Why would billionaires support Trump? It’s not as if they’ve done badly under President Biden. Stock prices — which Trump predicted would crash if he lost in 2020 — have soared. High interest rates, which are a burden on many Americans, are if anything a net positive for wealthy people with money to invest. And I doubt that the superrich are suffering much from higher prices for fast food.
Wealthy Americans, though, are surely betting they’ll pay lower taxes if Trump wins.
You can find their representatives saying exactly that:
Kathy Wylde, president and CEO of the Partnership for New York City — a nonprofit organization representing the city’s top business leaders — said Republicans have conveyed to her that they consider that “the threat to capitalism from the Democrats is more concerning than the threat to democracy from Trump.”
Which is why billionaires are bribing Trump
This is the best summary I could come up with:
But Heritage’s embrace of what amounts to an attack on democracy is a useful symbol of one of the really troubling developments of this election as it heads into the final stretch.
Heritage presents itself as a defender of freedom, but its real mission has always been to produce arguments — frequently based on shoddy research — for low taxes on rich people.
And its tacit endorsement of lawlessness illustrates the way many of America’s plutocrats — both in Silicon Valley and on Wall Street — have, after flirting with the crank candidacy of Robert F. Kennedy Jr., been rallying around Trump.
Only someone completely ignorant of history would imagine himself safe from that kind of weaponization — even if Trump considers you an ally now, that can change in an instant.
At the top of the pyramid, wealth is largely about status and self-importance; as Tom Wolfe wrote long ago, it’s about “seeing ’em jump.”
We saw this when many Wall Streeters turned on President Barack Obama — after he helped bail them out in the financial crisis — because they felt insulted by his occasional criticisms.
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