In 2024, the support for the former President Donald Trump ascended among voters without college degrees, increasing from approximately 50% in 2020 to a marked 56%. This statistic represents over 50 million working-class citizens who displayed their confidence in Trump’s leadership. Their votes were crucial in shaping the electoral victory.
Ignoring the recurring narrative that tags Trump as a president essentially for the wealthy elites, one can’t overlook the extraordinary capacity Trump exhibited to fundamentally redefine the American economy. His vision targeted creating a more balanced economic outlook between markets and labor power, proving a refreshing yet overdue alteration.
Trump was well-known for representing the interests of the workers over the interest of those who outsources jobs. As the president, he championed the common man, prioritizing Main Street over Wall Street, much to the dissatisfaction of those entrenched in the financial sector. His tariff announcement bore testament to this proclamation.
The Treasury Secretary, Scott Bessent, reinforced Trump’s objective, clearly stating, ‘It’s Main Street’s turn—to hire, to invest, and to restore the American Dream.’ The target market for this agenda, the working class, felt a resonance with the sentiment and began to usher in a political shift in the country.
The change was so impactful that entities like the United Auto Workers, despite endorsing Kamala Harris, publicly expressed their elation at an administration taking steps to rectify unjust trade laws. These laws had wreaked havoc on the working class for decades, leading to socio-economic disruption across multiple communities in almost every state.
Since the dawn of free trade conventional wisdom, both parties have neglected some harsh realities. The rapid influx of imports did reap benefits, but also contributed to a dangerous decline in secure employment. Those affected by this trend had been waiting for a leader to address their issues.
For those of us who value the welfare of workers and acknowledge that economic expansion since the 80s has often been at their expense, the urgency of confronting deindustrialization and stagnation of the working class is all too clear. The effects of prolonged neoliberalism are obvious in communities that are alienated from prosperity and often overlooked by influential institutions.
The plight of the working class, largely due to decades of globalization and capital market growth that failed to reach a large portion of the American populace, has long been a focal point. Understanding the need for a more diversified and inclusive economy, companies like Bank of America and PayPal have started taking steps towards fair wage systems and financial security for employees.
Such prescient businesses understand that sharing gains fairly is as necessary for market functionality as it is for promoting morally inclusive economic growth. Trump’s brave tariff agenda was a noticeable break away from the existing practices. However, the tariffs alone are not a magic wand that can revive America’s working class – they must be supported by a suite of pro-growth, pro-worker policies.
To truly demonstrate his commitment to the working class, there are several policy changes that could be recommended for Trump’s strategy. For starters, an effort must be made to stop taxing the lowest paid workers. The current system, where tax collection starts from an annual income of just $21,900 for a head of household, is a contradiction, considering the national poverty level for a family of four is set at $32,150.
A logical and compassionate policy would require the Trump Administration to create legislation that ensures a zero federal tax rate for families earning less than the federal poverty level. Such an approach would reduce the reliance on various federal credits, as people will be able to retain more of their hard-earned income.
Next, emphasis needs to be placed on equipping American workers with relevant skills to navigate the impacts of globalization and automation. Engagement with education, retraining, and apprenticeships is key here. It would be beneficial to explore portable training accounts that follow a worker throughout their career, lending stability in our rapidly changing economy.
Additionally, real consideration should be given to reforming regulations around Employee Stock Ownership Plans (ESOPs), thus making ownership more accessible for employees across the board. This model provides wider opportunities for workers to hold shares not only in private firms but also in public companies.
In a world increasingly driven by data and AI, worker-centric AI could be another strategic focus. Fields like agriculture, food processing, nursing, and software development offer immense opportunities. A well-thought-out national AI strategy should be adopted to ensure that no worker gets left behind in the rapidly morphing digital age.
These recommendations offer a blueprint for restoring the American Dream. With bold and swift action, the administration, in collaboration with its business allies, could reshape our economic model to benefit every hard-working individual. The reallocation of economic prosperity to those who contribute directly and most visibly to its creation is in line with the economic philosophy of Donald Trump.