Donald Trump campaigned on the pledge to “Make America Great Again,” but he never did specify exactly who he wanted to make the country great for.
After a year in office, we can deduce from his actions that Mr. Trump was really only concerned about helping his greedy billionaire peers.
A year of Trump’s rule has done little for the well-being of working-class families. Meanwhile, the gap between the rich and poor has reached record-highs and are on track to continue to skyrocket.
Benefits for the Wealthy
The Trump era has seen stock market indices reaching new highs seemingly every month. Wall Street investors have been buoyed by excitement over the massive tax cut Congress delivered to the wealthiest households and most profitable corporations in December. Unfortunately, almost all of this increase in value in the stock market has gone to the top. The top 10% of households alone own more than 90% of all corporate stock.
In other words, the huge jump in stock prices that Mr. Trump tweets about regularly benefited nearly exclusively already wealthy people, not poor people looking to build their wealth.
And that tax bill that Mr. Trump was so proud to unveil? Four out of five of the tax cut dollars went to the top 1% of households. While low-income people will see a small uptick in their paychecks in the short term, those cuts expire in a few years while the breaks for the rich are permanent. Don’t get it twisted, the Trump tax cuts will likely go down as the biggest money grab in modern history – by the wealthy, for the wealthy.
It’s safe to say the Trump tenure has been boom times for those at the top. For the rest of the country, economic opportunity looks bleak.