Trump managed to delude the white poor that their interest lies with the wealthy elite. This is killing US capitalism. by
William G Moseley
William G Moseley is a professor and chair of geography at Macalester College in Saint Paul, Minnesota, US.
America's first businessperson in the White House is doing more to destroy the American capitalist system than any previous president.
A strong market economy needs a robust middle class, mechanisms for upward mobility, and clear rule of law to grow and sustain itself over time. US President Donald Trump has little allegiance to any of these.
In the rush to fulfil campaign promises and sate the greed of corporate backers, Trump and his
Republican enablers are re-organising US tax policy in favour of the rich, gutting regulations and higher education, and ignoring long-standing norms and protections against conflicts of interest.
This new-found, but fleeting, Republican power has been made possible by the party's condoning of a resurgent American tribalism known as racism.
What is poorly understood by many conservative Republicans is that unfettered capitalism will eventually destroy itself. Left to its natural trajectory, capitalism tends to concentrate wealth and power in the hands of a few, and the system implodes on itself because of limited demand from an emaciated middle class and shrinking competition in the marketplace. Some intervention by the state, in the form of wealth redistribution and regulation, curbs the worst excesses of the system and allows it to be sustained over time.
The GOP tax legislation, likely to arrive on Trump's desk in the coming days, massively cuts taxes for corporations and the wealthiest individuals in the country. While some middle-class households will see tax cuts in the short term, many will see just the opposite. The net effect is an end to progressive taxation in America and increasing wealth concentration at the top of the economic ladder. Over time, this new tax policy will effectively stifle consumer demand in the US.#notmypresident#impeachtrump#lockhimup#racism#whitesupremacy#gop#trump#donaldtrump#maga#traitor#taxscam#dayofdistress