Public Confidence in Economic Mobility Declines Amid Policy Shifts

A recent Wall Street Journal–NORC poll reveals that only 25% of Americans believe they have a good chance of improving their standard of living, with nearly 70% expressing skepticism about the attainability of upward mobility through hard work. This marks the lowest confidence level since such surveys began in 1987.

In contrast, the number of American billionaires has risen from 927 in 2020 to 1,135 in 2024, collectively amassing approximately $5.7 trillion. The top 100 individuals control more than half of this wealth, totaling about $3.86 trillion.

Consumer confidence is also declining, particularly among middle-income earners making between $53,000 and $161,000 annually. John Leer, chief economist at Morning Consult, noted, "There was a period of time, briefly, where the middle-income consumer looked like they were being dragged up by all that was going well in the world. Then things fell off a cliff."

Billionaire Ray Dalio, founder of Bridgewater Associates, warned that the current U.S. economic situation resembles the 1930s and 1940s, highlighting the emergence of "strong autocratic leadership that sprang out of the desire to take control of the financial and economic situation."

President Donald Trump's 2017 tax cuts primarily benefited the wealthy and corporations, deviating from his initial promises to support those left behind in the economy. His 2024 campaign criticized Democrat Joe Biden's handling of inflation, despite the U.S. managing post-pandemic inflation better than other developed economies. However, Trump's tariffs and deportations have contributed to rising inflation, and the "One Big Beautiful Bill Act" has led to spending cuts affecting healthcare and rural hospitals.

The "One Big Beautiful Bill Act" is unpopular, with about two-thirds of Americans opposing it. White House press secretary Karoline Leavitt, Trump pollster Tony Fabrizio, and political director James Blair have advised Republican congress members to rebrand the law as the "Working Families Tax Cut Act" to improve public perception.

The Center on Budget and Policy Priorities reports that under the law, families earning less than $50,000 annually would receive under $300 in tax cuts by 2027 while losing access to Medicaid and food assistance. Conversely, filers earning over $1 million would receive approximately $90,000 in tax breaks. The Congressional Budget Office estimates that the bottom 10% of earners will lose about $1,200 annually.

The Trump family has benefited financially, with the launch of their WLFI cryptocurrency netting about $5 billion on paper. Eric Trump also launched American Bitcoin, a cryptocurrency mining company, and is now worth at least $3.2 billion.

President Trump continues to assert the need for authoritarian powers to restore prosperity. After a court deemed his use of the International Emergency Economic Powers Act for tariffs illegal, he stated, "If you took away tariffs, we could end up being a third-world country." He plans to appeal to the Supreme Court.

If the appeal fails, the U.S. may have to refund over $210 billion to businesses that paid the tariffs. Wall Street firms, including Cantor Fitzgerald, have been acquiring rights to collect these refunds if the tariffs are overturned.

The administration announced the destruction of a boat in international waters in the Caribbean, alleging it was transporting illegal drugs from Venezuela. Secretary of State Marco Rubio stated the boat posed an "immediate threat to the United States," justifying its destruction. Legal analysts have questioned the legality of this action under international law.

Trump has also indicated plans to deploy federal forces to Chicago, stating, "we're going in," though specifics were not provided. Illinois Governor J.B. Pritzker rejected the notion that the president could unilaterally send troops, prompting Trump to suggest Pritzker should request assistance. Pritzker responded, "When did we become a country where it's OK for the U.S. president to insist on national television that a state should call him to beg for anything—especially something we don't want?"

A Reuters/Ipsos poll indicates that only 38% of Americans approve of Trump's deployment of troops in Washington, D.C.

Survivors of sexual assault associated with Jeffrey Epstein and Ghislaine Maxwell held a press conference outside the U.S. Capitol, demanding justice and accountability. Survivor Jess Michaels stated, "We are not the footnotes in some infamous predator's tabloid article. We are the experts and the subjects of this story. We are the proof that fear did not break us."