President Trump ‘brought let them eat cake economics to Davos’ with WEF speech — Oxfam

In response to President Trump's speech at the 2026 World Economic Forum in Davos, Nabil Ahmed, senior director of economic justice at Oxfam America, said:

“President Trump brought ‘let them eat cake’ economics to Davos. This denialist address failed to acknowledge the material misery that so many Americans feel. In reality, the Trump administration’s policies have helped create one of the most K-shaped economies in recent times, in which the wealthy and big corporations thrive while working families endure searing cuts and soaring costs.

“There is no evidence to suggest Trump’s handful of so-called affordability proposals are more than smoke and mirrors. Nobody should take the bait unless and until we see the president actually deliver on meaningful changes.

“If anything, President Trump’s speech confirms the harmful influence of oligarchy over our economies and geopolitics. Last year, global billionaire wealth increased three times faster than over the previous five years, and billionaires are over 4,000 times more likely to hold political office than ordinary people. The political capture of the ultra-wealthy is harder than ever to ignore.

“Even as President Trump grabs our attention, it’s clear there’s a different, new story in town. Some policymakers and countries are working more to cooperate on issues, from trade to advancing the climate transition. In time, that may be the biggest geoeconomic story: a more multipolar reality in which countries strive to get stuff done without the U.S.”