President Trump's second term has been a payday for the powerful, exposing a disconnect in his promise to deliver for "the forgotten man" of America's working class.

Why it matters: The populist paradox at the heart of MAGA — a movement fueled by economic grievance and championed by a New York billionaire — has never been more pronounced. • Trump's blue-collar base remains fiercely loyal, energized by his hardline stances on immigration, trade and culture — and patient that his economic "Golden Age" will materialize. • But so far, the clearest financial rewards of Trump's tenure are flowing upward — to wealthy donors, family members, insiders and the president himself.

The big picture: Trump's inner circle has shattered norms around profiting from the presidency, dulling public outra

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