401(k)s are double what they were a year ago\" and argued that market gains are flowing to working families through retirement accounts.\nPhoto Courtesy: Sheila Fitzgerald on Shuttertsock.com\nRead Next:","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590260785","isCrawlerRequest":true}