Gavin Newsom: “10% of people own two thirds the wealth.”

“We're not talking about people's lived experience. And we miss that. And with Atrioc, it kept bringing that back. That systemically, for decades, this economy has not been working. 10% of people own two thirds the wealth. Half the consumer spending is that top 10%. This thing, the Meg's, the whole. The stock market is seven damn stocks, maybe ten. But Primarily seven, mostly in California.” (19:44–19:47)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.