Power, Politics, and Checkbooks: The Billionaire Dance In Trump’s Realm

Posted by: lukwago J in World news June 6, 2024

In the realm of politics, where money often reigns supreme, Donald Trump has mastered the art of courting billionaires to bolster his electoral campaigns. Despite his historic criminal conviction and the chaos surrounding his 2020 loss, Trump’s ability to raise funds from average Americans remains unchallenged.

However, for the big donors, the shine has slightly faded from Trump’s aura.

Following his guilty verdict on 34 felony counts, Trump’s campaign team proudly declared that he raised a staggering $53 million within 24 hours. Yet, among the wealthy contributors, doubts emerged after the tumultuous events surrounding his defeat to Joe Biden at the polls.

One such billionaire, Nelson Peltz, expressed regret for supporting Trump after the disgraceful Capitol incident on January 6, 2021.

However, little did we know that just over a year later, Peltz would welcome Trump into his Florida home for breakfast, alongside other high-rollers like Elon Musk. Peltz even admitted that he would “probably” vote for Trump again, though he harbored reservations.

Steve Schwarzman, the influential billionaire chair of the Blackstone Group, initially condemned the mob’s attempt to undermine the Constitution after the Capitol breach. Yet, on May 24, he publicly endorsed Trump, citing concerns about the US-Mexican border crisis.

Similarly, Miriam Adelson, the widow of casino billionaire Sheldon Adelson, plans to pour substantial funds into a political action committee for Trump. It seems that personal interests outweigh concerns about national stability for these behemoths of wealth.

Trump’s promise of lower taxes

Economist Paul Krugman believes that these billionaires are driven by their personal interests, particularly when it comes to taxes and regulations.

Trump’s promise of lower taxes and reduced regulations for corporations appeals to their bottom line. On the other hand, Biden’s proposed tax reforms and focus on financial regulations are met with resistance from the mega-rich.

Biden’s stance on combating climate change has also strained his relationship with Big Oil. Trump’s “drill, baby, drill” philosophy aligns more favorably with the oil industry, making him the preferred candidate for those in that sector.

The Biden campaign, in turn, accuses Trump of indulging in quid pro quos with his billionaire friends, suggesting a mutually beneficial relationship built on financial contributions.

However, it’s worth noting that Biden is not completely excluded from the billionaire campaign donation lottery. Vinod Khosla, a venture capitalist and co-founder of Sun Microsystems, recently organized a fundraising reception for Biden at his California home.

The battle lines are drawn, with Wall Street and Big Oil predominantly supporting Trump, while Silicon Valley tends to back Biden.

When November 5 arrives, the voters will have the final say, influenced, in part, by the ads bankrolled by these billionaire power players. The dance of money and politics continues, as the nation decides its fate.

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