• Monthly
  • $25
  • $50
  • $100
  • $other
  • use PayPal

SPRING FUNDRAISER

Is it time for our Spring fundraiser already? If you enjoy what we offer, and have the means, please consider donating. The sooner we reach our modest goal, the faster we can get back to business as (un)usual. Please, stay safe and we’ll see you down the road.
FacebookTwitterRedditEmail

The Crass Warfare of Billionaires Against Sanders and Warren


For many decades, any politician daring to fight for economic justice was liable to be denounced for engaging in “class warfare.” It was always a grimly laughable accusation, coming from wealthy elites as well as their functionaries in corporate media and elective office. In the real world, class warfare — or whatever you want to call it — has always been an economic and political reality.

In recent decades, class war in the USA has become increasingly lopsided. The steady decline in union membership, the worsening of income inequality and the hollowing out of the public sector have been some results of ongoing assaults on social decency and countless human lives. Corporate power has run amuck.

Now, the billionaire class is worried. For the first time in memory, there’s a real chance that the next president could threaten the very existence of billionaires — or at least significantly reduce their unconscionable rate of wealth accumulation — in a country and on a planet with so much human misery due to extreme economic disparities.

In early fall, when Bernie Sanders said “I don’t think that billionaires should exist,” many billionaires heard an existential threat. It was hardly a one-off comment; the Bernie 2020 campaign followed up with national distribution of a bumper sticker saying “Billionaires should not exist.”

When Elizabeth Warren stands on a debate stage and argues for a targeted marginal tax on the astronomically rich, such advocacy is anathema to those who believe that the only legitimate class war is the kind waged from the top down. In early autumn, CNBC reported that “Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination.”

As for Bernie Sanders — less than four years after he carried every county in West Virginia against Hillary Clinton in the presidential primary — the state’s Democratic Sen. Joe Manchin flatly declared last week that if Sanders wins the nomination, he would not vote for his party’s nominee against Trump in November 2020.

Some billionaires support Trump and some don’t. But few billionaires have a good word to say about Sanders or Warren. And the pattern of billionaires backing their Democratic rivals is illuminating.

“Dozens of American billionaires have pulled out their checkbooks to support candidates engaged in a wide-open battle for the Democratic presidential nomination,” Forbes reported this summer. The dollar total of those donations given directly to a campaign (which federal law limits to $2,800 each) is less significant than the sentiment they reflect. And people with huge wealth are able to dump hundreds of thousands or even millions of dollars at once into a Super PAC, which grassroots-parched AstroTurf candidate Joe Biden greenlighted last month.

The donations from billionaires to the current Democratic candidates could be viewed as a kind of Oligarchy Confidence Index, based on data from the Federal Election Commission. As reported by Forbes, Pete Buttigieg leads all the candidates with 23 billionaire donors, followed by 18 for Cory Booker, and 17 for Kamala Harris. Among the other candidates who have qualified for the debate coming up later this month, Biden has 13 billionaire donors and Amy Klobuchar has 8, followed by 3 for Elizabeth Warren, 1 for Tulsi Gabbard, and 1 for Andrew Yang. Meanwhile, Bernie Sanders has zero billionaire donors.

(The tenth person who has qualified for the next debate, self-funding billionaire candidate Tom Steyer, is in a class by himself.)

Meanwhile, relying on contributions from small donors, Sanders and Warren “eagerly bait, troll and bash billionaires at every opportunity,” in the words of a recent Los Angeles Times news story. “They send out missives to donors boasting how much damage their plans would inflict on the wallets of specific wealthy families and corporations.”

The newspaper added: “Sanders boasts that his wealth tax would cost Amazon owner Jeff Bezos $8.9 billion per year. He even championed a bill with the acronym BEZOS: The Stop Bad Employers By Zeroing Out Subsidies Act would have forced Amazon and other large firms to pay the full cost of food stamps and other benefits received by their lowest-wage employees.”

For extremely rich people who confuse net worth with human worth, the prospect of losing out on billions is an outrageous possibility. And so, a few months ago, Facebook mega-billionaire Mark Zuckerberg expressed his antipathy toward Warren while meeting with employees. As a transcript of leaked audio makes clear, Warren’s vision of using anti-trust laws to break up Big Tech virtual monopolies was more than Facebook’s head could stand to contemplate.

