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to register for our blog and join the Progressive Army. Today is Friday, June 26, 2020. Thanks so much for joining me. Consumer spending is up 8.2% in May.

The Stat. up 8.2% in May. The stat, however, is pretty meaningless when you juxtapose it to

everything that's going on around us. And the fact that that spending is up only because of the stimulus, the Cares Act, the money

that was provided to individuals in response to COVID-19.

I'm starting there today because

the most important thing that I probably

will say in this entire episode is really simple and it's

not bombastic and it's not it doesn't require me raising my voice at all.

Everyone knows the hidden secret of our economy is to put money into the hands of the consumers

consumers spend you put money into the hands of the working class and the middle class what

do we do with that money we spend it and this economy is

well actually 75% consumer-based and so when you put money into the hands of

workers we spend it when you put money into the hands of workers. We spend it. When you put money into the hands of corporations

and billionaires, they hoarded. That money is not being reinvested the excuse that

was made for many years, the justification that was made many years for giving

money to corporations and to millionaires and billionaires is that they would

turn around and invest it. And we've seen since the recession of 2007, 2008, that is not the case.

Corporations are sitting on trillions of dollars.

Billionaires are sitting on billions upon billions of dollars. and those dollars are not being invested.

And without that investment, that money is simply being hoarded, and it's being used to create

...