Robert Reich Says Trump And His Allies Want To Let Corporations Do As They Please. Even If It Hurts You, Profits Come First

Former U.S. Labor Secretary Robert Reich is warning that President Donald Trump's second-term deregulation agenda is shaping up to be a windfall for big corporations—and a disaster for everyday Americans.

In a recent video, Reich argues that deregulation is simply a different version of trickle-down economics. "Where the financial gains go to the top, and nothing trickles down except risks and losses," he said.

Regulations Aren’t The Enemy, Reich Says

Reich pushed back on the common conservative claim that cutting regulations makes the economy more productive. He said that Trump and his allies aren't really trying to “get the government off your back. They want to get the government off their backs—and the backs of their corporate donors.”

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Regulations, Reich said, are what keep people from being “harmed, fleeced, shafted, injured, or sickened” by dangerous or deceptive corporate behavior.

As an example, Reich said Trump and his allies "gutted" the Consumer Financial Protection Bureau, which was created to protect people from scams and predatory lenders. He added that Trump-aligned lawmakers are working to undo rules that prevent excessive banking overdraft fees.

"Who the hell wants more overdraft fees?" Reich asked.

Climate And Worker Protections Rolled Back

According to Reich, Trump's deregulation efforts have been especially generous to the fossil fuel industry. He said Trump's 2024 election campaign was heavily backed by oil companies, and his administration has responded by pushing dirty energy projects on public lands.

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Reich also criticized Trump's appointment of former New York Republican Rep. Lee Zeldin as head of the Environmental Protection Agency, calling him “a big oil insider” who is working to undo over 30 pollution regulations. Zeldin has called it the “largest deregulatory announcement in U.S. history.”

On workers’ rights, Reich said Trump reversed former President Joe Biden's executive order that established a $15 minimum wage for federal contractors and scrapped a civil rights order from 1965 that banned workplace discrimination. He added that the Trump team weakened the National Labor Relations Board by firing its pro-union general counsel and replacing her with someone who favors corporate interests.

Reich also noted that both Jeff Bezos‘ Amazon (NASDAQ:AMZN) and Elon Musk‘s SpaceX are currently suing to have the NLRB declared unconstitutional.

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Less Oversight, More Risk

The effects of Trump's deregulation push are already being felt in federal agencies, Reich claimed. He said thousands of government workers have been fired, many of whom oversee air travel safety, food inspections, and public health protections.

Even worse, Reich warned, Trump is trying to change how regulations are undone in the first place. "Normally, proposed changes to regulation must be posted for public comment," he said. But under Trump, regulators may be allowed to cancel or stop enforcing rules without public input.

"We may not know for years the extent we are unprotected," Reich said, pointing to risks of financial collapse, public health disasters, and climate-related crises.

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Image: Imagn Images