Advertisement

Drudge Retort: The Other Side of the News
Monday, June 03, 2024

Robert Reich: Oligarchs like Elon Musk and Peter Thiel aren't just hostile to progressivism. They're hostile to American democracy itself.

More

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

Writes Reich (Robert, not Trump's):

Speaking from the World Economic Forum's confab last January in Davos, Switzerland, Jamie Dimon " chair and CEO of JPMorgan Chase, the largest and most profitable bank in the United States, and one of the most influential CEOs in the world " heaped praise on Trump's policies while president. "Take a step back, be honest," Dimon said. Trump "grew the economy quite well. Tax reform worked".

Rubbish. Under Trump the economy lost 2.9m jobs. Even before the pandemic, job growth under Trump was slower than it's been under Biden.

Most of the benefits of Trump's tax cut went to big corporations like JPMorgan Chase and wealthy individuals like Dimon, while the costs blew a giant hole in the budget deficit. If not for those Trump tax cuts, along with the Bush tax cuts and their extensions, the ratio of the federal debt to the national economy would now be declining.

But don't assume that the increasing flow of billionaire money to Trump and his Republican party is motivated solely by tax cuts and regulatory rollbacks. The goal of these US oligarchs is to roll back democracy.

When asked if he was becoming more political, Musk admitted (in a podcast in November): "If you consider fighting the woke mind virus, which I consider to be a civilizational threat, to be political, then yes ... Woke mind virus is communism rebranded."

Communism rebranded? Hello?

#1 | Posted by Doc_Sarvis at 2024-06-03 03:22 PM | Reply

... Why Are These Billionaires Trumpists? ...

Simple, they have enough money to isolate themselves from any of the bad things that a Pres Trump may do, but they do want the tax (and other monetary) benefits that Pres Trump may give to them.

To them, it is an investment with an RoI.



#2 | Posted by LampLighter at 2024-06-03 03:39 PM | Reply

Keep in mind these people represent a group that's been friendly with republicans for a long long time....and the enemy of democrats.

Long before Trump came along. While it appears insane for anybody like that to support Donald Trump, their lifelong distrust of the democratic party is still very much of who they are.

#3 | Posted by eberly at 2024-06-03 03:59 PM | Reply

Mark ----- had a good point about history echoing. In this instance, that mewling you hear emanates from those plutocrats of the 1920s and 1930s who thought they could "control" fascisti on the rise.

#4 | Posted by Doc_Sarvis at 2024-06-03 04:34 PM | Reply

Keep in mind that the Est Republicans that Trump supposedly opposes... support him at every opportunity because he pushes their Trickle Down nonsense while lying to his Base about it.

Something they can't do.

Trump is the best thing that has happened to Est Republicans since Reagan and the NRA.

#5 | Posted by Corky at 2024-06-03 05:30 PM | Reply

Billionaires shouldn't exist

#6 | Posted by hamburglar at 2024-06-03 08:19 PM | Reply

@#3 ... Keep in mind these people represent a group that's been friendly with republicans for a long long time....and the enemy of democrats. ...

That falls right into my RoI explanation.

:)

#7 | Posted by LampLighter at 2024-06-03 09:13 PM | Reply

Why is it that so many poor land struggling whites can find a common home politically with some of the most wealthy and socially indifferent families in America? Most of the pro-Trump billionaires detest consumer protection laws, detest unionization of labor, and think anti-poverty programs that would help struggling low income and low-middle families are gateways to socialism. Some have great philanthropy if they can have a hospital or school building named after them, but love the tax deductions such philanthropy gives them.

#8 | Posted by Augustine at 2024-06-04 02:43 AM | Reply | Newsworthy 2

"Some have great philanthropy if they can have a hospital or school building named after them, but love the tax deductions such philanthropy gives them.

#8 | POSTED BY AUGUSTINE"

You make it sound like that is a bad thing.

#9 | Posted by BellRinger at 2024-06-04 02:46 AM | Reply

Why is it that so many poor and struggling whites find a common home politically with some of the most wealthy and socially indifferent families in America? Most of the pro-Trump billionaires detest consumer protection laws, detest unionization of labor, and think that anti-poverty programs that would help struggling low income and low-middle income families are gateways to socialism. Some have great philanthropy if they can have a hospital or school building named after them, but love the tax deductions such philanthropy gives them.

