FIRST AIRED: July 2, 2019

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
the US economy is now in its longest uninterrupted expansion ever ten years of nonstop growth emerging from the rubble of the worst financial crisis since the Great Depression but during this recovery something unexpected happened some of those hardest hit during the financial crisis or even worse off than they were ten years ago while the rich got richer and the big got bigger Reuters correspondent Trevor honey cut points to a recent record real estate deal so we're standing in front of the most expensive home in the United States of America it's a penthouse at the top of this apartment building overlooking Central Park here in Manhattan and hedge fund boss can Griffin bought it for two hundred and thirty eight million dollars and what that shows this is how much this sick this ten year expansion that's ten years without a recession in the United States has done for the extremely wealthy this may be the address with the biggest price tag but another building finished during the recovery is historic for a different reason soaring just about fourteen hundred feet into the sky line four hundred thirty two Park Avenue is the tallest residential building in the western hemisphere and it's not just the size and price of real estate that's gone up the investor class has done quite well despite a few hiccups along the way during this record long economic expansion the value of the stock market as represented by the S. and P. five hundred has more than tripled so what's the value of the stock market now it's worth around twenty six trillion dollars a lot of that search coming from tech heavy hitters that have gained even more clout in the past ten years Amazon apple and Microsoft each made history by becoming the first U. S. companies to ever top one trillion dollars in stock market value but the gap between the haves and have nots has only gotten worse squeezing more out of the lower and middle , laughs forty million Americans are now receiving food stamps up from twenty eight million ten years ago despite this decade long economic rebound a recent fed survey of household finances found large numbers of Americans still struggle to pay their monthly bills and in California the country's most populous state homelessness has search with a record number of deaths in LA county tent cities have taken over sidewalks and parks at last official count there were one hundred and thirty thousand homeless citizens across the state and there's little relief in sight on the home front according to property data provider atom U. S. housing affordability over the past year has dropped to Los not seen since the financial crisis