Gavin Newsom: “American wages have stood still and the costs cross the…”

“A 30 year old for the first time in American history is not doing better than his or her parents. That's a five alarm fire. American wages have stood still and the costs cross the spectrum. Cost of living have skyrocketed. The system is fundamentally broken. The federal tax code, the corporate tax code and the inheritance tax code seem to be written for a different set of Americans.” (00:20–00:28)

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.