Zohran Mamdani’s election as mayor of New York City has stunned the Democratic establishment. Many party leaders seem bewildered that a self-described socialist could triumph in the nation’s financial capital. But his victory isn’t mysterious, it’s another expression of the same populist revolt that fueled Donald Trump’s rise nearly a decade ago.

At first glance, Mamdani and Trump could not be more different. One calls for taxing corporations and expanding public services; the other built his brand on tax cuts and deregulation. Yet both men owe their success to a deeper reality: Millions of Americans no longer believe the economic system works for them. When people feel locked out of prosperity and ignored by political elites, they turn to whoever promises to upend the status quo.

Trump’

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