The Democrats: Wall Street’s new darlings
The Democrats: Wall Street’s new darlings
Throughout the entire 20th century, said Daniel Gross in Slate.com, the relationship between business and politics could be summed up in a simple phrase: “Businesspeople like Republicans and don’t like Democrats.” It was nothing personal; Wall Street just shared the GOP’s fondness for lower taxes, limited government, and the free market, while Democrats were the party of big government, regulation, and labor unions. For decades, business’ unwavering support meant that the Republicans always went into national campaigns with far more money. Not anymore. In this presidential election cycle, Democrats “are kicking the tar out of their rivals,’’ raising $388 million to the GOP’s $287 million. Democrats used to be the party of the have-nots. Now they’re becoming the party of the “have-mores.’’
That turnaround is not hard to explain, said John Fout in TheStreet.com. Businesspeople are pragmatic, and the facts suggest that “a Democratic administration might be better for business than a Republican administration.” Given the keys to the federal government, Republicans ran up huge deficits, gave away billions to the energy industry and other favored industries, and undermined the dollar, whose value has plunged. Hillary Clinton’s husband, on the other hand, was a paragon of fiscal responsibility, with a “pay-as-you-go budget philosophy” that led to one of the most impressive economic upswings in our history. Even in Congress, many key Democrats are now business-friendly, said John Farmer in the Newark, N.J., Star-Ledger. Sen. Charles Schumer of New York, for example, has used his position on the banking and finance committees to block tax increases on the hedge-fund industry. Democrats no longer seem like the party that once would have “sacked the wealthy and plundered corporate profits to finance the welfare state.”
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
If business thinks it can buy the Democrats’ favor by writing fat checks to Hillary, said Stephen Moore in The Wall Street Journal, it will soon be proved wrong. Democrats are sure to raise taxes, impose a host of onerous new workplace and environmental regulations, and give labor whatever it demands—in short, adopt an “anti-growth agenda.’’ When that happens, no Democratic donor should complain. “When you sell the rope to the hangman, you deserve to have a noose around your neck.’’ If only that were so, said Paul Krugman in The New York Times. As a progressive, I find business’ newfound enthusiasm for the Democrats troubling—but for the opposite reason. If the Democrats win in 2008, it’s entirely possible that they will have become “too dependent on lobbyists’ money to seriously confront the excesses of our new Gilded Age.”
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Create an account with the same email registered to your subscription to unlock access.
-
Arizona court reinstates 1864 abortion ban
Speed Read The law makes all abortions illegal in the state except to save the mother's life
By Rafi Schwartz, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published