John Deaton takes aim at Elizabeth Warren over rising income inequality on his watch

John Deaton and US Senator Elizabeth Warren We probably don’t agree on muchbut both had insight into the fate of the seemingly vanished middle class.

Deaton, for a while press conference Only one had a plan to fix the problem, while the other was simply spreading “misinformation” and blaming the companies, he said at a meeting in front of the Massachusetts State House on Thursday.

“You. Warren has no idea how to close the wealth gap. Deaton said that number has increased every year he has been in office.

Deaton said Warren’s approach to combating income inequality is “fundamentally flawed” and that she “confuses fighting against things with fighting for things.”

“You can spend all day fighting against the rich and the wealthy, which is not the same as fighting for the poor and the middle class,” Deaton said.

Deaton said the senator focuses too much on tax policy but that “has nothing to do with the wealth gap in this country.”

“The people who have done good work in this country over the last 20 years are the people who are abusive,” Deaton said alongside his supporters.

In a one-on-one conversation with the Herald following the press conference, Deaton explained that the only way to fix the income inequality facing American households is to allow outsiders to get in on the game rather than taking from those already in the game. scoreboard.

“The only people who have done well over the last twenty years are people who own things – they own stocks, real estate, gold, bitcoin, whatever – we need to ensure that low-wage workers have access to those assets. “We must ensure that poor people have access to these significant assets,” he said.

He said taxing billionaires will not make a poor person rich.

“If Elon Musk pays $5 billion more in taxes, that money won’t go into poor people’s pockets,” Deaton told the Herald. “This money goes to Ukraine, Taiwan or feeding immigrants.”

A better policy, he said, would be to help these families invest in themselves. Deaton, for example, suggested expanding rent-to-own programs for state residents and emphasized the need for strong financial education.

He said putting more investment in the hands of the lowest-wage earners would not only help them enter the middle class, but would also help the economy grow.

“Two-thirds of our economy consists of consumer spending. “The ultimate goal is to put more money in consumers’ pockets,” he said.

Deaton said income inequality cannot be solved by printing more cash. He said the level of currency currently in circulation increases the value of all assets and makes it harder for people to find upward mobility.

Deaton said that in the last three decades alone, the amount of cash circulating in the financial world has increased. more than four timesand every time there is a new crisis the government adds more to the pot.

This may work for stability in the short term and increase the value of assets already owned by those who own them, but it does nothing to help the poor when the value of a home increases by over $200,000. Although it hasn’t changed in any meaningful way, Deaton said.