#10 | Posted by Augustine at 2024-06-04 03:06 AM | Reply | Newsworthy 1

Not a bad thing, but Mr Moneybucks is indifferent to the majority of struggling folks working in his boiler room call centers, or warehouses, or factories or retail stores. Let one young employee with 2 kids and a wife who's ill at home take a few days off from work to deal with his home situation, and Mr. Billionaire gets riled up thinking the employee's a no-load commodity who gets fired at a moment's notice. If his co-workers want to let a union tell them they have rights, Mr. Billionaire fires them, too. Pick any pro-Trump billionaire and see how they treat their low wage and low middle-income workers. Elon Musk? the Waltons? the Koch brothers, the Mellon-Scaife family, Golisano, Viola, the De Voses, etc.

It is a bit hypocritical to be philanthropic to give you benefits but to spend millions to avoid taxes and let your wealth grow on the backs of your workers and average American tax-payers like you & I.

#11 | Posted by Augustine at 2024-06-04 03:22 AM | Reply | Newsworthy 1

#11 Is that your personal experience in corporate USA? I've worked for a number of different companies since graduating from college and none of the higher ups were the human monsters you are describing. They weren't necessarily great people or anything like that, but they weren't monsters.

#12 | Posted by BellRinger at 2024-06-04 03:26 AM | Reply | Funny: 3

Bell ... I know for a fact that those billionaires I named are "great" to some employees, but they give millions to conservative causes that fight unions, fight consumer protection laws, and do everything to make government serve them and their wealth. And if, like the Kochs, they don't particularly like Trump, they love how he's "on their side" in fighting unions, fighting for tax loopholes for billionaires, for courts that side with them 99% of the time, and for keeping the low and low-middle income populations in general happy with bread and circuses, but staying in their place to do the work the billionaires are too good to do for themselves.

#13 | Posted by Augustine at 2024-06-04 03:38 AM | Reply | Newsworthy 3

Plus, there are billionaires like Warren Buffett (the "oracle of Omaha") and like Michael Bloomberg, who are not like Trumper-billionaires. They're great and they see America as stronger under democratic policies and they generally show genuine care for the greater mass of employees and workers. These billionaires are the model of respect for the country and system that enabled their talents to turn into wealth and who see virtue in keeping the country one of fair opportunity for all.

#14 | Posted by Augustine at 2024-06-04 03:56 AM | Reply | Newsworthy 2

Do we have Democracy or Aristocrats?

Nobility without titles but still somehow more Equal?

Trump thinks he's somehow an Aristocrat. Oligarch, One of the Elect.

Americans eat it up. Like Cheap Sweets. Jeff,Elon,the Kochs. More nobles in the new Fuedalism.

Institutions are disillusioning because they are so obviously Corrupt.

But Strong Men and Big Money are seen as the Answer to economic uncertainty.

So it Goes.

#15 | Posted by Effeteposer at 2024-06-04 03:58 AM | Reply

Augustine,

An ever-growing number of those billionaires are now aligning with Democrats and crony capitalism. In a surprising moment of honesty, Jeffrey Immelt of GE admitted as much when he became part of Obama's team. Hell, look at Big Tech. More powerful and influential than any business community in the history of this country and that includes the industrial giants of the gilded age. Until Musk acquired Twitter the entirety of that industry has heavily skewed Dem and all Musk did was make Twitter a much more open platform. Has the platform been perfect since his acquisition? Hell, no. Not by a long shot. However, it has far less viewpoint discrimination than under Dorsey. Further, it has divested itself from messaging collusion with the federal government.

Democrats have become openly hostile toward blue collar workers - they only support union leadership.

The GOP has become the default party choice for a majority of blue collar workers which is crazy because you are correct - the GOP is not and has never been particularly friendly toward blue collar workers.

Having said that, some policies enacted by Trump during his first term did resonate with blue collar workers - cracking down on illegal immigration which robs blue collar workers of job opportunities as well as driving down wages. Tarriffs against China - I think it was and remains an economic mistake and opposed that policy but do understand why blue collar workers may have viewed it positively. I personally thought the tax law passed during Trump was more bad than good, but it was a mixed bag, IMO. An 'all-in' approach to domestic energy production was appealing to anyone whose income was low enough that energy costs mattered to them (most of the country).

