In The Billionaires Waited Too Long to Panic Martin Longman nails it. He develops an important theme that is often glossed over: the anomaly of elite support for the likes of Trump, in alliance with the likes of Roy Moore. I have emphasized the point in this blog, but have—perhaps foolishly—looked for a time when the billionaires would come to their senses and act out of enlightened, long term self-interest.
As the title of his piece indicates, Longman thinks they have waited too long.
He may well be right.
The billionaires have been looking around for someone with the credentials of a Douglas MacArthur or a Dwight Eisenhower because, just as the Republican Party of 1952 was about as useful as teets on a bull, the contemporary version is a psychiatric wreck totally unsuited and unprepared to responsibly represent anyone’s interests. Alas, no war heroes of sufficient stature are available, and the Starbucks guy seems to be auditioning less for president than for most punchable face.
There were #NeverTrumper people who were kind of getting accustomed to having one foot outside of the Party of Lincoln until they got a load of Elizabeth Warren’s wealth tax and puddles began to form around their ankles. They’re beginning to fear that Rep. Alexandria Ocasio-Cortez’s proposed 70 percent top marginal income tax rate is more popular than the idea of a President Michael Bloomberg.
Suddenly, Trump doesn’t look so bad. After all, he did build the Autobahn deliver on tax reform, regulatory rollbacks, and undermining Obamacare. He did withdraw from the Paris Climate Accord. He is cracking down on the crazy socialists in Venezuela and Cuba. And look at all those Heritage Foundation judges!
I’ve long wondered why the billionaires have not gotten serious about building a replacement for the Republican Party. They could begin by denying the Republicans any funding. …
But the billionaires waited too long. California set sail and Texas is probably next. The people want someone to pay for the Great Recession. They want someone to pay for our hollowed out small towns and failing farms. They want someone to pay for the fact that we have a Russian agent in the White House and the Republicans won’t do a damn thing about it. They’re losing interest in the old arguments about why they can’t have nice things. …
So, now, at this late date the billionaires need to build a new party, but they can’t do it with intellectuals. They can’t do it with professionals. They can’t do it with the underclass or with the know-nothing Republican base.
At least Bloomberg understands the problem well enough to understand that to win back the suburbs the billionaires have to care about shootings in schools. But they also have to care about climate change and the environment. They have to care about people’s retirement security. They need to spend on roads and railways.
The problem with lots of people who made lots of money is that they have spent their entire loves making money and, in consequence, have taken leave of their common sense.
Their common sense would dictate that only by halting the spiraling economic inequality can they survive, in the long run, to enjoy their economic good fortune.