Billionaires: What they want, what they're up to

That's why there was so much plutocrat rage against Obama: despite the mildness of his rhetoric, they suspected him of not seeing them as the economy's heroes and saviors 6/ https://t.co/0SJxGulC9t

— Paul Krugman (@paulkrugman) September 27, 2019

But, Krugman points out, Elizabeth Warren doesn't buy it:

And Warren is completely explicit: while she isn't anti-capitalist, she has built her political career on the (true) proposition that at least some great fortunes aren't just rewards for magnificent social contributions, but the result of predation and exploitation 7/

— Paul Krugman (@paulkrugman) September 27, 2019

He'd linked to this article at the top of the thread: Benjamin I Page, Jason Seawright, Matthew J Lacombe, What billionaires want: the secret influence of America’s 100 richest, The Guardian, Oct 31, 2018.

The very top titans – Warren Buffett, Jeff Bezos, Bill Gates – have all taken left-of-center stands on various issues, and Buffett and Gates are paragons of philanthropy. The former New York mayor Michael Bloomberg is known for his advocacy of gun control, gay rights, and environmental protection. George Soros (protector of human rights around the world) and Tom Steyer (focused on young people and environmental issues) have been major donors to the Democrats. In recent years, investigative journalists have also brought to public attention Charles and David Koch, mega-donors to ultra-conservative causes. But given the great prominence of several left-of-center billionaires, this may merely seem to right the balance, filling out a picture of a sort of Madisonian pluralism among billionaires.

Unfortunately, this picture is misleading. Our new, systematic study of the 100 wealthiest Americans indicates that Buffett, Gates, Bloomberg et al are not at all typical. Most of the wealthiest US billionaires – who are much less visible and less reported on – more closely resemble Charles Koch. They are extremely conservative on economic issues. Obsessed with cutting taxes, especially estate taxes – which apply only to the wealthiest Americans. Opposed to government regulation of the environment or big banks. Unenthusiastic about government programs to help with jobs, incomes, healthcare, or retirement pensions – programs supported by large majorities of Americans. Tempted to cut deficits and shrink government by cutting or privatizing guaranteed social security benefits.

And they operate in secret:

Both as individuals and as contributors to Koch-type consortia, most US billionaires have given large amounts money – and many have engaged in intense activity – to advance unpopular, inequality-exacerbating, highly conservative economic policies. But they have done so very quietly, saying little or nothing in public about what they are doing or why. They have avoided political accountability.