The elites are being held responsible and accountable for a lot of decisions that they've made in the past. So it's grievance, it's anger, it's populism, but the elites are certainly in the frame. And so when these populists took charge in the UK and in the US, what's also interesting is they didn't directly attack a lot of the problems that people said they wanted with tax cuts. It perpetuated the Reagan Thatcher idea that cutting taxes at the top will trickle down to the rest of us.

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