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President Trump’s town-hall discussion on ABC last night produced the usual blizzard of lies, but one of the lies was especially interesting. At one point, George Stephanopoulos asked Trump about the “K-shaped recovery,” a phrase analysts have used to describe the divergent prospects of the affluent and the working class. Stephanopoulos suggested that Trump’s constant citing of stock-market gains has no bearing on the living standards of most Americans. Trump insisted, to the contrary, that basically everybody owns stocks.

Trump’s answer is worth reading in full, in part because he was so adamant:

George, stocks are owned by everybody. You know, they talk about the stock market is so good, that’s

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