Donald Trump increased his support among voters without a college degree, rising from approximately 50% in 2020 to 56% in 2024, with over 50 million working-class individuals casting their votes for him in 2024. These voters played a crucial role in his election victory. Despite the common perception that Trump primarily serves the interests of the wealthy, there’s an opportunity for him to reshape the American economy by better balancing the interests of the markets and the workforce. While this shift might unsettle some on Wall Street, it’s a change that is critically needed.
“I’m proud to be the President for the workers, not the outsourcers—the President who stands up for Main Street, not Wall Street,” Trump stated when announcing tariffs. Echoing this, Treasury Secretary Scott Bessent commented, “It’s Main Street’s turn—to hire, to invest, and to restore the American Dream.”
This message is striking a chord with working people and shifting political dynamics in the nation. Although the United Auto Workers endorsed Kamala Harris, its President Shawn Fain remarked on March 27: “We are ecstatic to see an administration finally address the unfair trade laws in this country. These laws have devastated the American working class. They’ve destroyed communities in this country, in virtually every state, for decades.”
For too long, the bipartisan commitment to free trade failed to acknowledge the human cost of imports, particularly the loss of well-paying jobs. Those impacted have been waiting for someone to address their concerns.
Having long held the belief that economic growth since the 1980s has often come at the expense of workers, I recognize the pressing need to tackle deindustrialization and the stagnation of the working class. Decades of neoliberal policies have resulted in communities struggling, disconnected from prosperity, and frequently overlooked by powerful institutions. Only decisive action can alter this reality.
When I founded the Council for Inclusive Capitalism in 2019, following discussions with Pope Francis at the Vatican, our purpose was clear: to use the power of markets and businesses to reform capitalism for the benefit of all. A key focus has been the challenges faced by the working class—those left behind by decades of globalization and capital market growth that didn’t reach significant portions of the American population. During this period, companies like Bank of America and PayPal, under the leadership of Dan Schulman, have set a positive example by raising wages, promoting equal pay, and improving financial security. These forward-thinking businesses understand that equitable gainsharing is both a market imperative and a moral duty for inclusive economic growth.
While President Trump’s tariff policies represent a clear departure from the established order, tariffs alone won’t revitalize the American working class. A complementary set of policies that support growth and workers is essential. I propose four recommendations for President Trump to demonstrate his dedication to working people more effectively:
1. Stop Collecting Tax from the Lowest Paid Workers: Currently, the United States begins taxing working families at an annual income of just $21,900 for a head of household, even though the national poverty level for a family of four is $32,150. This is illogical. The Trump Administration should enact legislation to set a zero federal tax rate for families earning less than the federal poverty level. This would decrease reliance on the Earned Income Tax Credit and Child Tax Credit because people would retain more of their earnings. Although working families may not receive those related refunds, this policy could enhance the dignity of work, reduce dependence on government assistance, and improve the lives of millions of families.
2. Provide Workers the Skills they Need: Investing in education, retraining, and apprenticeships is the most effective way to protect workers from the effects of globalization and automation. Portable training accounts, which follow workers across different jobs, would provide stability in a dynamic economy. I encourage President Trump to invest in education and skills training.
3. Give Workers an Investment Where they Work: It’s time to make employee ownership more accessible. By addressing regulatory and litigation concerns surrounding Employee Stock Ownership Plans (ESOPs), the administration can create share ownership opportunities for workers in both private and public companies.
4. Embrace worker-centric AI: The World Economic Forum’s insights highlight opportunities in areas such as agriculture, food processing, nursing, and software development—not just traditional manufacturing. It also underscores the increasing need for AI and data specialists. The White House, leveraging Vice President JD Vance’s tech background, should use this opportunity to develop a national AI strategy that includes workers.
Recently, over 250 CEOs signed a call for computer science and AI to become mandatory graduation requirements nationwide. They cite research indicating that a single AI course increases wages by 8% across all students. The letter asserts that universal AI education could unlock $660 billion in annual economic value and points out that only 12 states currently mandate the subject. It also notes that countries like China, South Korea, and Singapore already require computer science or AI training for every student.
These proposals provide a plan for restoring the American Dream. By acting quickly and decisively, the administration—along with its business partners—can transform our economic system to benefit all members of society who work hard to achieve their goals.
The views expressed here are those of Lynn Forester de Rothschild, not any organization.