In the 2024 Presidential Election, it wasn’t the hot-button issues of immigration or abortion rights determining how Americans were voting—it was the economy. According to a Gallup poll administered a month prior to the election, nine out of 10 voters cited the economy as a significant factor influencing their vote in the election. However, the economy under the Biden Administration was actually strong. Under Biden, real gross domestic product (GDP) had exceeded forecasts by 3.2% in 2023 and 2.7% in 2024; acceleration of labor productivity growth outpaced expected trends in 2024; taming inflation, falling from a staggering 7.2% in June 2022 to 2.4% in November 2024. Furthermore, labor markets were thriving, yielding a historically low unemployment rate of 4.1% in December 2024 — the lowest seen since 2001. The average inflation-adjusted wealth per household increased by 10.5% for those in the bottom-half of the wealth distribution, and wages and salaries had increased by 4.5%, outpacing the 2.9 Consumer Price Index (CPI).

Despite the economic security and growth, however, voters were understandably enraged by the increase in cost of food prices and common household items—a sentiment they took to the ballot box. At the height of his campaign, President Trump championed bringing grocery prices down for Americans, declaring, “When I win, I will immediately bring prices down, starting on Day One.” This message ultimately won. President Trump was reelected, with many voters citing Trump’s economic policies as the reason they voted for him. So, are his economic policies helping his constituents?

Tax-cuts for the…rich?

President Trump and his allies have vehemently expressed their support for passing tax cuts for the rich under the guise of bringing back conservative, small government. The Trump administration already introduced this policy in 2017, claiming that the tax cuts would increase household income by $4,000. However, the tax cuts actually had no impact on households that earned less than $114,000 while executive salaries rose sharply. Extending Trump tax policies would mean households in the top 1% of the income bracket (i.e., those earning more than $837,800 annually) would save up to $61,090. Furthermore, Trump’s 2017 tax policy already added $1 to $2 trillion to the federal debt as of 2025, and a renewal of his tax policy would add an additional $4.6 trillion. 

How are Republicans planning on paying for these tax cuts? Some Republicans suggest overhauling popular economic policies that help the working and middle class; for example, they propose eliminating the mortgage home reduction program and trimming away Medicaid and food stamp programs. Other proposed methods include implementing tariffs that the consumer would pay. Economists believe that these tariffs could cost the average American household around $1,700 and put employment in industries that rely on global trade at risk. Other measures include threatening decades of research, affecting institutions like Cornell and other universities that receive funding from the federal government. These measures would ultimately shift the financial burden onto everyday Americans, undermining the very economic stability Trump campaigned on.

Deregulating into an Oligarchy

Under the guise of reducing government interference and promoting free markets, the Trump administration has already systematically dismantled key regulatory protections. A main character in this deregulation is Elon Musk, who is keen on consolidating the government and implementing tax cuts for the rich at the expense of low and middle-income Americans. Around one in three Americans and half of American kids were enrolled in a government assistance program in 2022. For many of these Americans, these government programs ensure that they don’t face homelessness, eviction, unemployment, or food insecurity. This push for deregulation and corporate consolidation not only deepens economic inequality but also threatens the essential safety nets that millions of Americans rely on for basic survival.

Furthermore, the recent overturning of the Chevron doctrine, which allowed Congress or the courts to defer to specific agencies about specialized topics, has made it easier for Trump to do some federal “housekeeping.” Federal regulators like the EPA, ensuring companies follow emission and pollution regulations, have been on the chopping block for the administration. The Consumer Financial Protection Bureau (CFPB), which acted as a federal financial watchdog to protect Americans from unfair lending and banking practices, is also a target of the new administration.

While Trump’s campaign rhetoric focused on lowering prices and revitalizing the economy, his policies tell a different story. Trump’s focus in office prioritizes corporate interests over the financial security of American families.  The erosion of these federal watchdog agencies undermines democratic institutions and consolidates corporate power, which can lead to extreme oligarchic structures and wealth inequality if left unchecked. If the administration wanted to deliver on the promises they campaigned on, it shou;d’ve started by bolstering social welfare programs and addressing root causes of grocery price increases.