The Billionaire Class Won’t Go Quietly

The exceedingly wealthy are usually content to stay in the shadows while their combined financial leverage and media power keep top government officials more or less in line. But the grassroots strengths of the Warren and Sanders campaigns have jolted some key oligarchs into overt action.

By Norman Solomon and cross-posted from truthdig.

The extremely rich Americans who are now frantically trying to figure out how to intervene in the Democratic presidential campaign make me wonder how different they are from the animated character who loved frolicking in money and kissing dollar bills while counting them. If Uncle Scrooge existed as a billionaire in human form today, it’s easy to picture him aligned with fellow plutocrats against the “threat” of Bernie Sanders and Elizabeth Warren.

The exceedingly wealthy are usually content to stay in the shadows while their combined financial leverage and media power keep top government officials more or less in line. But the grassroots strengths of the Warren and Sanders campaigns have jolted some key oligarchs into overt action.

“At least 16 billionaires have in recent months spoken out against what they regard as the danger posed by the populist Democrats, particularly over their proposals to enact a ‘wealth tax’ on vast fortunes,” the Washington Post reported over the weekend. Many of those billionaires are “expressing concern” that the populist Democrats “will blow the election to Trump by veering too far left.”

But are those billionaires more worried about a wealth tax that will curtail vast fortunes, or about Trump winning re-election? Are we supposed to believe the far-fetched notion that voters will opt for Trump over the Democratic nominee because they don’t want billionaires to pay higher taxes?

The biggest fear among the billionaire class is not that a progressive Democratic nominee will lose against Trump. The biggest fear is that such a nominee will win — thus gaining presidential muscle to implement measures like a wealth tax that would adversely affect the outsized fortunes of the 0.1 percent

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