Donald Trump is portrayed as a "populist" committed to average working-class people, but his policies benefit wealthy elites at the expense of everyone else. His administration includes 13 billionaires -- including Elon Musk, the world's richest oligarch -- and he is cutting taxes on the rich and corporations while imposing a consumption tax on the poor through tariffs. Ben Norton explains how Trump is waging a class war.

VIDEO with charts here: https://www.youtube.com/watch?v=eL8cg-wWBO8

Check out our related video on JD Vance's speech on reindustrializing the US: https://www.youtube.com/watch?v=ywmpea6vvOE

Why Donald Trump won the US election: https://geopoliticaleconomy.com/2024/11/08/donald-trump-us-election-kamala-harris-economy/

Topics

0:00 Intro

0:09 (CLIP) Trump at McDonald's

0:33 Billionaires in Trump admin

1:36 Big Tech oligarchs

2:36 Corruption and bribery

3:17 Trump meme coin

4:20 Tax cuts for the rich

5:20 Tariffs are a tax

6:45 Trump's tax law benefited rich

8:25 Billionaires avoid taxes

10:01 Historical tax rates

11:44 Corporate tax rate

12:50 Progressive taxation

15:02 Why Trump won: inflation

16:43 Election turnout

18:02 Trump's low approval rating

20:20 Why people are angry

21:03 (CLIP) Obama on Wall Street

21:19 BlackRock CEO

21:48 Elon Musk

22:12 (CLIP) Trump on Tesla

22:21 US economy relies on rich

24:05 Unemployment rate is misleading

25:36 Stagnant real wages

29:34 Inflation is sticky

30:31 No more cheap goods

31:14 Scott Bessent & George Soros

33:25 (CLIP) Scott Bessent on American Dream

33:40 Cheap goods & China

36:51 Tariffs & reindustrialization

38:22 Myth of American Dream

40:07 US life expectancy is falling

41:17 Scapegoating

43:37 Recession warnings

45:01 Housing

47:02 Elon Musk buys White House position

47:35 Blackstone CEO Stephen Schwarzman

48:34 Trump's fake "populism"

49:22 Hopeful examples

50:15 Mexico: AMLO

51:43 Mexico: Claudia Sheinbaum

53:11 Learning from Mexico

54:50 China's poverty reduction

57:54 US oligarchy

58:37 Outro