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‘Yeah, So What?’ Elites Shrug Off Working-Class Pain Caused by Trump Tariffs, Iran War
"Does anyone really care if the Strait of Hormuz is open?" asked one banking executive.
May 08, 2026
Even as President Donald Trump's illegal war with Iran and tariffs on foreign goods are hammering working-class Americans, a new report shows that members of the US elite have never had it better.
As The Financial Times reported on Thursday, attendees at the annual Milken Institute conference in Beverly Hills this week were living in "blissful ignorance" of the economic pain hitting workers in the US and around the world.
“People are glossing over the war with Iran,” an anonymous private credit firm executive told The Financial Times. “They've become desensitized to it. For some reason, people are saying, ‘Yeah, so what?'"
The Financial Times also quoted one person described as a "high-powered banker" who asked, "Does anyone really care if the Strait of Hormuz is open?"
Ted Koenig, chief executive of Monroe Capital, told The Financial Times that, while people at the conference were vaguely aware of the suffering of middle-class and working-class Americans, "at the end of the day, everyone’s focused on their own investment portfolios, especially here."
While the mood at the Milken conference may have been buoyant thanks to the record-setting stock market, fresh data released Friday showed Main Street America is feeling the exact opposite.
The University of Michigan's latest Surveys of Consumers found that consumer sentiment has hit another all-time low, driven in large part by anxiety over price increases caused by the Iran war.
"Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump," explained Joanne Hsu, director of the Surveys of Consumers. "Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall."
Tahra Hoops, director of economic analysis at Chamber of Progress, noted 30% of respondents in the latest Surveys of Consumers said that Trump's tariffs were driving up their expenses.
"It would do well for Dems to continue to shout that gas prices are high and tariffs are raising your costs!" Hoops wrote.
While consumer spending has for months held up in the wake of low confidence, McDonald's CEO Chris Kempczinski said this week that signs of real strain are starting to appear.
As CNBC reported Thursday, Kempczinski described the current economic environment as "challenging," and warned that "it’s certainly not improving, and it may be getting a little bit worse."
The fast food CEO pointed to high gas prices as a particular strain on working-class consumers, who are the most regular customers at McDonald's.
“Clearly, when you have elevated gas prices, which is the core issue that I think we’re all seeing about in the press right now, gas prices, inflation on that, that is going to disproportionately impact low-income consumers,” Kempczinski said. “And so we expect the pressures there are going to continue.”
Kempczinski wasn't the only CEO to sound alarms about US consumer spending this week.
According to a Thursday report from Market Watch, Whirlpool CEO Marc Bitzer said during a quarterly earnings call that the appliance industry had seen a 7.4% drop in demand in the first quarter of 2026.
"This level of industry decline is similar to what we have observed during the global financial crisis," said Bitzer, "and even higher than during other recessionary periods."
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Millions Kicked Off Medicaid? 'Don't Eat Carrot Cake,' Says Administrator Oz
"Why don't you pry carrot cake out of my cold, dead hands and give us back Medicaid coverage for millions instead," replied Democratic Sen. Mark Warner.
Jul 14, 2025
U.S. Centers for Medicare and Medicaid Services Administrator Dr. Mehmet Oz appeared on Fox Business on Monday, where he presented a carrot cake to celebrate Medicaid's 60th birthday and brushed aside concerns about the millions of Americans likely to lose their healthcare coverage under recently passed Republican legislation—by telling people to not eat carrot cake.
Oz—the multimillionaire erstwhile celebrity surgeon, purveyor of "miracle" cures, and failed U.S. Senate candidate—gave Fox Business host Stuart Varney what he called a "MAHA Medi-cake" before proceeding to extol the virtues of Medicaid, the program launched during then-President Lyndon B. Johnson's "Great Society" agenda that provides health insurance to more than 70 million lower-income Americans.
Medicaid "was a promise to the American people to take care of you if you are having problems financially or if you were having an issue because you're older and needed healthcare," Oz said. "And it changed the country in a good way for many reasons."
"But we're all in it together, Stuart," he added, "which means we'll be there for you, the American people, when you need help with Medicaid and Medicare, but you've got to stay healthy as well. Be healthy, do the most you can do to really live up to the potential, your God-given potential to live a full and healthy life, you know, don't eat carrot cake, eat real food."
17 million people are going to lose their health insurance because of the Trump administration.Dr. Oz's advice is “don’t eat carrot cake.”
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— Elizabeth Warren (@warren.senate.gov) July 14, 2025 at 10:17 AM
Social media users roundly ridiculed Oz's remarks, with criticism centered around the estimated 17 million people who will be left uninsured under the so-called One Big Beautiful Bill Act signed by President Donald Trump earlier this month. The legislation contains the largest Medicaid cuts in history.
"Why don't you pry carrot cake out of my cold, dead hands and give us back Medicaid coverage for millions instead," Sen. Mark Warner (D-Va.) wrote on Bluesky.
Another Bluesky user wrote, "Carrot cake didn't give me cancer, dumbass."
Yet another said, "Um... your boss eats McDonald's every chance he gets and you are judging people eating carrot cake," a reference to Trump's legendary fondness for Big Macs, Filet-O-Fish sandwiches, and vanilla shakes.
