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A damning new report is disastrous for President Joe Biden but fantastic for his Republican opponent, former President Donald Trump.

A new report from The Daily Caller News Foundation said that the populist movement has coincided with a shift in the wealth held by average Americans when juxtaposed with the elite class, which the outlet says bodes really well for Trump.

“The level of wealth held by the bottom half of Americans in 2019 totaled $1.5 trillion less in liquid net worth compared to 30 years earlier when factoring in the amount of consumer debt that is being held, while the total wealth of the top 10% has remained largely unchanged, according to calculations done by Oren Cass, executive director of American Compass. The decline in wealth for Americans has coincided with a populist political shift in the U.S., led largely by” Trump, the report said.

“Professors from Georgetown University identified in 2021 that long-term trends toward populism are being fueled across the world by globalization, outsourcing domestic jobs and automation, leading to a decline in manufacturing work. The professors agreed that the rise in recent populism has been ‘quite unprecedented,’” it said.

That is why former President Trump’s populist policies, such as increasing domestic manufacturing, cutting back on illegal immigration, and trade protectionism, have been popular.

The former president has championed “America First” policies, in stark contrast to those in the Democratic Party and Republican Party establishments, which favor a more globalist approach.

“Populism is always a symptom of the political establishment’s failures, and that’s just as true today as it ever was,” Heritage Foundation’s Grover M. Hermann Center for the Federal Budget research fellow E.J. Antoni said to the Daily Caller News Foundation. “People are angry that those in power have created a financial system, fueled by the Federal Reserve, that benefits those who collaborate with government bureaucrats at the expense of the common man. There is palpable anger today, especially among younger Americans, who feel they have done everything right but can’t succeed in such a system.”

“I’m not surprised to see a divergence between the wealthy and the rest of the nation,” he said. “The inflation of the 30 years in question has caused asset prices to rise significantly, which has benefited asset holders but helped impoverish everyone else. This phenomenon is felt acutely today between homeowners and renters. The constant erosion of income and savings has made it almost impossible for many Americans to get ahead.”

There has been a massive increase in foreign born workers which has assisted the economy, but to the benefit of those foreign born workers.

“But is the fact of millions of immigrants crossing illegally into our country in search of work, cheered on by the corporate class and the governing party in defiance of the obvious wishes of most citizens, a sign of an especially robust economy or a truly broken polity?” Cass said in a post on Substack. “And which economy is more robust, anyway: one that sees higher GDP growth because immigrants are streaming so quickly over the border, or one that sees higher wage growth because labor markets are tight?”

Because populist policies have grown in favor in the United States, Biden, who is struggling to keep his job in November, has moved some of his policies to be more in line with populism, like imposing trade tariffs on China, to attract labor voters.

“This is just not a sustainable equilibrium,” Cass said to the DCNF. “In a democracy, you can’t expect people to support this and allow it to continue, and so either the so-called elite have to be willing to concede that this is not a good model and they need to accept reforms that are going to bring these incentives back into alignment or they have to get prepared to be thrown out.”

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