Donald Trump ran on a platform of derigging the system so that it’s no longer stacked in favor of the elites (corporations, Wall Street, billionaires such as Trump himself) and against the little guy. Here’s a taste of what that derigging looks like so far.
Per the New York Times, it means lobbyists are licking their chops about getting to write laws that favor their own high-paying clients:
Prominent Washington lobbyists also said that Mr. Trump would arrive in the capital with a much smaller contingent of veteran policy advisers than Hillary Clinton would have brought — and they see that relative inexperience as an opening. So they are prepared to draft legislation and regulations to quietly pass to allies on Capitol Hill and in the White House.
Per my colleague Paul Waldman, it also means these corporate lobbyists — representing such clients as Altria, Visa, Coca-Cola, General Electric, Verizon, HSBC, Pfizer, Dow Chemical and Duke Energy — are already running the Trump transition team.
Per Reuters, it means that big multinational corporations are about to receive a ginormous tax break on $2.6 trillion in profits stashed abroad (not to mention huge cuts in corporate income taxes, and personal income taxes for the ultrawealthy, across the board).
Per the Financial Times, it means scrapping the Labor Department’s new fiduciary duty rule, which says retirement investment advisers have to act in the interests of their clients.
Per Politico, it means potentially giving Cabinet posts to as many billionaires and hundred-millionaires in sight. In some cases, the criteria seem to be: What candidate stands to personally benefit most from this position, and is that person friends with Trump? Candidates reportedly under consideration include:
- Hundred-millionaire, former hospital exec and now Florida Gov. Rick Scott (R) — some of whose wealth is reportedly still in health care investments — for health and human services secretary
- Billionaire oil and gas mogul Harold Hamm for energy secretary
- Financier and second-generation Goldman Sachs alumnus Steven Mnuchin for treasury secretary
- Hundred-millionaire oil industry executive Forrest Lucas for interior secretary
- Billionaire investor Wilbur Ross for commerce secretary
The end of crony capitalism, indeed. Those little guys are sure in for a treat.