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Yahoo
16-05-2025
- Business
- Yahoo
Here's Why Tariffs Will Benefit the Middle Class, According to Patrick Bet-David
President Donald Trump has announced a sweeping (though everchanging) tariff plan that he says will benefit American workers. Find Out: Read Next: 'Gone are the days of America being taken advantage of,' an official White House fact sheet states. 'This plan will put the American worker first, improve our competitiveness in every area of industry, reduce our trade deficit, and bolster our economic and national security.' On a recent episode of the 'PBD Podcast,' businessman and host Patrick Bet-David explained why he supports Trump's tariffs plan and how he believes they will ultimately benefit middle-class workers. While he acknowledges that tariffs may cause some financial struggles upfront, Bet-David believes the middle class will ultimately benefit from them. 'For the people that are … whining about tariffs — be patient,' he said on his podcast. Bet-David believes that tariffs will lead to more jobs coming back to the U.S., providing more earning opportunities for middle-class workers. He noted that over the past two decades, the wealth of the upper-class has grown exponentially, while middle-class wealth has remained relatively stagnant, and believes this is due to jobs being relocated abroad. 'What happened to our middle class since 2001? What was the average median income in 2001? [The] median income [in] 2001 [was] $42,000,' he said. 'Go look at what it is today. Twenty-five years later, it's not even double. It's gone up 80%.' While 80% might seem like a fair amount of growth, Bet-David noted that it's nothing compared to the explosion of wealth experience by the top 1% over the same time period. He shared that the richest man in 2001, Bill Gates, was worth around $53 billion. In 2025, the richest man is Elon Musk, who is worth $342 billion. 'So the wealthy 7X-ed [their wealth] but the median income only went up 80%,' he said. 'Why? Cheaper labor in China.' Learn More: Although Bet-David is confident that more domestic job opportunities that come as a result of tariffs will be a net positive for the middle class, not all experts agree with this take. Thomas J. Cryan, tax attorney and author of 'Disrupting Taxes,' previously told GOBankingRates that tariffs are likely to lead to higher prices on many everyday essentials and big-ticket purchases, raising the cost of living for middle-class Americans. 'A 25% tariff on imports will increase the cost of certain products, and will have a significant impact on consumer prices,' he said. 'Though exporters and middlemen might absorb some of the cost increase due to the tariffs, for the most part, the tariffs' costs are passed on to the consumer.' Cryan also believes that tariffs will actually lead to fewer jobs for the middle class — not more. 'Tariffs do not gain jobs but rather create inefficiencies within the economy that destroy jobs and hurt workers,' he said. 'Tariffs that protect certain industries — and jobs — will have the unintended consequences of harming other industries and the consumer via higher prices, which might slow down economic growth and trigger larger layoffs.' Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China 8 Common Mistakes Retirees Make With Their Social Security Checks 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer 5 Types of Vehicles Retirees Should Stay Away From Buying Sources The White House, 'Fact Sheet: President Donald J. Trump Announces 'Fair and Reciprocal Plan' on Trade' PBD Podcast, 'The Rich Got Richer While the Middle Class Stagnated Since 2001' Thomas J. Cryan, 'Disrupting Taxes' This article originally appeared on Here's Why Tariffs Will Benefit the Middle Class, According to Patrick Bet-David Sign in to access your portfolio
The Independent
11-04-2025
- Sport
- The Independent
Ilia Topuria's career earnings show swift pay jump as UFC star discusses retirement
In a new podcast appearance, Ilia Topuria has discussed his career UFC earnings and revealed when he plans to retire from mixed martial arts – as he seeks big fights and major paydays before hanging up his gloves. The unbeaten Topuria, 28, claimed the UFC featherweight title in February 2024, knocking out long-reigning champion Alexander Volkanovski to do so. Then, in October, he knocked out former champion Max Holloway to retain the belt. The Spanish-Georgian then vacated the title this February, amid a planned move to lightweight, where he hopes to challenge for a second UFC belt. And on the PBD Podcast on Friday (11 April), host Patrick Bet-David talked listeners through Topuria's career UFC earnings, as 'El Matador' (or 'La Leyenda' as he now wishes to be known) weighed in on the matter. 'One of your first fights, you made $38,500 – 10 October 2020. Then you made $50k, then $75k, then $90k,' said businessman Bet-David, referring to Topuria's first four UFC bouts: a decision win over Youssef Zalal, and knockouts of Damon Jackson, Ryan Hall and Jai Herbert. 'Then you made $154k with Bryce Mitchell, one of your good friends,' Bet-David joked, 'and then you made $200k with Josh Emmett.' Topuria submitted Mitchell in late 2022 and outpointed Emmett in 2023. 'Then you made $532k [...] with Volk, then you made $2.44m with Holloway. So, roughly your career earnings are $3.5m. 'This is a very good trajectory. If this is a stock, there are some real good things around the corner for you, fight-wise.' 'It's not only fight-wise, it's also business-wise,' Topuria countered. 'That's why I try to develop all the time my skills, because at some point I'm gonna retire, and I'm gonna make a living from something else.' It is unclear how much money Topuria has made outside the cage, though he is believed to have several business partnerships on the go, including with Spanish football giants Real Madrid. When asked when he plans to retire, the 28-year-old said he will fight 'until I [no longer] enjoy it to be honest'. Topuria has said the UFC promised him a title fight at lightweight in his next contest, though it is unclear whether he will challenge incumbent champion Islam Makhachev; the Russian could face another contender first, with Topuria fighting the winner. Volkanovski would face Diego Lopes for the vacant gold. That fight headlines UFC 314 in Miami on Saturday (12 April).
