Letters from an American - September 3, 2025

Episode Date: September 4, 2025

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September 3rd, 2025. A Wall Street Journal, Nork poll released yesterday, found that only 25% of Americans believe they have a good chance of improving their standard of living. Nearly 70% said it was no longer possible to work hard and get ahead. A majority of those polled said the generation before them had an easier time starting a business, buying a home, or staying at home to parent a child. A different piece in the Wall Street Journal explained that there were 927 American billionaires in 2020 and 1,135 in 2024. Together, they are worth about $5.7 trillion. The 100 richest of the set control more than half of the total at about $3.86 trillion.

As the number of billionaires grew, supply-side economic policies in the U.S., designed to concentrate wealth at the top of the economy among investors, rather than on the demand side made up of consumers, hollowed out the middle class. From 1975 to 2018, at least $50 trillion moved from the bottom 90 percent to the top 1 percent. Yet another piece in the Wall Street Journal, this one by Catherine Hamilton and Alison Sider, noted that consumer confidence is sliding. While wealthier Americans seem to be doing fine, they write, rising distress about the economy is obvious among the middle class, those making about $53,000 to $161,000 a year.

Chief economist at Morning Consult, John Lear, told the reporters, there was a period of time, briefly, where the middle-income consumer looked like, they were being dragged up by all that was going well in the world. Then things fell off a cliff. In an interview with the Financial Times published yesterday, billionaire Ray Dalio, the founder of hedge fund Bridgewater Associates, warned that the U.S. today looks a lot like what happened around the world in the 1930 to 1940 period.

Dallio identified the policies of President Donald J. Trump as the sort of strong autocratic leadership that sprang out of the desire to take control of the financial and economic situation in the 1930s. Trump's rise in 2016 was fueled in part by his promise to defend those left behind in the supply-side economy. But he abandoned his economic promises with his 2017 tax cuts that benefited the wealthy in corporations far more than average Americans and rallied his supporters with culture war issues. In 2024, Trump ran on the argument that Democrat Joe Biden had not adequately addressed inflation, although the U.S. managed the post-pandemic inflation spike better than any other developed economy,

promising that he would make prices come down immediately. Instead, his tariffs and deportations have sent inflation upward again, and the budget reconciliation bill he forced through Congress is already pushing people off their health care insurance and threatening the survival of rural hospitals. The law Trump and the Republicans dubbed the One Big Beautiful Bill Act is profoundly unpopular, with about two-thirds of Americans opposed to it.

So today, White House Press Secretary Carolyn Levitt, Trump pollster, Tony Fabrizio, and Trump political director James Blair met with Republican Congress members to tell them that people will come to like the law if they completely rebrand it and talk about it differently. The administration officials told the Congress members

who have been hearing from constituents angry about the law's deep spending cuts that they should be pushing the idea that the law helps working families. Vice President J.D. Vance tried this last week in Wisconsin, and this afternoon House Speaker Mike Johnson, a Republican of Louisiana, appeared to take that advice out for a spin,

publicly referring to the law the same way Vance did as the Working Families Tax Cut Act. The nonpartisan Center on Budget and Policy Priorities notes that under the law, a family earning less than $50,000 a year would get less than $300 in tax cuts in 2027, while losing access to Medicaid and food assistance, while a filer earning more than $1 million would receive about $90,000 in tax breaks. The nonpartisan Congressional Budget Office estimates that the 10% of Americans at the bottom of the economy will lose about $1,200 a year.

Trump's policies are working well for his family, though. Angus Berwick of the Wall Street Journal reported that the Monday launch of their WLFI cryptocurrency netted them about $5 billion on paper. Today, Eric Trump launched American Bitcoin, a cryptocurrency mining. company, Kyle Kahn Mullins and Dan Alexander of Forbes reported today that he is now worth at least $3.2 billion. Meanwhile, Trump continues to insist that he must have the powers of a dictator to make the country prosperous again. When a court found his use of the International Emergency Economic Powers Act to justify his sweeping tariffs was illegal, he said, if you took away tariffs, we could end up being a third world country, although the U.S. was not a third

world country before Trump launched his tariff war in April. He has said he will take the case before the Supreme Court. If he loses there, as Elizabeth Buchwald wrote for CNN, the U.S. might have to pay back more than $210 billion to the American businesses that have paid the tariffs. On Monday, Josh Marshall a Talking Points memo, pointed to a story Louise Matsakis and Zoe Schiffer of Wired reported in late July. Wall Street companies, including Cantor Fitzgerald, a financial services company run by the sons of billionaire commerce secretary Howard Lutnik since Lutnik joined the Trump administration, have been buying up the rights to collect tariff refunds if the tariffs are struck down. Marshall notes that while making a bet on an uncertain outcome is a huge part of modern finance,