Still another quipped, "First he came for my crudites, now my carrot cake."
"Carrot cake didn't give me cancer, dumbass."
Over on X, one account with over 130,000 followers said: "What an insensitive prick as he brings a piece of carrot cake to Stu Varney during the interview. Republicans seem so gleeful to be hurting Americans. This is why millionaires and billionaires should never be in Congress or the [White House]."
The Occupy Democrats X account also weighed in, posting, "It's not enough for them to take away our healthcare, Republicans want to blame us for getting sick."
"The idea that avoiding carrot cake in favor of healthier foods will somehow render Americans immune to health problems is insulting in the extreme," Occupy Democrats continued. "Rather than 'let them eat cake,' he's telling us 'do not eat cake,' but the sentiment is every bit as out of touch as Marie Antoinette's apocryphal quote."
"MAHA stands for 'Make America Healthy Again,' an Orwellian phrase deployed by an administration that is actively making Americans sicker by stripping away their healthcare," the account added. "This is what Republicans really think of the American people. They ram through policies making our lives worse in countless ways, then they laugh at us and spit in our faces. There has never been a more gleefully spiteful political movement."
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Worker Group Rebukes Trump as 'Billionaire Sleazeball' Over Dump Truck Stunt
The Republican nominee "acting like he is a worker is beyond gross, and slap in the face to all working-class people," said the Durham Workers Assembly.
Oct 31, 2024
A worker group in North Carolina on Wednesday criticized former U.S. President Donald Trump and one of the Republican nominee's allies for campaign stunts involving garbage trucks.
After struggling to open the truck's door—which led to a viral video clip and concerns about Trump's physical condition—the ex-president climbed into the passenger seat of a white truck adorned with American flags and a banner that said, "Trump, Make America Great Again! 2024."
Wearing an orange high-visibility vest that he also wore during a later rally in Green Bay, Wisconsin, Trump took aim at President Joe Biden and Vice President Kamala Harris, the Democratic nominee, saying to reporters: "How do you like my garbage truck? This truck is in honor of Kamala and Joe Biden."
In a pair of social media posts, the Durham Workers Assembly highlighted that the dump truck gimmick followed Trump donning an apron last week at a McDonald's in another swing state—Pennsylvania—where he worked a french fry fryer and dodged questions about raising the minimum wage.
"First slinging fries at McD's now this!" said the Durham, North Carolina branch of the Southern Workers Assembly, which aims to organize the unorganized working class in the U.S. South and coordinate actions across the region.
"A billionaire sleazeball acting like he is a worker is beyond gross, and slap in the face to all working-class people," the group declared on social media. "Workers must organize and raise up to smash MAGA fascism!"
The Durham Workers Assembly noted that "pro-Trump fellow billionaire" Vivek Ramaswamy participated in a similar stunt, arriving at a Wednesday campaign event in Charlotte, North Carolina on the back of a sanitation truck.
The garbage truck events, as Politico explained, came in response to "Biden responding to a comedian at the former president's Sunday rally at Madison Square Garden calling Puerto Rico a 'floating island of garbage.' Biden, addressing the racist joke on Tuesday, appeared to call Trump's supporters 'garbage' in return, which Republicans seized on even as the White House said he was referring to Trump's 'supporter's'— note the apostrophe placement—'demonization of Latinos.'"
Winning over working-class voters has been a priority for both campaigns. Many national unions have endorsed Harris—though, notably, not the International Brotherhood of Teamsters, whose leader spoke at this year's Republican National Convention and faced criticism for not backing a presidential candidate for the first time in decades.
The United Auto Workers is among the unions that have endorsed Harris. In a Tuesday speech, UAW president Shawn Fain advocated for working-class unity against Trump, whom he's called a "scab," and emphasized that "we engage in politics as a union because it is core to our fight for economic and social justice."
Unions and worker advocates cheered Harris' selection of Minnesota Gov. Tim Walz as her running mate. A former public school teacher, Walz has slammed Trump and his vice presidential candidate, Sen. JD Vance (R-Ohio), as enemies of the working class, saying that "the only thing those two guys know about working people is how to work to take advantage of them."
Vance is a former venture capitalist known for his memoir Hillbilly Elegy, which was made into a movie. As Rolling Stone's Tim Dickinson wrote in September: "In the pages of his book, Vance presents a dim view of the actual poor, whom he refers to as 'welfare queens' and accuses of 'gaming' America's too-generous social services. And as he campaigns in 2024, Vance is wielding his book as both a shield and a cudgel, using the tale of his hardscrabble youth to distract from the fact that he's now a multimillionaire member of the Senate, while simultaneously lashing out at the 'elites' for looking on his kind with contempt."
During a Thursday campaign event, Walz acknowledged the garbage truck stunt while lambasting Trump's tariff plans.
"This dude's nearly 80 years old. He damn near killed himself getting in a garbage truck. You would think over 80 years you would understand how a tariff works," Walz said. "Smarter people than Donald Trump—which is a good chunk of folks—CEOs of companies like Black & Decker, AutoZone, and Columbia, have gone on the record to say, if Donald Trump goes forward with this plan, they will simply have to raise prices and pass it on to you."
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