Letters from an American September 3, 2025
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Sep 4, 2025 A Wall Street Journal-NORC poll reveals rising despair about economic futures and mobility, highlighting the wealth gap's political ramifications. Eric Trump's new cryptocurrency venture raises eyebrows amidst legal challenges tied to his family's political past. A controversial military strike ordered by the administration sparks legal debates over presidential power and international law. The episode also features harrowing survivor testimonies related to the Epstein case, emphasizing the call for transparency and justice.
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Wealth Concentration Hollowed Out The Middle Class
- Wealth concentration has expanded dramatically, with billionaires growing in number and wealth from 2020 to 2024.
- This shift and supply-side policies hollowed out the middle class and reduced upward mobility.
Middle-Class Confidence Plummeted
- Middle-income consumer confidence has fallen sharply even as wealthy Americans fare well.
- Economists observed the middle class briefly improved then 'fell off a cliff' economically.
Authoritarian Appeals Linked To Economic Distress
- Ray Dalio warned the U.S. resembles 1930s conditions and linked authoritarian appeals to economic distress.
- Heather Cox Richardson connects Trump's rise and policy shifts to abandoning promises that helped those left behind.