> On Jul 17, 2024, at 9:22 AM, Michael Meeropol via groups.io
> <[email protected]> wrote:
>
> https://www.washingtonpost.com/business/2024/07/17/trump-vance-economy-workers/?utm_campaign=wp_post_most&utm_medium=email&utm_source=newsletter&wpisrc=nl_most&carta-url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-tr%2F3e5c6e6%2F6697ea2c5548d0083d7ae918%2F647d58dca2db1a033c4c8b5a%2F19%2F55%2F6697ea2c5548d0083d7ae918
https://wapo.st/3VZWnfy is a gift copy. But the Post has changed their policy
to require a "free account" where you turn over an email address and make up a
password for reading just that article. So, it's not really free anymore and
probably not worth the hassle.
Mark
ECONOMY
‘Economic nationalism’ at the RNC clashes with Trump’s pitch to donors
Even as Donald Trump woos unions at the convention, he has continued to make
clear that he views himself as the best choice for billionaires and big
business.
8 min2214
Bob Kolar of Montana looks through merchandise at the Baird Center during the
Republican National Convention in Milwaukee on Monday. (Joel Angel Juarez for
The Washington Post)
By Josh Dawsey
,
Rachel Siegel
,
Jeff Stein
and
Laura Vozzella
July 17, 2024 at 6:00 a.m. EDT
MILWAUKEE — Former president Donald Trump is trying to present a more
worker-friendly vision of the Republican Party at this week’s convention, but
he has continued to make clear in private that he views himself as the best
choice for billionaires and big business, according to donors who have attended
fundraising events.Get a curated selection of 10 of our best stories in your
inbox every weekend.
Even as Trump leans into populist themes that make some Republicans wary, he
has told corporate leaders and major donors that he is the only bulwark against
Democratic plans to raise taxes. Trump has even told wealthy backers that he
needs their help to counter the financial heft of the unions that he is
simultaneously trying to court. The convention has also showcased voices
friendly to the nation’s business elite.
The two conflicting versions of the GOP’s future leave unsettled exactly how
the former president would try to balance his party’s factions if he wins in
November, probably setting up a reprise of the tensions over economic policy
that characterized his first term.
ADVERTISING“Maybe we are living through a political realignment. Maybe in 2028,
Wall Street and the Chamber of Commerce will be solidly Democrat and labor
unions will be solidly Republican, but I wouldn’t bet on it,” said Michael
Strain, director of economic policy studies at the conservative American
Enterprise Institute.
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President Biden and Donald Trump faced off in the first presidential debate of
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A speech Monday by Teamsters President Sean O’Brien was the most tangible sign
yet of Trump’s attempt to cast the party in a different light when it comes to
the economy.
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“When did you think you would see that at the Republican National Convention?”
Trump campaign senior adviser Chris LaCivita asked reporters in Milwaukee on
Tuesday, referring to O’Brien’s speech.Trump had been courting the Teamsters
before the convention. At a fundraiser this year at the Pierre hotel in New
York, Trump told a room of billionaires, real estate executives and others that
“the Teamsters really like me.” He said he had “used Teamsters all my life
because of the concrete, all the concrete guys here are the Teamsters.”“I’m
going to get their vote anyway,” Trump told the guests. “The workers are going
to vote for me. They’re not voting for that guy.”But most unions have endorsed
President Biden for reelection this fall. Biden has also advanced populist
economic themes while simultaneously raising huge sums of money from
billionaire donors and other financial elites, although his policy agenda is
much more in line with that of the union movement.O’Brien didn’t endorse Trump
on Monday; the Teamsters have yet to back a candidate. One prominent Republican
strategist close to some of the party’s top donors, speaking on the condition
of anonymity to provide a candid assessment, said that there was considerable
grumbling about O’Brien’s convention speech. But those people were loath to say
it publicly because they know Trump is looking to court the unions and win
their voters, the strategist said.Trump’s rhetoric among business elites,
though, hasn’t been as labor-friendly.
At a Business Roundtable event in June, Trump told CEOs that he would cut their
corporate taxes again, pleasing people in the room, according to donors, who
spoke on the condition of anonymity to discuss private remarks. In several
fundraisers this year, Trump encouraged the richest CEOs to write large checks
to him because unions were giving so much to Democrats. At another fundraiser
in Texas, he urged the richest donors to give because “the Democrats get the
money from the unions, millions and millions of dollars.”He told them
explicitly they needed to support him because he would lower their corporate
taxes.
Some mainstream party leaders say they’re fine with this week’s framing.
