![]() ![]() During the 2020 campaign, Joe Biden received support from 60 billionaires or their spouses, while Pete Buttigieg had 56 billionaire backers. They were so enraged with the unfairness they saw, with bankers pocketing giant bonuses while ordinary people lost their homes, and Obama doing nothing to punish the wrongdoers, that they literally camped out in tents on Wall Street and around the country.Īs Thomas Frank has documented, the Democratic Party over the last several decades has abandoned New Deal politics and catered far too much to rich elites, who understand that the party will not take any of the actions they oppose, such as mandating a living wage, passing the PRO Act, launching a Green New Deal, expanding overtime pay, introducing Medicare For All, and so on. Meanwhile, Obama’s approach infuriated a giant swath of young people, many of whom had supported him in 2008. Bankers were thrilled that he had “foamed the runway” for them and declined to prosecute anyone for the catastrophic act of fraud and theft that destroyed the economy. The fact that Barack Obama raised more money from Wall Street than Mitt Romney during the 2012 campaign, despite Romney’s private equity background, was a sign that Obama had screwed up the recovery from the financial crisis. One cannot have billionaires and workers in the same party. This contributes to making the party ineffectual, and means Democrats have to mouth platitudes about working people and inequality without actually giving said working people anything or reducing inequality. One of the main internal problems with the Democratic Party is that there are too many extremely rich people in it, and the party therefore cannot take any actions that threaten the power of the ruling class. ![]() Elon Musk has announced he will be voting Republican for the first time in his life. ![]()
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