Opinion | Trump’s new Gilded Age a reminder of America’s painful past

The US returning to the politics of the late 19th century raises the prospect of greater inequality, oligarchy, imperialism and conflict

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Published: 8:30pm, 11 Feb 2025

US President Donald Trump concluded his inaugural address with the boast “our golden age has just begun”. However, as some observers have noted, he could be more likely to start a new Gilded Age if he keeps obsessing over late 19th-century US domestic and foreign policies.

Who better than Mark Twain, the creator of the term, to shed light on the future implied by this phrase? When there are shadows of inequality, oligarchy, imperialism and reckless competition hanging over us again, revisiting the classics can help foster vigilance and reflection.

Echoing Twain’s recurring themes, the current US economy displays signs of progress with technological advancements, yet daunting challenges persist. Inequality, inflation and a much-speculated stock market bubble have fuelled voter dissatisfaction, one of many reasons for their choice of Trump over Kamala Harris.

Notably, the income gap has made a U-turn since the 1970s and now reached late 19th-century levels. Despite Trump’s re-election disappointing many, his victory mirrors a desire for change among the middle and working class.

Meanwhile, despotism, economic disparity and corruption are on the rise. Five days after outgoing US president Joe Biden warned about these in his farewell speech, billionaires Elon Musk, Jeff Bezos and Mark Zuckerberg witnessed another billionaire’s swearing-in.

Moreover, speculators seem to have found a new promised land. Two days later, when asked about his newly launched cryptocurrency at the first press conference, Trump replied, “several billion – that’s peanuts for these guys”.