Rationalizing the negative impact of President Trump’s tariffs on the stock market, Treasury secretary Scott Bessent has said that stocks are essentially a rich person thing, that they’re 88 percent owned by the top 10 percent of U.S. earners. That’s true, and that’s the point.
Bessent’s protest is a sign that he’s aware of who creates all the businesses and jobs. There are no businesses and no jobs without investment first, and it’s the well-to-do and rich most notably who possess the wealth to invest.
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