A New Gilded Age: The American Project is in Peril
And neither Republicans nor Democrats seem to Care
Image Credit: New York Times
“Tolerance is conjugated like an irregular verb: I am outraged, you are sensitive, he is dogmatic.” - Irene Vallejo, Papyrus
Introduction
Democracy and liberty have long been the defining characteristics of America. Predating independence, the American continent welcomed immigrants seeking to create an idealized society—a society built to escape 17th-century European poverty and rigid hierarchy. Puritans, Quakers, and others aspired to develop a land free from religious persecution, fortified by democratic institutions, and promising renewed prosperity.
Four hundred years on, coming off of political assassinations, kidnappings, and insurrections, we risk losing sight of these core principles. We are moving farther and farther away from being a land free of ideological persecution, a haven for liberal democracy, and a land full of economic opportunity, as we come to resemble the Britain the pilgrims first fled. The American dream is in peril.
Trump, Inequality & the Allure of Socialism
Income inequality is worse than it was during the Gilded Age. At over 30%, the one-percenters control more of the nation’s wealth than ever before.1 While tech executives and other elites purchase luxury yachts, throw extravagant weddings, and receive billions in bonuses, the masses struggle to afford eggs. GDP has never been higher; our industries have never been stronger. And yet, purchasing power has remained unchanged over the last 60 years.2 Americans, young people struggling to get by, are sick and tired of scrolling through their social media feeds, watching the elites frivolously spend dollars, when they are unable to purchase a home, feed their children, and afford healthcare.
It is no surprise that Donald Trump won in 2016. And won again in 2024. Americans are searching for a savior—a leader who acknowledges their plight and who will work to improve their condition. Someone who will champion their cause and who will hold the elites accountable. Put simply, Americans came to realize that the establishment had failed, and Trump, in accessible rhetoric, made it clear that he would: Take. It. Down.
And what has Trump done to fulfill his oath? Eight months into his second term, Trump has repeatedly taken steps to cater to the wealthy while gutting social services. Instead of fighting inflation, he has levied inflationary tariffs. Rather than push for greater accountability from corporations, he has come after regulators. He is using the presidency to enrich himself while destroying the programs and institutions that millions rely on for their survival. Trump is not a populist; he is the epitome of the corrupt elite he claims he is resisting.
Zohran Mamdani’s meteoric rise to the top is a sign of the times. The generational political talent’s success in the Democratic mayoral primary in NYC is a testament to the widespread discontent among, especially young, voters. The establishment had failed them, and now the man, who had promised to watch out for them, the one they had put their faith in, had failed them, too. Seeking a way out and a path towards prosperity, Americans are turning to a form of Mamdani socialism and politics: identifying real-world issues while embracing idealistic yet unrealistic solutions. Over 60% of Democrats now say they have a favorable view of socialism. Only 54% of Americans overall say they view capitalism positively.3 Struggling with economic woes and increasingly widespread chronic solitude, helplessness, and depression, citizens naturally look to their government for care. And as memories of the Cold War and the abject failure of the Soviet bloc economies fade in our collective memory, Americans no longer associate socialism with evil. Socialism has become politically viable.
Conclusion
As Americans come to discover Trump’s genuine priorities, the political blowback will be hard to contain. Trump’s failure to live up to his promise of putting average Americans, his voters, first, will only exacerbate existing tensions. Violence and extremism thrive in chaos, and the US cannot handle much more of either. Mainstream democrats and anti-Trump Republicans ought to restore faith in the American dream and prove to voters that capitalism can work in their favor. They have to renew the energy that first sent English emigres across the Atlantic and later put us on the moon. In the coming era of AI-induced upheaval, unifying the nation will be of utmost importance. It is up to us all to renew our commitment to collective prosperity.
Visual Capitalist, “Visualized: The 1%’s Share of U.S. Wealth Over Time (1989–2024),” Visual Capitalist, February 8, 2025, https://www.visualcapitalist.com/visualized-the-1s-share-of-u-s-wealth-over-time-1989-2024/
Drew DeSilver, “For Most U.S. Workers, Real Wages Have Barely Budged in Decades,” Pew Research Center, August 7, 2018, https://www.pewresearch.org/short-reads/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/
Jeffrey M. Jones, “Image of Capitalism Slips to 54% in U.S.,” Gallup, September 8, 2025, https://news.gallup.com/poll/694835/image-capitalism-slips.aspx