“But look,” Zuckerberg said, “at the end of the day, if someone’s going to try to threaten something that existential, you go to the mat and you fight.”

The fight happening now for the Democratic presidential nomination largely amounts to class warfare. And the forces that have triumphed in the past are outraged that they currently have to deal with so much progressive opposition. As Carl von Clausewitz observed, “A conqueror is always a lover of peace.”

 

More articles by:

Norman Solomon is executive director of the Institute for Public Accuracy, where he coordinates ExposeFacts. Solomon is a co-founder of RootsAction.org.

June 03, 2020
Anthony DiMaggio
Revolution, Not Riots: Prospects for Radical Transformation in the Covid-19 Era
Jennifer Loewenstein
From Mississippi to Minneapolis: Leaving the ‘Abyss of Despair’
Kenneth Surin
The UK Compared With Other Countries on the Pandemic
Paul Street
“Total Domination”: Popular Rebellion in the Shadow of Trumpism-Fascism
Kenn Orphan
The Sadism of American Power
John Pilger
The Coup Against ‘The Most Loyal Ally’
Eric Murphy
The Police Are The Out-Of-Towners Provoking Violence
Melvin Goodman
How the Washington Post Accommodates Disinformation
Rev. William Alberts
It’s the Worshippers Who Are “Essential”
Georgina Downs
No, the Public Fury Will Not “Move On” Prime Minister!
George V. Wright
It is Happening Here
M. G. Piety
Tales from the Dark Side of Customer Service, or “Christians” Giving Christians a Bad Name
Chandra Muzaffar
A Superpower in Chaos
Thomas Knapp
Time to Stop Messing Around and Strike at the Root of Police Violence
Thomas M. Hanna
The Oligopoly That Controls Our Digital Infrastructure Has Deepened Economic and Racial Divides
Andrew Stewart
The Ethics of Police Murder Video Exhibition: Democratizing The News Feed, Re-Traumatizing The Survivors, Or Both?
Binoy Kampmark
Death, Protest and George Floyd
David Rovics
Who’s Trashing Downtown Every Night and Why?
Harvey Wasserman
Trump Is No Accident
Behrooz Ghamari Tabrizi
Biden and the Common Sense Voter
Timothy Ingalsbee
Ecosystems, Logging and the Definition of Insanity
Elliot Sperber
The Birds of Brooklyn
June 02, 2020
Zoltan Grossman
Deploying Federal Troops in a War at Home Would Make a Bad Situation Worse
Nicholas Buccola
Amy Cooper is Christian Cooper’s Lost, Younger Sister 
Manuel García, Jr.
Global Warming is Nuclear War
Patrick Cockburn
An Unavoidable Recognition of Failure: Trump’s Withdrawal From Afghanistan
John Feffer
Is It Time to Boycott the USA?
Kathy Kelly
Beating Swords to Plowshares
Lawrence Davidson
U.S. Urban Riots Revisited
Sam Pizzigati
“Failed State” Status Here We Come
Ron Jacobs
In Defense of Antifa
Cesar Chelala
Bolsonaro and Trump: Separated at Birth
George Wuerthner
The BLM’s License to Destroy Sagebrush Ecosystems
Danny Antonelli
The Absurdity of Hope
Binoy Kampmark
Sinister Flatulence: Trump Versus Twitter
John Stanton
How Much Violence and Destruction is Enough for Depraved American Leaders and Their Subjects?
Richard C. Gross
The Enemy Within
Thomas Knapp
Trump’s “Free Speech:” Doctrine: Never, Ever, Ever Mention He’s a Liar
John W. Whitehead
This Is Not a Revolution. It’s a Blueprint for Locking Down the Nation
June 01, 2020
Joshua Frank
It’s a Class War Now Too
Richard D. Wolff
Why the Neoliberal Agenda is a Failure at Fighting Coronavirus
Henry Giroux
Racial Domestic Terrorism and the Legacy of State Violence
Ron Jacobs
The Second Longest War in the United States
Kanishka Chowdhury
The Return of the “Outside Agitator”
Lee Hall
“You Loot; We Shoot”
FacebookTwitterRedditEmail