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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.

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“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.”

You can read more here.

 

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Trump has figured out how to get taxpayers to renovate one of his golf courses: MSNBC panel

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President Donald Trump has figured out how to have taxpayers pay to renovate his Trump National Doral Miami golf course, according to an analysis by MSNBC's Stephanie Ruhle.

"Before setting himself on fire on Ukraine yesterday, Mick Mulvaney came into the White House briefing room to break to the nation the fact the that the Trump Doral golf resort turns out to be -- in his estimation, organically, just sitting there -- the best possible place to have a G-7 Summit of world leaders," MSNBC's Brian Williams reported. "That was provision number one. There’s no better place that we can find. Number two was, the president will not profit from said G-7."

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Bill Maher reveals plan to ‘bribe’ Trump with one billion dollars — for him to leave office

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The Constitution has two mechanisms to remove President Donald Trump from office prior to his term ending on January 20, 2021: impeachment and the 25th Amendment.

HBO "Real Time" host Bill Maher noted that Trump could also choose to resign.

Maher waved around a $1 million check that he said he would give to Trump to quit.

He said he also knew 1,000 people who would do the same -- which would land Trump over $1 billion.

Maher said even poor people would pawn their wedding rings to add to the pot.

Watch:

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Trump can’t fire Mulvaney because nobody else wants to be his chief of staff: report

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White House Chief of Staff Mick Mulvaney will likely stay on at the White House despite his public confession of a quid pro quo in the Ukraine scandal at the center of the impeachment inquiry, The New York Times reported Friday.

"But Mr. Mulvaney’s job has been anything but normal since the news conference on Thursday at which he seemingly undermined the Trump administration’s strategy for avoiding impeachment by acknowledging that Mr. Trump had sought a quid pro quo for providing Ukraine with American aid," the newspaper reported. "In the chaotic aftermath, the president’s Republican allies are questioning Mr. Mulvaney’s savvy and intelligence even as the Trump campaign is defiantly turning one of his lines from the news conference into a T-shirt."

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