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Upper-middle class feeling the ill-effects of Trump’s economy as top 1 percent continue to benefit: report

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According to a report at Bloomberg, Americans who consider themselves part of the upper-middle class are starting to feel an economic “pinch” under President Donald Trump while the top 1 percent continue to increase their fortunes.

The report notes that upper-income households are finding the economy is not their friend as prices increase and their incomes — like those of the less-well-off — are not keeping pace.

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“Newly available net worth data from the Federal Reserve suggests that the ‘left-behind’ contagion has spread to all Americans aside from the top 10 percent,” Bloomberg report. “While still wealthier overall than most other groups, even the upper-middle class is feeling the pinch of income stagnation. The growth rate of this group’s incomes is lagging behind that of those both lower and higher on the socioeconomic ladder.”

The data shows that wealthier families are increasing their debt loads to keep pace — and that debt is much more costly in the form of overuse of credit cards.

Pointing out that “Credit card interest rates recently reached a generational high despite a relatively low prime rate. The spread between the two rates is at its highest point in almost a decade,” Bloomberg noted a frightening uptick in credit card debt servicing.

As for the very rich, they are increasing their wealth as others struggle.

“Company ownership, equity shares in both public and private firms, has been sliding for the upper middle class too. The share of equity ownership for those in the 50th percentile to the 90th percentile of net worth has fallen,” Bloomberg reports, adding dryly: “The top one percent of Americans owns the majority of shares.”

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‘I look at Donald Trump I don’t see Reagan — I see George Wallace’: Former Republican Reagan official

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Wayne Grant served as the Principal Deputy Assistant Secretary of the Army under former President Ronald Reagan. Still, when he looks at today's Republican Party, he can't help but get uncomfortable.

"When I look now at Donald Trump, I don't see Ronald Reagan, I see George Wallace," said Grant.

"For my entire adult life, I was a Republican," he explained. "Until four years ago when, for the first time ever, I voted for a Democrat for president. When I was a much younger man, I had the great honor of serving as Principal Deputy Assistant Secretary of the Army under Ronald Reagan. You know, Ronald Reagan was a conservative right down to his core. But the man was also an idealist. He was an optimist. And those are two qualities I see none of in the current occupant of that office."

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A whopping 14 percent of new US COVID-19 cases are coming from Texas

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With the daily number of new coronavirus infections in Texas now exceeding that of most other states, experts say Texas has become a hot spot of the global pandemic and that more aggressive measures are needed to slow the virus’ spread.

Texas’ new confirmed cases of the coronavirus now make up around 14% of the U.S. total — measured by a seven-day average — a significantly higher proportion than its 9% share of the nation’s population. Since July 1, the U.S. has reported 358,027 new infections. Of those, 50,599 were in Texas.

On Tuesday, the Texas Department of State Health Services reported more than 10,000 new cases — representing nearly 20% of the nation’s new cases for the day. It could be a “catch-up” from the July 4 holiday, DSHS spokesman Chris Van Deusen said, noting that numbers reported Sunday and Monday were lower.

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Devastating new ad uses Ronald Reagan’s words against Trump to stunning effect

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The Lincoln Project is not the only right-wing group that has been creating attack ads slamming President Donald Trump. Another is Republican Voters Against Trump, which uses the words of President Ronald Reagan in its latest video to illustrate Trump’s failures as president.

In the ad — which lasts one minute and 40 seconds — RVAT contrast Reagan’s words with images of the U.S. during the Trump era. The message is not subtle: Under Trump, the United States is a long way from Reagan’s vision for the country.

The ad isn’t aimed at liberals and progressives, many of whom would argue that Reagan’s economic policies were bad for the American working class during the 1980s. It asks Republicans: “Has your party left you?”

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