#16 | Posted by BellRinger at 2024-06-04 04:00 AM | Reply | Funny: 1

And yes, I worked at a company with up and coming billionaires like Jon Corzine, who eventually became a Democratic US Senator. The premise here, and Robert Reich's too, isn't, "billionaires are bad". It's that Trumper-billionaires are supporting political things that run counter to what's in the financial and health interests of the average lower middle income Trump supporters. And from what seems true of many Trump supporting mega-donors their ideals are not the ideals of a Corzine or Buffett or Bloomberg. They aren't ideals to keep America great, their ideals are to help themselves stay rich and to become even richer.

#17 | Posted by Augustine at 2024-06-04 04:14 AM | Reply


I GET PAID OVER $220 PER HOUR WORKING FROM HOME WITH 2 KIDS AT HOME. I NEVER THOUGHT I WOULD BE ABLE TO DO IT BUT MY BEST FRIEND EARNS OVER $35,000 A MONTH DOING THIS AND SHE CONVINCED ME TO TRY. IT WAS ALL TRUE AND HAS TOTALLY CHANGED MY LIFE ... THIS IS WHAT I DO, CHECK IT OUT BY VISITING FOLLOWING WEBSITE ... .
---------------------------

#18 | Posted by sirob at 2024-06-04 07:14 AM | Reply

HTML.index

I GET PAID OVER $220 PER HOUR WORKING FROM HOME WITH 2 KIDS AT HOME. I NEVER THOUGHT I WOULD BE ABLE TO DO IT BUT MY BEST FRIEND EARNS OVER $35,000 A MONTH DOING THIS AND SHE CONVINCED ME TO TRY. IT WAS ALL TRUE AND HAS TOTALLY CHANGED MY LIFE ... THIS IS WHAT I DO, CHECK IT OUT BY VISITING FOLLOWING WEBSITE ... .
---------------------------

#19 | Posted by sirob at 2024-06-04 07:16 AM | Reply

Seems we have a real bot.

#20 | Posted by GalaxiePete at 2024-06-04 10:39 AM | Reply | Newsworthy 1

#16 | Posted by BellRinger

I think you need to go take another look at Tech billionaires. Those that are household names tend to be more on the generous side but there are loads that are not. Larry Ellison just to name one. But it also makes sense to a degree some of the most successful are more liberal. Progressive isn't just a word.

Democrats have become openly hostile toward blue collar workers - they only support union leadership. Ooooookay now enough with the fantasy. That's some funny stuff though.

Illegal immigration does not rob blue collar workers of job opportunities or drive down wages. People who hire the undocumented are who rob blue collar workers of job opportunities and drive down wages. Wanna guess how they vote? Immigration reform has been needed for over 30 years. Even Bush 43 was smart enough to know that but could not get the GOP to work with him.

#21 | Posted by GalaxiePete at 2024-06-04 12:03 PM | Reply

-Keep in mind that the Est Republicans that Trump supposedly opposes... support him at every opportunity because he pushes their Trickle Down nonsense while lying to his Base about it.

Name a republican since Reagan that hasn't pushed trickle down.

Trump is not unique to that and any alternative in the GOP will be the same on that issue.

#22 | Posted by eberly at 2024-06-04 12:58 PM | Reply

- Trump is not unique

That was the point that you missed. Oh, and that he is unique in the sense that he can get away with lying about it; pretending he is for the little guy.

Is this thing even on?

#23 | Posted by Corky at 2024-06-04 01:32 PM | Reply

You want to know who the Enemy of America truly is?
It is Pro-Trump, Anti-Democracy Billionaires like this.
Since the 80's and Trickle Down, I've watched as they
have gobbled up more and more and more of America,
and the Middle Classes' standard of living.

5 times since the 80's the taxes have been cut for
millionaires and billionaires. And EVERY SINGLE TIME
more and more of the tax burden has shifted to the
Middle Class and chipped away at more and more of our
Standard of Living.

I would hope that by now, even the MORONS would now get it.

But I'd be wrong...

#24 | Posted by earthmuse at 2024-06-04 01:58 PM | Reply | Newsworthy 2

"I've worked for a number of different companies since "

#12 | POSTED BY BELLRINGER

The fact you can't hold a job cleaning bathrooms isn't a great look for your arguments.

#25 | Posted by LegallyYourDead at 2024-06-04 02:27 PM | Reply | Newsworthy 1

Because they want a government that works for them.

#26 | Posted by lee_the_agent at 2024-06-04 07:26 PM | Reply | Newsworthy 1

-Is this thing even on?

Maybe you need a bigger "device" if you can't feel it.

Check with clown. I'm sure he can advise.

But ... .again, republicans have been telling the middle class they are looking out for them while cutting taxes for the wealthy.

