In the ongoing battle between President Joe Biden and former President Donald Trump, billionaires are choosing to conveniently forget the favorable treatment they received under Trump's administration while expressing concerns about Biden's proposed tax increases and regulatory policies. An article from Bloomberg Opinion by the Editorial Board titled 'In Biden vs. Trump, Billionaires Choose Selective Memory' explores this contrasting reaction.
The article highlights specific billionaires who have criticized Biden's policies, including Ken Griffin, Leon Cooperman, and Stephen Schwarzman. These billionaires have voiced their concerns about the potential negative impact of Biden's tax increases and regulations on their wealth. However, the article points out that these billionaires conveniently forget the significant benefits they enjoyed under Trump's administration, such as tax cuts and deregulation.
The article argues for a more balanced and nuanced approach to economic policy, urging billionaires to consider the broader societal impact of their preferred policies. It emphasizes the need to support measures that promote equality and economic stability, rather than solely focusing on self-interest.
A recent article from The Age titled 'Donald Trump’s billionaire backers have selective memories' provides further insight into the selective memory of billionaire backers of Donald Trump. The article mentions prominent billionaire supporters of Trump, including John Paulson, Steve Schwarzman, Ken Griffin, Larry Ellison, Howard Lutnick, Harold Hamm, and Bernie Marcus, who have been selectively remembering the Trump-era economy and financial markets. While they cite vague concerns about the economy or government spending, the reality is that the economy was already showing signs of weakness before COVID-19, and under Trump, wage gains were lower compared to the Biden administration. The unemployment rate steadily dropped under Trump, but it had also held below 4% for 27 consecutive months through April. The billionaires' justification for supporting Trump based on concerns about government spending under Biden is weak, as the American Rescue Plan Act, Infrastructure Investment and Jobs Act, Inflation Reduction Act, and Chips and Science Act have actually strengthened the US economy. The US economy has de-levered under Biden, and the country's creditors continue to lend money, indicating confidence in the economy. The Bloomberg Dollar Spot Index tumbled under Trump but has rebounded under Biden. The stock market gains have been higher under Biden, and inflation rates under Biden are more nuanced than just government spending. The wealthy and big business got what they wanted from Trump in terms of lower taxes and less red tape, but it's not clear if the economy truly benefited from these policies.
This article from The Age provides a more comprehensive analysis of the billionaire backers of Donald Trump and their selective memory when it comes to evaluating the Trump-era economy. It highlights the discrepancies between their concerns and the actual economic indicators. The article emphasizes the need for a more objective and evidence-based evaluation of economic policies, rather than relying on selective memory and self-interest.
Carolina Hurricanes owner Tom Dundon says big names in finance won’t support Biden 'nonsense' and are shifting to Trump. A report from Politico reveals that a number of billionaires, including Hal Lambert, Nelson Peltz, and Robert Bigelow, are willing to embrace Trump for the 2024 election. The change in attitude is largely due to Trump's pro-business policies and previous standing on the world stage. Under President Biden, the US economy has seen record-breaking inflation, an exasperated housing market, and surging household debt. Dundon highlights the Biden administration's collective 'nonsense' as contributing to growing support for Trump among the Wall Street elite and everyday Americans.
A recent article from the Daily Independent titled 'Backer: Defending the former president' expresses support for former President Trump and criticizes the current state of affairs under President Biden. The author highlights Trump's direct communication style and his perceived success in reducing global conflicts. They argue that the economy is in a poor state, with rising inflation and the loss of the petrodollar as the reserve currency. The author also criticizes the Biden administration for appointing individuals they view as godless and soulless. They support Trump's stance on immigration, distinguishing between legal and illegal immigration, and believe Trump's plan is to shrink government and make agencies serve the people. The article concludes by questioning Biden's actions at the Normandy Memorial and suggesting that Trump's return to office would result in harsh consequences for those who committed treason.
These articles highlight the contrasting views of billionaires and their selective memory when it comes to evaluating the economic policies of Biden and Trump. While some billionaires express concerns about Biden's tax increases and regulations, they conveniently forget the significant benefits they enjoyed under Trump's administration. The articles emphasize the need for a more balanced and nuanced approach to economic policy, considering the broader societal impact. They also highlight the discrepancies between the concerns of billionaire backers of Trump and the actual economic indicators. The articles call for a more objective and evidence-based evaluation of economic policies, rather than relying on selective memory and self-interest. Additionally, the articles mention the growing support for Trump among some billionaires due to his pro-business policies and previous standing on the world stage, as well as criticisms of the current state of affairs under President Biden.
A MAGA voter named Brian called into Politics Done Right, a progressive radio show, offering his reasons for supporting Donald Trump in the 2024 presidential election. Brian's argument included the perception of improved quality of life under Trump's administration, media bias against Trump, and Biden's perceived cognitive decline. However, the author of the article, Egberto Willies, systematically addressed the inaccuracies and underlying assumptions in Brian's arguments. The author highlighted that Trump's economic policies primarily benefited the wealthiest Americans and corporations, while Biden's American Rescue Plan provided direct financial assistance to millions of Americans. The author also pointed out that inflation and corporate greed were not solely the fault of Biden, and that Trump's hardline immigration policies led to humanitarian crises and disrupted agricultural industries. Additionally, the author addressed the claims of media bias and Biden's cognitive abilities, emphasizing the need for informed debate and evidence-based rebuttals. The article concludes by highlighting the importance of constructive engagement with opposing viewpoints and promoting policies that benefit all Americans [11b85001].