Opinion

Chrystia Freeland

Obama, the super-rich and the election

Chrystia Freeland
Nov 9, 2012 18:03 UTC

Among the losers in the United States this week are the super-rich, who spent unprecedented millions to evict President Barack Obama from the White House. The investing class turned sharply and vociferously against the president many of them had supported in 2008. On Tuesday night, the plutocrats lost their shirts.

“Boy, they threw away a lot of money,” Theda Skocpol, a Harvard professor, told me. “It was very interesting to hear on Tuesday night about all the corporate jets packed in Logan Airport” for Mitt Romney’s party in Boston.

One of the important questions in the United States today – and, eventually, in all democracies where income inequality has risen sharply, which is to say in pretty much all democracies – is what impact the political ineffectiveness of the super-rich at the ballot box will have on how the country is actually governed.

According to Skocpol, the answer will be determined partly by how we collectively choose to explain the president’s second-term victory.

“There will be an attempt to downplay the role economic populism played,” Skocpol said. “I would expect a lot of the Wall Street Democratic crowd to place the emphasis on social issues and immigration. There will be an effort to define it that way.”

Obama should call a truce with Wall Street

Chrystia Freeland
Sep 13, 2010 13:36 UTC

The pre-election economic treats that President Barack Obama handed out this week included several intended specifically for business: research and development tax credits, for instance, and the small-business tax breaks he is pushing to introduce in the face of Republican congressional opposition.

But these familiar sweeteners won’t be nearly enough to reverse one of the most significant estrangements of the first two years of the Obama administration — the rift between the White House and business.

Two years ago, candidate Obama was the darling of the CEO class: Hedge fund titans, Silicon Valley entrepreneurs and even registered Republican chief executives from the Midwest flocked to his banner. Today, America’s business leaders — even those who raised millions for him in 2008 — have turned on their president: “Socialist” is among the nicer epithets some use when describing Obama.

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