U.S. Economic Growth Relies on Rich Americans More Than Ever

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 24 February 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Feb. 24. While many Americans pulled back their spending due to inflation, the top 10% of earners increased theirs. WSJ reporter Rachel Louise Ensign explains the impact that has on the broader economy. Plus, the Trump administration proposes a plan that would charge millions of dollars in port fees to Chinese shipping companies and Chinese-built vessels. We hear from WSJ senior reporter Costas Paris about the proposal’s impact, if enacted. And why are NFL teams having trouble finding a new quality quarterback? Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Americans love using their credit cards, the most secure and hassle-free way to pay.
0:04.0	But DC politicians want to change that with the Durban Marshall Credit Card Bill.
0:08.0	This bill lets corporate megastores pick how your credit card is processed,
0:13.0	allowing them to use untested payment networks that jeopardize your data security and rewards.
0:18.0	Corporate megastores will make more money and you pay the price.
0:22.1	Tell Congress to guard your card because Americans lose when politicians choose. Learn more at
0:28.1	guard your card.com.
0:33.5	President Trump says he's working on an economic development deal with Russia.
0:38.2	Plus, the U.S. is proposing huge port fees on Chinese shipping companies and Chinese-built vessels.
0:44.5	And the American economy depends more than ever on rich people.
0:48.9	While everyone else is kind of feeling pretty pinched with prices up so much,
0:54.2	affluent people are in a really different situation
0:56.5	because they look at the value of their homes,
0:59.0	their stock portfolios, and they're up like 45%.
1:03.0	It's Monday, February 24th.
1:05.4	I'm Alex Oscella for the Wall Street Journal.
1:07.7	This is the PM edition of What's News,
1:09.9	the top headlines and business
1:11.2	stories that move the world today.
1:18.6	President Trump has said he was in talks with Russian President Vladimir Putin about an
1:23.5	economic development deal. It's the latest sign of thawing of relations between the two countries.
1:29.3	After Russia invaded Ukraine in February 2022, the U.S. has sought to isolate Moscow through sanctions
	...

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