the idea that a Commerce Secretary's company is making bets on something the Commerce Secretary has significant authority over is a perfect symbol of the Trump era. While the Trump family and loyalists cash in on their control of the government, Trump continues to assert that he requires authoritarian powers to make America great again. Trump has relied heavily on the Supreme Court's defense of his leeway as the nation's leader in foreign affairs, and after being stymied by the courts for its actions at home, the administration yesterday announced it had blown up a boat in international waters in the Caribbean with 11 people on it, alleging the boat was carrying illegal drugs to the United States from Venezuela. Although U.S. forces could have stopped the boat without destroying it and often do so,

shooting at engines, Secretary of State Marco Rubio said the boat posed an immediate threat to the United States, so the U.S. had the right to destroy it. Perhaps thinking it demonstrated power, the administration circulated a video of the strike. Legal analyst Ryan Goodman wrote, I worked at the Department of Defense. I literally cannot imagine. imagine lawyers coming up with a legal basis for the lethal strike of a suspected Venezuelan drugboat. Hard to see how this would not be murder or war crime under international law that DOD considers applicable. Notre Dame law professor, Mary Ellen O'Connell, told John Hudson, Samantha Schmidt, and Alex Horton of the Washington Post that the strike violated international

law. When the president decides this is a person who can be killed summarily, there's no restraint on him, she told the reporters. It's a very dangerous new move, since he could decide to launch similar strikes within the United States in pursuit of those he calls drug traffickers. Representative Adam Smith of Washington, the top Democrat on the House Armed Services Committee, said the strike was deeply concerning, noting that the administration has not identified the authority under which this action was taken, raising the question of its legality and constitutionality. Smith added, the lack of information and transparency from the administration is even more concerning. Does this mean Trump thinks he can use the U.S. military

anywhere drugs exist, are sold, or shipped? What is the risk of dragging the United States into yet another military conflict. Legal analyst Joyce White Vance noted that the justification for the strike was dubious enough that even Rubio appeared to want a little distance from it, as he made a point of specifying that the U.S. acted on the president's orders.

Trump has attempted to demonstrate authoritarian power with his military displays in Los Angeles and Washington, D.C., and yesterday he announced that, we're going in, to Chicago, although he didn't offer any specifics. After Illinois Governor J.B. Pritzker rejected the idea the president could simply send troops, Trump appeared to back off, saying Pritzker should ask him for help. When did we become a country where it's okay for the U.S. president to insist on national television that a state should call him to beg for anything? Especially something we don't want,

Pritzker said. Have we truly lost all sense of sanity in this nation that we treat this as normal? A recent Reuters Ipsos poll showed just 38% of Americans approve of Trump's deployment of troops in Washington, D.C. Trump has reason to be afraid of the American people for another reason, too. They want to see the files from the federal investigation of convicted sex offender Jeffrey Epstein, especially now that they know Trump is mentioned in those files. Speaker Johnson dismissed the House early for its August break this year to avoid having to deal with the demands of members for the release of the files, but now Congress is back in session and the demands are right back on the table. Trump has tried to stop Republicans

from asking for the files by warning such a demand would be seen as a hostile act against the administration. Today, the administration arranged a military flyover during the visit of President Carol Nevrosky of Poland in honor of a Polish Army pilot killed in a training exercise. The flyover occurred just at the time more than 100 of the women who survived sexual grooming, assault, and rape in their association with Epstein and his associate convicted sex trafficker Gilane Maxwell spoke at a press conference outside the U.S. Capitol. drowning out their words. But it did not silence the words of survivor Jess Michaels. For 27 years,

I thought I was the only one that Jeffrey Epstein raped. I believed I was alone and I was kept silent by the shame that was inside me and by the fear outside in the world, she said. But I wasn't the only one. None of us were. And what once kept us silent now fuels that fire and the power of our voices. We are not the footnotes in some infamous Predator's tabloid article. We are the experts

and the subjects of this story. We are the proof that fear did not break us. And we don't just speak for ourselves, but for every survivor whose story is still unspoken. This is what power looks like.

Survivors United, voices joined, refusing to be dismissed. Know this. Justice and accountability are not favors from the powerful. They are obligations, decades overdue. This moment began with Epstein's crimes, but it's going to be remembered for survivors demanding justice,

demanding truth, demanding accountability. And we will not stop until survivor voices shape justice, transform culture, and define the future. We are no longer whispers. We are one powerful voice, too loud to ignore, and we will never be silenced again. Letters from an American was written and read by Heather Cox Richardson. It was produced at Soundscape Productions, Dead in Massachusetts.

Recorded with music composed by Michael Moss.