Mariana Mazzucato
In many ways, Donald Trump’s election to a second term as U.S. president is a story of economic dissatisfaction. For the first time in decades, the Democratic candidate received more support from the richest Americans than from the poorest. In 2020, most voters from households earning less than $50,000 a year opted for the Democrat, Joe Biden; in 2024, they favored the Republican, Trump. Those making more than $100,000 a year, meanwhile, were more likely to vote for Kamala Harris than for Trump. Declining support for the Democratic Party among working-class voters reflects a deep disenchantment with an economic system that, under administrations led by presidents of both parties, has concentrated wealth at the very top, enabled the growth of the financial sector at the expense of the rest of the economy, trapped people in cycles of debt, and deprioritized the well-being of millions of Americans.
Although his promises of economic relief tapped into a real problem, Trump is offering the wrong solutions. The policies he supports will not meaningfully change the unpopular economic model that produced the wave of anger he rode to victory. Instead, his proposed tariffs are likely to increase the cost of living and deliver few benefits for the American working class. If his administration goes through with its plans to dramatically reduce the size of the public sector, the U.S. government will lose much of its ability to deliver on big projects for years to come. And his mercantilist policies could both incite economic instability abroad and shrink the United States’ capacity for economic leadership.
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