America’s Second Gilded Age

Dianne Douthat
Published: 07/05/2025

America has entered its second Gilded Age, and it’s not because of the White House’s new gold leaf trimmings. The Robber Barons of the 19th Century-- America’s first Gilded Age-- would tip their bejeweled hats to today’s billionaires’ achieving the biggest upward transfer of wealth ever at the expense of ordinary Americans.

The same Republicans who voted no on child tax credits and no for legislation to make health care and prescriptions more affordable because they said it’d explode the deficit now have no problem supporting a budget bill that will add $3.1 trillion to the US deficit to subsidize tax breaks for the ultra wealthy. Meanwhile, nearly 1 in 6 Americans can’t afford to pay their bills on time, and about 30% say they are worse off now than in 2024.

As Republicans enrich their corporate overlords, they’re plotting to pay for it by slashing Medicaid and food stamps that help support millions of low-income working families. Forty percent of US births today are covered by Medicaid, and more than sixty percent of nursing home residents also rely on it. In the Garden State, more than 1.7 million residents depend on Medicaid, and more than 300,000 count on federal nutrition assistance. No wonder a recent poll found only 27% support the so-called Big Beautiful Bill.

A 2024 survey also found 79% of Americans think the rich and corporations should pay more — not less — in taxes. When was the last time nearly 80% of Americans ever agreed on anything?

Topics: TaxesRepublican PartyMedicaid