Karl Marx and Friedrich Engels famously observed that the “executive of the modern state is but a committee for managing the common affairs of the whole bourgeoisie.” In describing the “exclusive political sway” that the ruling class has over political representatives in capitalist democracies, they may have overestimated the need for an impartial-seeming middleman. Turns out billionaires are free to shamelessly pervert democracy for personal gain, no concealment necessary.
This week, as Donald Trump and Elon Musk’s alliance breaks down in a flurry of taunts and ripostes on the social media platforms owned by each, we’re witnessing something vastly cruder than corporate capture of democratic institutions. We now have two self-interested billionaires openly playing tug of war with the federal government while 330 million Americans’ economic needs go unaddressed.
Donald Trump seems to be primarily motivated by power and attention, not money per se. Nevertheless, Trump has found several ways to use his presidential power to further enrich himself. Replenishing his coffers has enabled him to fight expensive legal battles and fund a reascent to the White House. Still, his personal fortune wasn’t quite enough to pull off a successful third presidential campaign. To make up for financial shortfalls, Trump turned to fellow billionaires, especially in tech — and above all Elon Musk, the world’s richest man, who contributed nearly $300 million to Trump’s reelection effort.
In return, Musk pursued a turbocharged version of the same self-enrichment strategy, using his influence in the Trump administration to protect and expand federal contracts, subsidies, loans, and tax credits that contribute to his financial empire. Musk’s…
Auteur: Meagan Day
