Why should business interests support Joe Biden in 2024? Consider the alternatives: autocracy, instability, and crony capitalism.
One of the most memorable converations I had shortly after the November 2020 election (and before the "stop the steal" Trump impetus and January 6) was with a businessman who said he had voted for Trump even though he was "an A-hole" because he liked his tax policies, among other government policies toward his business. He agreed with me that Joe Biden was the only Democrat who could have beaten Trump. There is a case to be made that in the longer run, Biden's win in 2024 would be far more favorable to business interests than Trump and his allies' policies. Peace and domestic stability are bedrocks of a prosperous business climate, and Trump and his allies would guarantee years of conflict and instability in the face of enormous generational and demographic shifts. The Brookings Institute noted " The simple fact is that it is hard (for private businesses) to plan and invest for the future in volatile, unstable circumstances," and Brookings agreed with the need of an accountable, capable government that sets rules of the game fairly which only democracy can insure with accountability. Free trade and keeping access to international markets are public policy plusses, but an unaccountable strong leader may or may not support with diplomacy and military power, depending upon the benefits to him. Trump and his allies are determined to upend democracy and replace it with an autocracy. Crony capitalism is emerging in autocracies in many parts of the world. Is democracy failing and putting our economic system at risk? | Brookings
https://www.usatoday.com/story/news/politics/2023/09/07/presidential-centers-unite-to-warn-about-danger-to-u-s-democracy/70788967007/
Democracy has kept government power and crony capitalism in check for 250 years. and provided the ability for businesses to thrive and innovate. The alternative and polar opposite to democracy is autocracy. Autocrats pick business winners and losers with favoritism dependent on loyalty to their political ideology, goals, and world views. Autocrats are fueled by greed for more power and wealth, and criteria for government favors and decisions depend on loyalty to the leader, not to a law to which they give lip service with a wink and a nod.
The free market, innovation, and competition struggle in such an atmosphere where business decisions depend upon political favoritism granted by one powerful leader, an ideologically based political party. Innovation is stolen from the innovators and then applied in business favored by the reigning powers. China is the template of how that works.. That alliance between loyal businesses and an autocrat is the model personified by Orban of Hungary and in Russia's Putin and his oligarchs. and China. That is how autocrats have gained and then maintained power. Crony capitalism works for them. That is a lesson from history as even the 1930''s fascist rulers rose to power by fostering such alliances with favored businesses, as well.. Once in power, they are nearly impossible to unhide because the power centers of government are controlled by the economic self-interest of the loyalists.
The chaos factor and instability: The use of violence to accomplish such MAGA goals has not been denied, and Trump himself has a history of approving such tactics, including weaponizing active military and replacing the Department of Justice with yes people. Trump is a front man of a very strong movement behind him and goals shaped by "think tanks" such as the Heritage Foundation and an Orban-boosting CPAC.. It is also the elements of white supremacy and Christian nationalism that form part of his and the MAGA support that guarantees future domestic and internal conflicts as opposition grows. Instability and uncertainty are enemies of business. MUFTIC FORUM BLOG: How would being anti-woke unify the country? Updated 9 5 23
Accountability to keep corruption in check. Regulation by the government of business practices that support a level, fair playing field needed for a thriving, competitive business climate is possible in a functioning democracy. Such accountability requires a free press, nosy reporters, and whistle-blowers. In an autocracy, a strong leader fears them and will attempt to suppress the opposition press at best by starving their advertising dollars. buying them out (Orban) and, at worst, poisoning and staging their murders. (Putin). In crony capitalism empowered by a government having replaced civil service, law enforcement, and the judiciary with their loyal appointees, favoritism toward loyal businesses and corruption, bribery, grift, and graft, flourish. The public remains in the dark, with few who see the corruption daring to be outraged. because of the repercussions. (Navalny, one of the most extreme examples of Putin's policies.) Legislators fear being primaried or losing power, and voters are left with few or no choices.
Isolationism: In a second term, we expect Trump to continue with his attempt to destroy international alliances such as NATO and withdraw into isolationism. In addition, he would install high tariffs, the opposite of a long-held conservative value of free trade. Many of our US businesses are global. Many depend on access to markets to conduct their business to sell and grow abroad. Biden's foreign and military policy is particularly geared to maintaining trade and supply lanes as a check on Chinese efforts to control them in southeast Asia.
Instead of punishing with high tariffs, Biden is emphasizing making critical industries competitive and benefitting from "buy America.. make it in America" government policies. He has given positive reinforcement of green energy manufacturing(Chips ac, green energy plan) while beating Trump's oil drilling records and moving us to energy independence to a level not seen in the past 70 year,.The US has become a net exporter of crude oi and natural gas via liquified natural gas (LNG). Biden is a realist. He recognizes fossil fuels are a current and national security necessity. Biden has little ability to control prices at the pump, though he gets blamed for price increases. That debt, deficit and inflation are worrisome to the business community, the problem is bi-partisan and the reasons are complicated. None the less, Biden can boast the US is the strongest economy in the world:7 Reasons the U.S. Economy Is Among the Strongest in the G7 - Center for American Progress
Many realize, too, that our economy is interdependent with Europe and that Russia is intent on reconstituting the power of the former USSR and control of former satellites. That is the stated goal of Putin..MUFTIC FORUM BLOG: What is wrong with "America First" and isolationism? It depends; updated 9/9/23
Trump Says He'll Impose Huge New Tariffs If Elected in 2024 (businessinsider.com)
Conservative groups draw up plan to dismantle U.S. government - Los Angeles Times (latimes.com)
NPR
