Americas Golden Age
- Stephen H Akin
- 2 days ago
- 6 min read
Major indexes rose about 1% or more and crude prices dropped about 2%, reversing part of Friday's runup. Israel and Iran struck at each other’s energy facilities over the weekend, and Israel said it had also hit command centers of Iran’s Revolutionary Guard. President Trump is joining the leaders of G-7 countries, plus others, at a summit in Canada. Nations including Japan, Canada and Mexico.
Defining the "Golden Age of America"
The phrase "Golden Age of America" is used in different contexts, but it most commonly refers to periods of rapid economic growth, technological innovation, and perceived national prosperity. The two eras most frequently described as America's "golden ages" are the Gilded Age (late 19th century) and the post-World War II period, particularly the 1950s.
The Gilded Age (Late 1870s–1890s)
The Gilded Age, spanning from the late 1870s to the late 1890s, was marked by extraordinary economic growth, industrialization, and the rise of powerful corporations. During this time, the U.S. economy expanded at its fastest rate in history, with real wages, wealth, and GDP all increasing rapidly. Key industries such as railroads, steel, oil, and finance grew tremendously, and millions of immigrants arrived to work in burgeoning industrial cities.
However, this era was also characterized by stark economic inequality, widespread political corruption, and social upheaval. A small elite amassed vast fortunes, while many Americans, especially in the South and among new immigrants, lived in poverty. Labor unions gained strength as workers fought for better conditions, and political machines dominated urban governance. The period saw the rise of monopolies and trusts, such as Standard Oil, which wielded immense influence over politics and the economy.
The 1950s: Postwar Prosperity
Another period often called a "golden age" for America is the 1950s. After the hardships of the Great Depression and World War II, the United States experienced an era of economic expansion, rising living standards, and suburban growth. The middle class grew rapidly, consumer goods became widely available, and there was a sense of optimism about the future.
Contemporary Usage
In recent political rhetoric, some leaders have claimed that America is entering or can return to a new "golden age," often drawing parallels to these earlier periods of prosperity. For example, recent statements by political figures have invoked the idea of a "golden age" to describe current or aspirational economic and social conditions, sometimes sparking debate over whether contemporary America more closely resembles the Gilded Age, with its wealth concentration and corporate power, rather than a broadly shared prosperity.
Table: Comparing "Golden Ages"
Era | Key Features | Challenges |
Gilded Age | Industrial boom, rapid growth, rise of trusts | Inequality, corruption, labor strife |
1950s | Middle-class expansion, consumerism, optimism | Racial segregation, Cold War |
Recent Rhetoric | Technological dominance, economic strength | Inequality, political division |
Conclusion
The "Golden Age of America" is not a single, universally agreed-upon era, but rather a label applied to periods of dramatic growth and prosperity—most notably the Gilded Age and the postwar 1950s. Each period brought significant advancements but also deep social and economic challenges, particularly around inequality and political power
CPI Report: Inflation Ticks Up, but Not as Much as Expected
CPI increased 0.1% MoM after rising 0.2 percent in April; Over the last 12 months, the all items index increased 2.4 percent before seasonal adjustment. The index for all items less food and energy rose 0.1% in May, following a 0.2% increase in April.
The index for shelter rose 0.3% in May and was the primary factor in the all items monthly increase. The food index increased 0.3% as both of its major components, the index for food at home and the index for food away from home also rose 0.3% in May.
In contrast, the energy index declined 1.0% in May as the gasoline index fell over the month.
Indexes that increased over the month include medical care, motor vehicle insurance, household furnishings and operations, personal care, and education.
The indexes for airline fares, used cars and trucks, new vehicles, and apparel were among the major indexes that decreased in May.
CPI rose 2.4% for the 12 months ending May, after rising 2.3% in April. The all items less food and energy index rose 2.8% over the last 12 months. The energy index decreased 3.5% for the 12 months ending May. The food index increased 2.9% over the last year.
CORE CPI
Secretary Scott Bessent's Statement Before the House Ways and Means Committee
June 11, 2025
Chairman Smith, Ranking Member Neal, and members of the committee—I’m grateful to join you today. Treasury is committed to working with Congress to improve our nation’s finances, create new jobs, and strengthen the economy. We look forward to coordinating with you on the President’s Budget and his tax priorities in the coming weeks.
As part of this effort, I wish to highlight today the Treasury Department’s efforts to advance President Trump’s economic agenda on tax and trade.
First, tax.
I am pleased to report that Treasury has just completed its most successful tax filing season in years—and we did so while improving efficiencies and cutting costs at the IRS.
Critics of the President’s efforts to modernize the IRS warned that the effort would result in a 10% shortfall in receipts. Instead, the opposite happened.
April receipts this year were up 9.5% over the previous year. And receipts in May were up 14.7% over the previous year. Most remarkably, the President was able to achieve these results while reducing $2 billion in waste and planned IT spending at the IRS.
This success has taken place against the backdrop of one of the most consequential tax proposals ever to come before Congress: the One Big Beautiful Bill Act. The One Big Beautiful Bill will make the 2017 tax cuts permanent. This will provide individuals and businesses with certainty and build economic momentum. The legislation is squarely aimed at boosting the working and middle class and reinvigorating American manufacturing.
According to the Council of Economic Advisers, the One Big Beautiful Bill will raise take-home pay between $7,800 and $13,300 for the average family of four. It will increase wages between $6,100 to $11,600 for the average worker. And it will cement no tax on tips, no tax on overtime, and tax cuts for seniors.
The One Big Beautiful Bill will also incentivize unprecedented investment in US manufacturing.
The legislation will provide 100% expensing for new factories, as well as existing factories that expand operations and support Made-in-America. And it will streamline burdensome permitting processes that often stand in the way of new manufacturing projects.
It’s time for this country to start building things again —and the One Big Beautiful Bill makes this possible.
The administration is grateful for the leadership of this committee in shepherding the One Big Beautiful Bill through the House. We are now working closely with members of the Senate to get this legislation to the President’s desk.
Trade is the second topic I wish to highlight.
The progress we have made on tax issues over the last four months complements the significant progress we have made in rebalancing the global economy.
Since I last testified before Congress in May, the President announced the historic US-UK trade deal. This arrangement—which creates a $5 billion export opportunity for American ranchers, farmers, and manufacturers—is a preview of what’s to come. Dozens of countries have engaged the administration thus far with offers to improve their trade relations with the United States. This includes China.
China has a singular opportunity to stabilize its economy by shifting away from excess production towards greater consumption. But the country needs to be a reliable partner in trade negotiations. If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible.
By challenging the decades-old status quo on tax and trade, President Trump is breathing new life into the American economy. More than 500,000 private-sector payroll jobs have been added since January. Most importantly, inflation in the U.S. is at its slowest pace since 2021 on decelerating cost increases for shelter, food, and energy. After four years of price increases diminishing the U.S. standard of living, inflation is showing substantial improvement due to the administration’s policies. Furthermore, the labor market remains strong with low unemployment and plentiful labor demand as job openings remain high. This strength has been exemplified in the recent performance of the stock market and consumer confidence data.
The President’s bold leadership on these issues has laid the foundation for a Golden Age economy. With your help, we can build on that foundation to create even greater prosperity and abundance for the American people. We hope you will join us in this endeavor.
Thank you.
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