February 15, 2026 - by Heather Cox Richardson:
Extremist Republicans attacked their opponents as socialists even as their tax cuts and deregulation were moving money dramatically upward: at least $50 trillion moved upward from the bottom 90% to the top 1% between 1975 and 2020. Republican leaders and media figures fed their audiences the story that the middle class was imploding not because of Republican policies but because undeserving Black people, people of color, and feminist women demanded government handouts. This narrative fueled Trump’s political rise. He promised to fix the economic dispossession of those the modern economy left behind, by “draining the swamp,” restoring white men to control, and rebuilding the American middle class.