Polling consistently shows the economy to be President Trump's strongest issue, and he defended his record in an ABC News town hall in Pennsylvania on Tuesday night.
Many economists look at the economy since COVID-19 hit and see a K-shaped recovery — where "the people at the top who have a lot of stocks are doing pretty well" while everyone else is sliding downward, as moderator George Stephanopoulos put it. Trump is more bullish. "It looks like it's going to be a super V," he told an uncommitted voter who had asked him about acting more "presidential." "We're going to have a great economy next year."
"George, stocks are owned by everybody" -- pressed on the fact that only half the jobs lost during the pandemic have come back, Trump quickly pivots to hyping the Dow pic.twitter.com/MagPCMBHqp
— Aaron Rupar (@atrupar) September 16, 2020
The stock markets have recovered and even reached new highs, driven by tech companies, but half the 22.2 million workers who lost their jobs in the pandemic are still out of work. When Stephanopoulos pointed that out, Trump said: "George, stocks are owned by everybody. You know, they talk about the stock market is so good, that's 401(k)s. ... You have people that aren't wealthy but have done well because of the stock market."
About 55 percent of U.S. adults own stocks, either in individual companies or mutual or index funds, Gallup reported in June. And the richest 1 percent of Americans own more than half the stock owned by U.S. households, the Financial Times found. New York's Jonathan Chait gave Trump the benefit of the doubt.
Trump answers k-shaped recovery question by saying everybody owns stocks. I wonder if he believes that -- my guess is, as a Fox News/Fox Business channel viewer who talks exclusively to rich guys, he does.
— Jonathan Chait (@jonathanchait) September 16, 2020
Trump also suggested incorrectly that America's 50-year growth in income inequality peaked under his predecessor.
TRUMP: If you look under Obama and Biden, the income inequality was phenomenal
STEPHANOPOULOS:: It's getting worse now
TRUMP: Well, we're talking about a plague coming in pic.twitter.com/B94G0CoR77
— Aaron Rupar (@atrupar) September 16, 2020
Inequality was still growing in the U.S., Pew noted in pre-pandemic February.
In fact, the super-wealthy have done very well during the pandemic — U.S. billionaires increased their collective wealth by $685 billion as of early August, according to one analysis. Watch Mother Jones try to put that in perspective. Peter Weber
President Trump gave approval Saturday for a deal in which China's ByteDance would partner with Oracle and Walmart to create a U.S. TikTok spinoff that would satisfy his security demands. ByteDance said Monday it wanted to clarify some "groundless rumors" about the deal, asserting that the Beijing company would control 80 percent of a wholly owned subsidiary, TikTok Global, after a public offering. Oracle would own a 12.5 percent stake and Walmart the other 7.5 percent.
U.S. backers of the deal argue that because U.S. investors own 41 percent of ByteDance, the 20 percent owned by Walmart and Oracle would give U.S. investors and companies a majority stake in the TikTok Global. Oracle and Walmart also said Americans would hold four of the five seats on the board of directors. ByteDance said Monday that one seat would go to Walmart CEO Doug McMillon but the other four would stay with current directors, including ByteDance founder Zhang Yiming.
Another "rumor" ByteDance sought to shoot down was Trump's assertion that the Chinese company would pay the U.S. $5 billion to create an education fund to teach American children "the real history of our country." ByteDance said the $5 billion figure was just an estimate of federal taxes it would pay over several years if its new subsidiary proved successful. Trump has said he wanted the buyers to pay the White House "key money" for facilitating the deal, but White House lawyers said that would violate the law.
ByteDance also said it will retain full control of TikTok's prized algorithms and source code, and Oracle can review the code for security threats but only in controlled locations. Trump's Aughst executive order giving ByteDance 90 days to sell to a U.S. company cited concerns that the personal data of Americans could be passed on to China's government. A senior Trump campaign official tells The Wall Street Journal that TikTok's Washington lobbyists had argued to Trump's campaign that banning a social media juggernaut with 100 million users, "including many who are of voting age and live in battleground states such as Florida," would be bad politics. Peter Weber
She's been running since age 9 and competed in Division I track and cross-country, but Sister Stephanie Baliga had never before experienced a marathon like this one.
When the Chicago Marathon was canceled due to the coronavirus pandemic, the 32-year-old nun decided she would still run the 26.2 miles, only it would be inside, on a treadmill in the basement of her church, the Mission of Our Lady of the Angels. Baliga spread the word that this solo marathon was going to be a fundraiser for the church's food bank, and a friend told her she should livestream the run so people could support her from afar.
At 4 a.m. on Aug. 23, Baliga started a Zoom call, and immediately, family, friends, and clergy members were cheering her on. Baliga told The Associated Press it "seems to have allowed people to have some encouragement and happiness and joy in this time of extreme difficulty for lots of people. I'm really humbled by the extraordinary support that so many people have shown me along this journey."
The last 30 minutes were rough, Baliga said, but a surprise appearance by her childhood hero, Olympic marathon runner and 2004 bronze medalist Deena Kastor, "distracted me from the pain." Baliga finished the treadmill marathon in three hours and 33 minutes, and raised more than $130,000 for the food bank. Catherine Garcia
Forecasters expect the slow-moving Tropical Storm Beta to make landfall in Texas on Monday afternoon or evening.
As of late Sunday night, Beta was about 120 miles south of Galveston, moving west-northwest at 6 mph with winds clocking in at 60 mph. The storm is expected to hit southeast Texas, where it will hover for about 24 hours as it drops torrential rain, ABC News reports. Beta will weaken over the course of the week, and will likely enter the Mississippi Valley by Friday.
There are flash flood watches in effect for parts of Texas and Louisiana, and when the storm first hits, forecasters warn there could be storm surge of up to four feet. Catherine Garcia
During several of his interviews with author Bob Woodward, President Trump proudly mentioned judicial appointments and how he and Senate Majority Leader Mitch McConnell (R-Ky.) have "broken every record," The Washington Post reports.
The Post obtained audio recordings of their conversations, and Woodward also writes about the topic in his new book, Rage. During an interview last December, Trump told Woodward, "You know what Mitch's biggest thing is in the whole world? His judges." McConnell, he continued, "will absolutely ask me, 'Please, let's get the judge approved instead of 10 ambassadors.'"
The Post notes that Trump would often get the numbers wrong, telling Woodward in March he signed his 220th judge and thought by the end of his first term he might be at "260, 270, maybe even 280, maybe even 300." As of this week, the Senate has confirmed 216 of his judges. In January, Trump boasted that "the only one that has a better percentage is George Washington, because he appointed 100 percent. But my percentage is, you know, like, ridiculous."
In May, Trump said the more than 100 court vacancies left by former President Barack Obama were "golden nuggets," not mentioning that those were open because McConnell made sure to block and delay Obama's nominees. Woodward quipped to Trump that "maybe they'll put a statue of you outside the Supreme Court," a suggestion that thrilled the president. "Oh, what a good idea," he responded. "I think I'll have it erected tomorrow. What a great idea. I think I'll use it. I won't say it came from me." Read more at The Washington Post. Catherine Garcia