In rallies and countless tweets, President Donald Trump claims to be restoring the American working class. But what does his record show?
, Newsweek Columnist and chancellor’s professor of public policy at the University of California, BerkeleyFor a century, the GOP has been bankrolled by big business and Wall Street. President Donald Trump wants to keep the money rolling in. His signature tax cut, now two years old, has helped U.S. corporations score record profits and the stock market reach all-time highs.
Most incumbent Republicans and GOP candidates are mimicking Trump's economic nationalism. As Stephen Bannon boasted recently,"We've turned the Republican Party into a working-class party." Yet almost nothing has trickled down to ordinary workers. Corporations have used most of their tax savings to buy back their shares, giving the stock market a sugar high. The typical American household remainsTrump's giant tax cut has also caused the federal budget deficit to balloon. Even as pretax corporate profits have reached record highs, corporate tax revenues have dropped about a third under projected levels.
Trump probably figures he can cover up this massive redistribution from the working class to the corporate elite by pushing the same economic nationalism, tinged with xenophobia and racism, he used in 2016. As Bannon has noted, the formula seems to have worked for Britain's Conservative Party. President Donald Trump speaks during a Keep America Great rally on July 17 in Greenville, North Carolina.The trade wars have also harmed rural America, which also went for Trump, by reducing demand for American farm produce. Last year, China bought around $8.6 billion of farm goods, down from $20 billion in 2016.
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