OWEN FUGIT / ASSISTANT OPINION EDITOR

For the past few decades in American politics, the topic of  wealth  inequality  and affordability has remained fairly popular   among   politicians  —  from  presidents  to  town  council  members.  It  is easy to  see  why  these  issues  are such a huge concern. More than 35 million Americans live in poverty. That’s nearly  11%  of  the  entire  population living on less than $15,000 a year. 

Though wealth inequality  and  affordability  are  not  the  only causes of this staggering statistic, experts recognize the outsized impact that a degradation in those conditions can have on struggling individuals. 

Students  here  at  USD  must pay close attention to these issues in the coming months. As the discussion grows around wealth inequality,  Toreros  should facilitate true civil discourse  with  each   other  to  find  common  ground  on addressing this issue that affects  everyone,  not  just  the  rich   or   the  poor,  before  it’s  too  late. 

Looking back on our own history of wealth inequality here in the U.S., we can see certain historic indicators becoming ever more apparent. If we want to avoid a crisis, we should heed these warnings. 

Take the Gilded Age as an example. This period, stretching from  the  end  of  the  19th  century  up through the  First World  War,  saw the  wealthiest 10% of American households control 75% of the nation’s wealth. At the same time,  the  average  American earned about $400 a year. Adjusting for inflation, we see that during  the  Gilded  Age, the average American worker was living on less than $15,000 a year. That is only a couple of hundred dollars above the  current  U.S.  poverty line. 

With such a vast separation between the rich and the poor, the Gilded Age stands out as one of the clearest examples in American history of class wealth division. The gap between rich and poor widened over time until the Great Depression, followed closely by Franklin D. Roosevelt’s social safety net policies and the subsequent Second World War. After the war, America saw the creation of a middle class for the first time, which demanded white-collar jobs and skilled labor across the nation. 

Changes  in  tax  policy, a  gradual  disintegration  of America’s industrial sector and a focus  on technology  contributed to  the  end  of  middle-class  growth in the 1970s and 80s. Reagan’s tax cuts put the US on a new economic  path  heading  into  the 21st  century. Following  the  bailout  of the banks in the wake of 2008’s financial crisis, a new period in American history began that some have dubbed the “Second Gilded Age.” 

Trump has professed his love of the first Gilded Age, touting  it  as  one  of  our  nation’s  finest moments.  This  should  be  of  great  concern  to  every  American, rich or poor. As we already know, it took world wars, the Great Depression and nearly a  century  of  policy  changes  to  fix  the  effects  of  the first. There  is  no  guarantee  that  the  Second  Gilded  Age  will  be kinder   to  Americans  than the  first. 

In recent months, the discussion around wealth inequality, class distinctions and the cost of living has been spotlighted in American civil discourse.   In   the   2024  presidential election, both candidates ran on a platform of making life more affordable for average Americans. Donald Trump won that fight. 

Since taking office a second time, his returns on economic policy have been suboptimal, with most economists agreeing that Trump’s tariffs and tax breaks will only make life more expensive for average Americans. 

However, far more concerning than   his   tariffs   is   Trump’s disdain for the troubles that are  facing  average  Americans, echoing the  disdain  felt  by  the  wealthy  during  the  first  Gilded Age. Many know the story of F. Scott Fitzgerald’s seminal work, “The Great Gatsby”  which  provides  us  with  unique  insight  into  the  lives  of  the  wealthy  in the  twilight  of  the  Gilded  Age. Fitzgerald’s tale is a cautionary  one, and with Trump’s recent decision to not only host a 1920s Gatsby-esque party at his  Mar-a-Lago  resort,  but  to  do  so  the  night  before millions  of  Americans  were  set to fall into an unprecedented time of food insecurity  was  an  exercise  in  hubris.  

Flaunting wealth as a leader of a nation so close to crisis in this way not only parallels the Gilded Age, but also mirrors the years leading up to the French Revolution in 1789. The French Revolution stemmed from centuries of the crown ignoring the needs of the people, spending lavishly and failing to hear the alarm bells as they rang. 

The French crown’s failure to learn from the causes of the American War for Independence was  the  final  nail  in  its  coffin. A  war   waged   over   the   British crown’s inability to listen to its subjects taught the French king nothing, and he paid the ultimate price in return. Trump risks  traveling   down   a  similar  road,   and must recognize the changes that  must   be   made   if   he   wants   any hope of avoiding further conflict. 

The wealth inequality of the Gilded Age was subdued by an economic disaster and two world wars. To dodge another half-century of growing wealth inequality, with stagnating progress and harm to America’s position  as  a   global   power,   we   must implore those in power to listen to the alarm bells going off today. 

Recent off-year elections in New York City, Virginia and New  Jersey  have  shown  that the issues of wealth inequality and affordability have taken center stage with voters. 

Zohran Mamdani, a democratic socialist who won the New York City mayoral race,  built  a  campaign  on promising to solve wealth inequality that deeply resonated with voters nationwide. While many  fear  an  imagined   communist  revolution brewing, they would be right to recognize that people are frustrated. As history has shown us, the population can only bear grievances  up   until   a   certain   point. 

Socialism skeptics must offer an alternate solution to the cost of living crisis, as denying the feelings of the public has been proven time and again to be the strategy of a failing government. 

Entering into another  Gilded  Age  benefits  no   one  in  the long run. Forcing workers to slave away for low wages decimates national progress, while wealth accumulated by the top 1% seldom lasts more than three generations. 

With no winners and only losers, it is imperative that we listen to the lessons of the past and avoid replaying the same old stories of progress, stagnation and eventually conflict. 

The wealthy cannot stay wealthy without consequences. No matter how many unions they bust, workers they underpay or   government   positions  they   attempt  to  influence,  history proves that hoarding wealth cannot last. The money the rich accumulate will eventually return back  into  the  public  coffers.  History offers two choices for the absurdly wealthy to do so: voluntarily  giving  up  large  portions of their fortunes in a controlled manner established within the preexisting system, or spending exorbitant amounts to suppress dissent until the pot boils over. 

With a full year until midterm elections, America has few chances left to avoid slipping into a second Gilded Age. If both parties want a fighting chance in next year’s midterms, they must run  candidates  who  can  hear the alarms  and  act  accordingly, instead of flaunting wealth while millions face hunger. We need candidates who are not scared to fight wealth inequality, or else we run the risk of descending into another period  of  isolation and stagnation, which  history  tells  us  can    only    be   fixed   through   disaster. 

Students here at USD should take  a  keen  interest  in  who  and what each party supports in the coming year, and must facilitate open,    positive    discourse   whenever possible. The results of next year’s midterms  and  the  policies  our  elected officials support and stop will be crucial in setting our course for decades to come. 

As college students looking to graduate and join the workforce, it is imperative that we all work together to find a solution to this problem that threatens to bring years  of   domestic  and  international progress to a standstill.

President Trump sits in his Mar-a-lago ballroom, highlighting the wealth gap between America’s richest and poorest. Photo courtesy of @jimheathTV/Instagram