The GOP Realignment
America First supplants Wall Street's 'carried interest' crowd.
The Republican Party left Milwaukee united like never before. For the first time, the proverbial ‘big tent’ party insiders have been advocating for so long has become a reality. Unlike the Chicago Democrats, the GOP convention was actually diverse.
A Teamsters president addressed delegates for the first time in 121 years; black and Hispanic delegates mingled with Hollywood types; and most profound of all, the ‘working man’ took center stage to the chagrin of Wall Street and the old guard.
But the worst was yet to come for K-Street. Consumer advocate Robert F. Kennedy, Jr. and anti-warrior Tulsi Gabbard decided to join forces with Donald Trump and J.D. Vance as well. Whoa…this isn’t your grandfather’s GOP.
Nor should it be. The Cold War ended long ago and big business has become way too cozy with big government. You might even say Republicans have rediscovered the ‘curse of bigness’ from their ‘ol trust-busting days. Only now Big Tech’s market share would make John D. Rockefeller blush.
Indeed, it used to be that natural monopolies were relatively rare due to unfettered competition, but once government started protecting favored industries, there was no end to the corporatist superstate.
For example, when Joe Biden spikes the Keystone pipeline, it helps his benefactors in the railroad industry.1 When the FDA allows the ‘evergreening’ of drug patents, temporary monopolies (good) become permanent ones (bad). And when vaccine makers and social media platforms get immunity from legal liability, well…it’s not a result of the free market.
Nor was Amazon’s exemption from charging sales taxes—allowing it to quickly gain a foothold through data tracking while simultaneously coercing sellers to undercut Mom & Pop stores on main street—at least until Wayfair finally leveled the playing field somewhat.2
The fact is hiding behind the ‘God of the market’ is pretty hard to stomach when open borders and the welfare state conspire to reduce the labor costs of a behemoth like Amazon that has amassed a 38% e-commerce retail market share.3