And you've been whining about it for 40 years at least.

But ... ... .Trump is unique in this respect?

Trump has his unique characteristics ... ... .but you're unable to see them.

Jesus, get some new material little fella.

#27 | Posted by eberly at 2024-06-04 08:39 PM | Reply

Because they want a government that works for them.
#26 | POSTED BY LEE_THE_AGENT

Seems better than a government that works for itself.

#28 | Posted by oneironaut at 2024-06-05 12:23 AM | Reply

Illegal immigration does not rob blue collar workers of job opportunities or drive down wages. People who hire the undocumented are who rob blue collar workers of job opportunities and drive down wages
- galaxy.

They are the same people.

Corporations contract with other corporations to supply workers, who work for a W2.

Plausible deniability by everyone...

Dry up the supply and wages will go up. You can't push work Americans won't do, and pay them sub minimum wage and tell me they aren't driving down wages.

Make them legal and this all goes away.

#29 | Posted by oneironaut at 2024-06-05 12:27 AM | Reply

Immigration reform has been needed for over 30 years.
- galaxy

Has it? Why?
I mean if you're going to do it, just let everyone that's vetted become a citizen immediately.

That's the only way to solve this issue.

#OpenBorder.

#30 | Posted by oneironaut at 2024-06-05 12:29 AM | Reply

" Corporations contract with other corporations to supply workers, who work for a W2. Plausible deniability by everyone...

Including the Republican Sheriffs looking the other way for the Republican members of the Chambers of Commerce, who also happen to be the largest contributors to the Sheriffs' re-election campaigns.

#31 | Posted by Danforth at 2024-06-05 02:26 AM | Reply

Illegal immigration does not rob blue collar workers of job opportunities or drive down wages. People who hire the undocumented are who rob blue collar workers of job opportunities and drive down wages
- galaxy.
They are the same people.
Corporations contract with other corporations to supply workers, who work for a W2.
Plausible deniability by everyone...
Dry up the supply and wages will go up. You can't push work Americans won't do, and pay them sub minimum wage and tell me they aren't driving down wages.
Make them legal and this all goes away.

#29 | POSTED BY ONEIRONAUT

Look at that!

OneRat supporting doubling the minimum wage!

#32 | Posted by Sycophant at 2024-06-05 11:12 AM | Reply

Billionaires supporting Trump is not shocking. What's shocking to me is the way Democrats are losing the working class - and it's kind of their fault.

They've gone for an elitist rather than populist approach, while Trump speaks to the lower classes. And never mind that his solutions are wrong, he's generally dead on at identifying the problems.

Immigration - both points previously made here are right. Wages get driven down when you've got a underclass that cannot get a leg to stand on legally to demand fair wages. But the solution as otherwise mentioned is go after their employers. With no income, immigrants will head back to where they came from, or (gasp) apply to enter correctly. Democrats meanwhile, shoot themselves in the foot playing identity politics, lumping working class just concerned about their paychecks in with racists. Not an ideal way to bring them into the fold.

China - Trump has been 100% right about everything from their manipulation of currency to jobs lost over there. Too bad the correct answer would be incentives for growth in jobs we need back here, rather than tariffs. Could have gone another way, but here Biden screwed the pooch again in multiple ways - maintaining the Trump tariffs, and simultaneously messing up the stimulus, such as pushing electric cars, but not focusing on infrastructure and grid stability first. Also, front loading so much stimulus the Fed can't get "sticky" inflation under control with the highest interest rates in decades.

Two examples, but can pull many more. Then add in messaging - Biden is no Bill Clinton. There's no "I feel your pain." His administration comes across more as "you are all idiots, the economy is the best it's ever been" - when that's only true if you're invested in the stock market. Wall Street is having the time of their life. Main Street is buying out ramen noodles. Which gives Trump all the room he needs to come in with messages of doom and gloom. Sure his solutions will be worse - but he's the one talking to them.

TLDR: on every metric, Trump is worse, but Biden and his administration are part of the problem. They fail to provide a strong enough contrast in solutions, and their messaging drives away the very support they need. Solution - younger, more (left wing) populist Dem replacement for Biden at the DNC convention, because there's no way Biden should be polling this close to the orange clown. But he is, and might be the only person on earth that could somehow grasp defeat from the jaws of victory facing Trump. But, odds are low the DNC will see it the same.

#33 | Posted by zeropointnrg at 2024-06-05 05:19 PM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2024 World Readable

Drudge Retort