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Home News Can Trump’s Second Term Serve Both Populists and Billionaires?

Can Trump’s Second Term Serve Both Populists and Billionaires?

by Celia
Labor

Politics often creates unlikely alliances, but few are as surprising as the current partnership between working-class voters and some of America’s wealthiest individuals who support President Trump. This unusual dynamic was on full display during Trump’s inauguration, where billionaires like Jeff Bezos, Elon Musk, and Mark Zuckerberg sat alongside Cabinet appointees. Yet, exit polls showed that Trump’s support was stronger among voters with household incomes under $50,000 than those earning more than $100,000, where Democratic nominee Kamala Harris had an easier win.

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Historically, higher-income groups have leaned Republican, creating a traditional “rich versus poor” narrative in American politics. However, today we see a unique alliance between plutocrats—wealthy individuals who influence politics—and populists, who advocate for ordinary people. This contrast is stark, but the relationship is undeniable. Observers are closely watching how Trump, known for his populist appeals, will manage his ties with ultra-wealthy donors like Musk, who reportedly contributed $250 million to Trump’s campaign.

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The term “plutocrat” dates back to colonial times, describing wealthy individuals who entered politics to protect their fortunes. In contrast, “populist” has historically referred to advocates for farmers and wage earners, fighting against the powerful elites. Trump has shown support for both the “little guy” and the ultra-wealthy, creating a complex political identity.

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Presidents like Theodore Roosevelt and Franklin D. Roosevelt transcended their wealthy backgrounds to champion policies that benefited ordinary Americans. Trump has similarly used populist rhetoric, appealing to “the forgotten men and women” through small-town rallies and media campaigns. However, his policies and actions in office have often aligned more closely with those of President William McKinley, who supported business interests and protective tariffs.

Trump’s campaign has drawn parallels to historical figures like William Jennings Bryan, who championed populist causes but ultimately lost his bids for the presidency. Trump’s rise as a political outsider, much like Andrew Jackson in the 19th century, has resonated with voters who feel left behind by traditional politics. However, his actual performance in office has prioritized tax cuts for the wealthy and business-friendly policies.

Trump’s willingness to champion fringe theories, such as the “birther” movement, has helped him connect with a core group of voters who feel marginalized by mainstream politics. His first term saw significant Republican achievements, including a major tax cut and the appointment of over 300 federal judges, including three Supreme Court justices. These actions have solidified his support among conservative voters and donors.

As Trump enters his second term, the question remains: Can he continue to balance his populist appeals with the interests of his wealthy supporters? The outcome will have significant implications for both his political legacy and the future of American politics.

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