The rise of populist politics in the U.S. has coincided with a massive shift in the level of wealth held by average Americans compared to the elite.
The level of wealth held by the bottom half of Americans in 2019 totaled $1.5 trillion less in liquid net worth compared to 30 years earlier when factoring in the amount of consumer debt that is being held, while the total wealth of the top 10% has remained largely unchanged, according to calculations done by Oren Cass, executive director of American Compass. The decline in wealth for Americans has coincided with a populist political shift in the U.S., led largely by former President Donald Trump. (RELATED: American-Born Workers Are Getting Killed In Biden’s Economy. Here’s Why)
Professors from Georgetown University identified in 2021 that long-term trends toward populism are being fueled across the world by globalization,…
