A clear consensus has emerged that the economy was the key factor behind Trump’s stunning victory. However, that may not be a very accurate description about what led a disaffected electorate wanting to see Trump back in the White House as the U.S. economy had been in a rather good shape from the second quarter of 2022 to the third quarter of 2024 and was in fact outperforming all other advanced economies by a wide margin. Indeed, surveys had consistently shown that the majority of voters had negative views on the economy at large, thus revealing a disconnect between economic numbers and public sentiment. Unemployment was the lowest it had been in decades, consumer spending was up, and inflation had cooled off. Yet voters still thought the economy was trash.
The U.S economic system does stink, no matter what the numbers show, and the political system is totally dysfunctional, which explains why so many voters were not fazed by Democrats’ core message that Trump posed a threat to democracy. They were probably wondering where democracy was to be found when economic elites run the show. Forty-five years of neoliberal economics have exacerbated capitalism’s inherent tendencies toward economic inequality, created a permanent state of economic insecurity, and led to the rise of an oligarchy.
It is the disastrous socio-economic and political consequences of neoliberalism that produce feelings of neglect, powerlessness and anger and lead voters in turn to cast their ballots for demagogues like Donald Trump...
The United States is the most unequal society in the developed world. The rich are growing richer with every passing year while the middle class shrinks, and the poor are left to their own fate for survival. Massive social inequalities and economic disparities destroy trust and confidence in government and leave people thinking that the future is unavoidably grim. This is the primary reason for the rise of ethno-nationalism and authoritarian populism in the developed world, including of course Trumpism in the United States. It is the disastrous socio-economic and political consequences of neoliberalism that produce feelings of neglect, powerlessness and anger and lead voters in turn to cast their ballots for demagogues like Donald Trump who promise a return to a golden era.
The irony is that while Trump is an authoritarian bully who wishes to use the iron fist of the state to rollback immigration and crush social agendas and even those who oppose him, his economic views are overall staunchly pro-market and outrageously neoliberal. In that regard, there is nothing fascistic about Trump when it comes to the economy. Statism lies at the heart of fascist ideology. The state is the all-powerful entity for fascists. The question of state-controlled planning of the economy is of paramount importance to fascism. For fascists, the state should not control all the means of production, as is the case with traditional socialism, but should dominate them.
The irony is that while Trump is an authoritarian bully who wishes to use the iron fist of the state to rollback immigration and crush social agendas and even those who oppose him, his economic views are overall staunchly pro-market and outrageously neoliberal.
Trump’s proposals for the economy are seen as a mixed bag. That’s because while he has proclaimed himself a champion for deregulation, he is in favor of protectionist trade policies. But Trump’s trade policy should not fool people that he is not a neoliberal. With protectionist trade policies, Trump, as with the way he runs his own business, only sees the short-term advantages in economic policy. Moreover, protectionist trade policy does not depart from neoliberalism. As has been acutely pointed out by British political economist Tom Wraight, Trump simply uses “the coercive power of the state to force other nations to conform to market-based economic logic.”
Trump has promised an anti-regulation blitz from Day One upon his return to the White House on virtually all aspects of the economy, including environmental and public health regulations. After spending months lying to voters about his knowledge of Project 2025, Trump has picked scores of people who worked on this ultra-reactionary policy manifesto for top posts in his administration. The Heritage Foundation’s Project 2025 agenda for the economy, if fully implemented, would create a far more unequal and harsher society as it entails policies that will lead to massive cuts on all social programs, including Medicaid, the Children’s Health Insurance Program and food assistance, and calls for massive disinvestment in public services and a host of new tax cuts for wealthy households and corporations.
Project 2025 is the ultra-right wing game plan for the full completion of the neoliberal economic vision and political nightmare that started nearly half a century ago. It will produce far greater social dislocation and greater economic anxiety than any other time since the onset of the neoliberal counterrevolution. Most of those who voted for Trump on the basis of their perceptions about the direction of the economy and their belief that the country is on the wrong track will be deeply disturbed by the new economic and social realities that will emerge in the United States during the second Trump reign and will hopefully rethink their support for Trumpism. The problem is that the Democratic Party is either incapable or unwilling to offer citizens a new vision for the United States, one that will end the rule of oligarchy, restore democracy, and put people and the planet above profit.
Here are some policies that should be included in a socio-economic agenda for the specific needs of the people in the twentieth-first century United States of America:
1. Implementing Universal Health Coverage (UHC). That is, a publicly administered system that guarantees that all people have access to........