Summary in seconds: As inflation rises, the stock market falters, and federal layoffs mount, America’s ultra-wealthy remain untouched — protected by favorable policies and economic insulation. While a so-called “Golden Age” is promised, it is increasingly clear: the path forward serves billionaires, leaving average citizens to shoulder the burden of economic instability with little relief in sight.
In the midst of ongoing economic turbulence, one truth remains constant: the ultra-wealthy will be just fine.
Egg prices are stubbornly high, inflation is once again on the rise, and the S&P 500 has taken a sharp dip in recent weeks. A new wave of federal layoffs is now hitting government workers, even as the public is urged to remain calm and “buckle up” for a supposed “period of adjustment” — or as officials in the Trump administration call it, a necessary “economic detox.”
This rhetoric stands in stark contrast to former President Donald Trump’s renewed promises. Upon his return to power, he declared that “the Golden Age of America” would begin immediately. Yet instead of prosperity, the country faces economic dislocation, mounting consumer anxiety, and markets reacting poorly to erratic and protectionist policy shifts.
Treasury Secretary Scott Bessent, during a recent address at the Economic Club of New York, attempted to justify the administration’s stance by declaring, “access to cheap goods is not the essence of the American dream.” For working- and middle-class Americans — who have long relied on affordable staples amid stagnant wages — such statements feel not just tone-deaf, but outright dismissive.
Billionaires Still Thriving — Everyone Else, Not So Much
Billionaires like Jeff Bezos, Elon Musk, and Mark Zuckerberg remain largely unaffected by rising prices or economic policy swings. Thanks to preferential treatment and the buffering effects of wealth, the volatility that squeezes ordinary families barely registers for them. A tariff hike or an uptick in luxury beef prices is a minor inconvenience — a blip. But for average Americans, these changes amount to serious strain, if not outright crisis.
When questioned about the mounting economic pressure facing citizens, Bessent downplayed concerns, describing the situation as a “detox” from previous economic policies. Speaking to CNBC, he casually remarked, “We’ll see whether there’s pain.” Coming from someone with a personal net worth north of $700 million, it is a statement that lands somewhere between absurd and offensive.
It is easy to preach about “adjustment” and “long-term healing” when you are saying it from the upper deck of a superyacht. For the millions of Americans living paycheck to paycheck, there is no such cushion — only rent increases, rising grocery bills, and growing fear of job loss.
A “Transition” or a Regression?
Republican House Speaker Mike Johnson has echoed Bessent’s tone, brushing off rising costs and volatility as mere signs of “transition” from Biden-era policies. This narrative, however, omits some key facts: under President Biden, the U.S. economy saw 50 consecutive months of job growth, a booming stock market, and a manufacturing renaissance unseen in over half a century.
What is unfolding now under Trump’s second administration feels less like a transition and more like a full-blown regression — a revival of deregulatory policies, tax cuts for the rich, and protectionist trade decisions dressed up as bold economic strategy.
But economists are growing increasingly skeptical. Consumer confidence is dipping. Business optimism is waning. GDP growth forecasts are being revised downward, and some analysts believe the country may already be entering a mild recession. Layoffs, especially in federal agencies, are picking up pace as the administration pushes for deep budget cuts and aggressive restructuring.
Despite these red flags, Trump and his allies remain in denial. The former president recently claimed that this economic turmoil is just part of “the healing process.”
Healing for Whom?
This so-called healing seems to hit working Americans hardest. While the billionaire class rides out market fluctuations with diversified portfolios and powerful lobbying networks, regular families are scaling back their spending, delaying retirement, and hoping they are not next on the chopping block.
Nothing has changed for the billionaire class. Their wealth remains untouched, their taxes remain low, and their sway over economic policy remains unchallenged. For them, this Golden Age is very real. But for everyone else? Its austerity wrapped in spin.
Final Thought
At a time when we are told to “sacrifice for the economy,” it is worth asking: Who is actually sacrificing? And who is reaping the rewards?
For millions of Americans, economic hardship is a daily reality. For the wealthy elite, it is a minor background disturbance — if that. This is not a shared Golden Age. It is a gilded one — reserved for those who were already golden.
In the meantime, the rest of us can take comfort in one thing: our economic pain is making someone else’s yacht just a little shinier.