It’s been a long time since the Democrats were considered “the party of the people” and the GOP the party of the fat cats. This year Joe Biden and even more so his running mate, Kamala Harris, are raising record sums from the corporate elite, notably the tech giants and their Wall Street allies. These wealthy donors dominate the party, own much of the media, and can manipulate the social-media platforms where a growing proportion of Americans get their news.
Meanwhile, the Republicans find themselves largely castigated in the press and overwhelmed by a torrent of oligarchic wealth at the Senate and local levels. This wealthy oligarchy is not just liberal; many members also support a thorough remaking of our country. Some, like former Twitter CEO Dick Costolo, are so committed to progressivism that, as he said recently, those who don’t get with the program should “face a firing squad.” Currently led by CEO Jack Dorsey, Twitter has gone so far as to block The New York Post’s account after it reported on the unsavory foreign business dealings of Biden’s son Hunter.
If these Democrats win both houses of Congress as well as the White House, things could get far worse for the already beleaguered middle class, which has been rocked by the pandemic, with an estimated 100,000 small firms going out of business. Particularly hard-hit by the recent urban unrest are inner city and minority businesses.
The other big winners have been the professional managerial class, including top levels of the federal bureaucracy, academia, and the mainstream media. These are, for the most part, people who can work from home, or, in some cases, the safety of their country houses. Meanwhile, they have achieved power at a level never before exercised outside of wartime and are as likely to surrender this control as the oligarchs are to give up their money.
If the Democrats win on Election Day, the future for the middle class could be bleak. As a lifelong Democrat, this is not easy to write, but most of the party’s initiatives — such as the Green New Deal — are directly harmful to those in the middle and working classes, who’d be forced to face increased housing and energy prices and fewer upwardly mobile jobs in industries like manufacturing.
A Democratic landslide could prove particularly devastating to owners of small businesses, particularly those in the energy, agriculture and manufacturing sectors, who were all critical to electing Donald Trump and seem likely to follow him again this year, despite the recession caused by the pandemic.
Read the rest of this piece at NYPost.
Joel Kotkin is the author of The Coming of Neo-Feudalism: A Warning to the Global Middle Class. He is the Presidential Fellow in Urban Futures at Chapman University and Executive Director for Urban Reform Institute. Learn more at joelkotkin.com and follow him on Twitter @joelkotkin.