How the Billionaire Class Created the Trump Monster

By Peter Boyle

The world has simply witnessed greater than a dozen billionaires prominently seated at United States President Donald Trump’s second inauguration.

Amongst them had been 4 of the world’s 5 richest males: Elon Musk; Jeff Bezos; Mark Zuckerberg and Bernard Arnault. Every has pursuits they depend on the brand new Trump administration to advance.

Musk, who spent 1 / 4 of a billion {dollars} getting Trump elected, has already seen a large 77% rise within the inventory market valuation of his corporations, which embrace Tesla, SpaceX and X.

Other than the tech and media oligarchs, different huge billionaire beneficiaries of the Trump administration embrace the 15 largest fossil gasoline billionaires within the US, whose mixed wealth has already elevated by US$17 billion because the starting of the 12 months, based on the Local weather Accountability Analysis Venture.

Whereas not all US billionaires supported Trump’s election, extra are swinging to his facet, simply as governments that serve capitalist pursuits — together with Australia’s Labor authorities — at the moment are cosying as much as the second Trump administration.

Because the election, the monetary press internationally started to publish tales that assist Trump’s boast that he’ll ship a brand new “golden age” for the US.

Marxist economist Michael Roberts writes that the narrative is that “the US economy is bounding forward in terms of economic growth, hi-tech investment and productivity, leaving the rest of the world behind”.

“This success,” Roberts defined in The Subsequent Recession, “is put down to less regulation, an entrepreneurial spirit, lower taxes on investment, etc — in other words, none of this government interference that Europe, Japan and other advanced capitalist economies suffer”.

Other than a booming inventory market and a excessive US greenback, the important thing proof put ahead for this view is larger US gross home product (GDP) progress and productiveness.

The Economist journal boasted in a characteristic report in October that, in 1990, the US “accounted for about two-fifths of the overall GDP of the G7 group of advanced countries; today it is up to about half”. It mentioned that because the begin of 2020, the US’ “real growth has been 10%, three times the average for the rest of the G7 countries”.

Nevertheless, the identical article needed to admit that US GDP has shrunk from 21% of worldwide GDP in 1990 to 16% in 2023 — primarily due to China and India’s sooner progress.

Roberts famous that the US economic system seems stronger than different G7 nations solely due to the financial stagnation in Europe and Japan.

“Yes, compared to Europe and the rest of the advanced capitalist economies (of course, not compared to China or India), the US is doing much better. But that’s because Europe, Japan, Canada are stagnating and even in outright recession. In historic terms, the US economy is doing worse than in the 2010s and worse again compared to the 2000s.”

Productiveness progress slowing

In the event you look again additional, the heralded new US “golden age” appears to be like even much less spectacular.

“Average annual real GDP growth in the US has declined from the 4% rate in the post-war ‘Golden Age’ to 3% a year before the Great Recession and under 2% in the period since then … And current consensus forecasts for US growth in 2025 are just 1.9%. But that would still be the fastest of any G7 economy,” based on Roberts.

In response to the Economist, the brand new “golden age” narrative is due to higher productiveness within the US.

“This year the average American worker will generate about $171,000 in economic output, compared with (on purchasing-parity terms) $120,000 in the Euro area, $118,000 in Britain and $96,000 in Japan. That represents a 70% increase in labour productivity in America since 1990, well ahead of the increases elsewhere: 29% in Europe, 46% in Britain and 25% in Japan.”

However, based on Roberts, this hides the truth that, from about 2010, productiveness progress within the US has been slowing. US productiveness progress is half what it was within the Nineteen Nineties and a 3rd of what it was within the Nineteen Fifties and Nineteen Sixties.

Productiveness progress within the main economies has slowed throughout the board as a result of productive funding progress — pushed by profitability beneath capitalism — has dropped.

“The neo-liberal attempt to raise profitability after the profitability crisis of the 1970s was only partially successful and came to an end as the new century began,” defined Roberts.

“The stagnation and ‘long depression’ of the 21st century is exhibited in rising private and public debt as governments and corporations try to overcome stagnant and low profitability by increasing borrowing.”

Beneath comparatively free market situations, companies that usher in labour-saving new know-how make higher-than-average earnings, however solely till that new know-how is generalised or overtaken.

Companies that may monopolise new know-how can get pleasure from such tremendous earnings for longer. Over the past 4 and a half a long time of neoliberalism, there was a relentless means of company mergers, a means of centralisation of capital that has spawned the billionaire class of at present.

This means of capital focus has been funded by large borrowing, based on Roberts. The US company debt-to-earnings ratio stays close to all-time highs.

US company bankruptcies final 12 months surpassed 2020 pandemic ranges.

The booming US inventory market, which is driving world markets, is being primarily lifted by simply seven shares (the so-called Magnificent Seven): Apple, Microsoft, Google’s mum or dad firm Alphabet, Amazon, Nvidia, Meta Platforms and Tesla.

For almost all of US corporations outdoors the burgeoning power sector, social media and tech, issues will not be going so properly.

The enormous companies they personal and management forge shut hyperlinks with the capitalist state to make sure that they profit from rising subsidies, tax concessions and different beneficial therapy.

Beneath neoliberalism, the billionaire class has intensified its exploitation of most staff. It’s even making life tougher for white-collar staff and small enterprise house owners — who’ve lengthy thought-about themselves to be “middle class” — forcing them deeper into debt and insecurity.

This squeeze on the center has created the mass base for the rise of right-wing populism throughout the US and Europe.

On this sense, the whole billionaire class helped create the Trump monster.

However even in its “new golden age” propaganda narrative, Britain’s Monetary Instances admitted that: “For all its economic power, the US has the largest income inequality in the G7, coupled with the lowest life expectancy and the highest housing costs, according to the OECD. Market competition is limited and millions of workers endure unstable employment conditions.”

For most individuals it is a huge warning signal that claims: “Let’s not follow the US”.

Australia’s billionaires

However for a lot of billionaires, together with Australia’s richest particular person Gina Rinehart and sixth richest particular person Anthony Pratt, Trump exhibits that it may be attainable to squeeze staff even tougher and get away with it.

Rinehart and Pratt paid for full-page ads in main US newspapers hailing Trump as their chief within the lead-up to his inauguration.

Whereas the capitalist class has elevated the revenue share of Australia’s GDP by almost 18% since 1975 on the expense of a 17% drop in wage share, this $7 trillion switch of wealth has dipped barely over the past 12 months, based on the Australian Bureau of Statistics.

Rinehart is just not completely happy. After attending the Starlight Ball following Trump’s inauguration, she mentioned Trump had “set the world stage for others to follow”.

She needs Australia to observe the US and choose out of the Paris Local weather Settlement, cease selling renewable power, give enterprise extra tax cuts, minimize laws, declare there are “only two genders” and be part of Trump’s battle on “woke culture”.

—

Republished with permission from GreenLeft

***

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The submit How the Billionaire Class Created the Trump Monster appeared first on The Good Males Venture.

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