Why American capital will vote R in 2020 - The Washington Post - 0 views
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The book’s starting premise is acknowledging the mid-2000s slowdown in labor productivity growth in the advanced industrialized economies. There are lots of debates about why there was a productivity slowdown and whether it can be reversed.
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Mother Jones, connects the contributions made by wealthy donors to the GOP and their push for the 2017 tax cut
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In a polarized political climate, secular stagnation will encourage America’s economic elite to tilt further rightward in the coming decade, even though the Republican Party will continue to drift in a populist direction, supporting new barriers to international trade and migration.
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In the past, economic elites might have been comfortable with a market-friendly approach from left-leaning parties. In the future, that comfort will fade, because both the political space for a moderate left approach to governing and the economic growth generated by such an approach appear to be shrinking
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Between accommodating economic populism from the left and nationalist populism from the right, plutocrats will opt for the latter. Populist nationalism will not generate greater economic growth, but it does lead to redistribution that favors owners of capital.
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They do like the tax cuts, light regulatory touch and business-friendly judiciary, however. Equally important, they like it a lot more than anything that the left is offering them
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This volume asked a different question: What happens to the U.S. political economy if the slowdown is the new status quo?
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As Rep. Chris Collins said at the time, “My donors are basically saying, ‘Get it done or don’t ever call me again.
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From the time the tax bill was first introduced on Nov. 2, 2017, until the end of the year, a 60-day period, dozens of billionaires and millionaires dramatically boosted their political contributions unlike they had in past years, giving a total of $31.1 million in that two months,
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Second, Ben White wrote in Politico about the wariness that Wall Street feels toward the Democratic presidential candidates. His opening sentence: “Top Wall Street executives would love to be rid of President Donald Trump. But they are getting panicked about the prospect of an ultraliberal Democratic nominee bent on raising taxes and slapping regulations on their firms.”
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Finally, the New Yorker’s Jane Mayer came out with a long story this week on the unholy marriage of Trump and Fox News. An aside in that story was the ways that Murdoch has personally profited from having an ally in the White House:
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All of this suggests that high-net-worth individuals and cash-rich corporations are very likely to back Trump come 2020
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In a low-growth environment, it will be very difficult for the Democrats to offer them anything appealing.