President Donald Trump has declared that his second term will be a new “golden age” for the country. However, some critics argue that the US is experiencing a period similar to the Gilded Age, which lasted from the late 19th and early 20th centuries and was marked by vast wealth creation but also growing inequality.
Historian Richard White, a Stanford professor emeritus and author of “The Republic for Which It Stands,” believes that there are similarities between the Gilded Age and the current era. White notes that Trump’s emphasis on industrialization, his courting of the wealthy, and his focus on tariffs all have parallels with the Gilded Age.
In an interview with Wolf, White discussed the similarities between the two eras. He noted that Trump’s enthusiasm for William McKinley, a president who built the McKinley Tariff, which proved to be a political disaster, and his imperial ambitions are reminiscent of the Gilded Age. White also highlighted the prominent role of technology tycoons like Elon Musk, who have received substantial government aid and subsidies.
White pointed out that the McKinley Tariff was eventually modified, and Trump’s approach to tariffs is heading in the opposite direction. He also noted that the Gilded Age’s focus on great wealth creation was not representative of the overwhelming majority of people, who were more concerned with achieving a secure and independent living.
Regarding civil service reform, White stated that Trump is trying to reclaim power over the bureaucracy, mirroring the efforts of William McKinley, but with a different approach. He noted that Theodore Roosevelt’s reform efforts following McKinley’s assassination led to the creation of a more professional civil service.
When discussing the role of government and the wealthy, White noted that the Gilded Age saw the rise of robber barons and industrialists, similar to today’s tech titans. He added that government aid and subsidies have been crucial to the success of wealthy individuals like Elon Musk.
Regarding the evolved currency, White recalled the Gilded Age’s debates over the gold standard and the concept of fiat currency. He warned that the current emphasis on meme stocks and Bitcoin is reminiscent of speculative frenzies in the past and could lead to a collapse.
Finally, White emphasized the importance of understanding the structural differences between the late 19th century and today, particularly regarding the tariff. In the Gilded Age, the government was concerned about deflation and the surplus of revenue from tariffs, whereas today, the government is dealing with significant deficits.