Virginia Gov. Glenn Youngkin, a former private equity executive, is firmly
rooted in the GOP’s business-friendly traditions. But in an interview with The
Washington Post in Milwaukee, he praised the choice of Sen. J.D. Vance (Ohio)
as the vice-presidential candidate, pointing to his military service and
up-by-the-bootstraps biography. Vance is viewed as closer to the party’s
populist wing.READ MORE ON THE 2024 ELECTION
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Youngkin said he does not see Vance’s selection as a signal that the GOP is
turning toward more populist economic policies — primarily because it’s the
president who sets the agenda, one that Youngkin expects to be an extension of
the first Trump administration, featuring more tax cuts and pared-back
regulations.“President Trump is going to set the direction of the country, and
he’s going to build a rip-roaring economy,” Youngkin said. “He’s done it
before; he’s going to do it again.”
Zoomed out, the convention had plenty of room for corporate executives, too.
Gary Cohn, a former Goldman Sachs executive who was one of Trump’s top economic
advisers in the White House, was seen milling about. Large corporations host
nightly parties.
In an interview with Bloomberg published Tuesday, Trump also called for cutting
the corporate tax rate to 15 percent from 21 percent — something some of his
advisers have said he would not try to do — while suggesting he could pick JP
Morgan CEO Jamie Dimon, a billionaire, for treasury secretary.Many corporate
interest groups, like the Chamber of Commerce and the Business Roundtable, have
long been wary of parts of Trump’s bedrock economic agenda, including ramping
up the aggressive trade policy of his first term and cracking down on
undocumented immigrants. On those points, Trump and Vance were already united
before Vance joined the GOP ticket.
And some corporate-minded Republicans fear that their ability to check Trump’s
most disruptive policies could wane. That might mean Trump does less to pursue
initiatives — such as repealing the Affordable Care Act or cutting food stamps
— that were priorities of the last generation of GOP policymakers. Meanwhile, a
second Trump White House would also probably take steps that are anathema to
Wall Street-aligned Republicans, such as escalating a global trade war and
implementing mass deportations.
Trump put language in the Republican Party’s platform that the GOP now supports
tariffs, according to people familiar with the drafting.“He’s all big
government, big government — move beyond Reaganism, all that stuff,” one Trump
adviser, speaking on the condition of anonymity to share candid opinions, said
of Vance. “And now he’s the heir apparent.”
Trump’s first term was characterized by frequent disputes between two factions
of the administration over economic policy: business-friendly Republicans, such
as Treasury Secretary Steven Mnuchin and Larry Kudlow, Trump’s top economic
aide; and economic populists, such as strategist Stephen K. Bannon and trade
advisers Peter Navarro and Bob Lighthizer, who pushed for greater confrontation
with China.
Trump liked to play the camps off each other, and he took some populist steps,
including through higher tariffs on U.S. trade partners. But tariffs aside, his
policies overwhelmingly reflected the priorities of Mnuchin or Kudlow, on
everything from cutting corporate taxes, to appointing regulators friendly to
Wall Street, to attempting to slash government spending on social programs.Both
sides have jockeyed for influence since Trump left office, hoping for prime
position in a potential second administration. But Vance’s elevation may be the
clearest signal that the economic populists are likely to have a greater say in
the second term than they did in the first.
Sen. Josh Hawley (R-Mo.) told The Post that Vance is an “articulate
spokesperson for what I call economic nationalism, economic populism, which is
really about rebuilding American industry and protecting American jobs.”
Hawley said he was optimistic that Trump would pursue this policy agenda if
reelected, including by significantly expanding tariffs and even by embracing
labor legislation that Republicans have traditionally opposed.
“That’s been nowhere in the Republican Party of my lifetime to date, so it’s
very significant,” Hawley said. “If the Republican Party is going to be a true
majority party — not just win an election here and there, but become a majority
party — they’re going to have to be the party of working people and blue-collar
folks. And you’re starting to see that reality sink in.”O’Brien’s call for
Republicans to shift policies to better support blue-collar workers went over
well with at least one delegate: Ed Cox, an attorney with expertise in finance
law, who also is chairman of the New York State Republican Party. Cox described
himself as “probably one of the people in that convention center who negotiated
a union contract.” He said O’Brien echoed the paradigm shift that Trump has
signaled he wants to see.
“Trump has been very consistent,” Cox said. “This is not a small change.”
Isaac Arnsdorf and Azi Paybarah contributed to this report.
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By Josh Dawsey
,
Rachel Siegel
,
Jeff Stein
and
Laura Vozzella
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