According to Economist Justin Wolfers, the tax, tariff, and budget policies of the Trump administration are creating one of the most lopsided transfers of wealth in U.S. history.
What Happened: On Thursday, in a post on X, Wolfers, a prominent critic of President Donald Trump, highlighted the regressive nature of the latter’s economic policies.
“Trump’s tax cuts overwhelmingly help the rich,” he says, referring to the “One Big, Beautiful Bill,” which, according to the Congressional Budget Office (CBO), would result in a 4% increase in resources for households in the highest decile by 2027, and a 2% decline for those at the lowest.
Wolfers adds that the spending cuts are primarily targeted at the poor, such as the stripping of 3.2 million people from the Supplemental Nutrition Assistance Program (SNAP) food stamp program, aimed at cutting …