The Elite Seeks to Entrench Its Power taken from our ‘On Target Newsletter’ issue no 267
In the past American presidents have used the first of their four-year terms to do the nasty stuff, pushing through unpopular changes, saving the nice bits for closer to next elections. Joe Biden is doing the opposite. He’s immediately spending or trying to spend public money on a scale so lavish that it’s comparable to mobilizing for a world war. What’s going on?
The Biden administration is gambling that it can use its wafer-thin control of federal government to force through measures that will entrench Democrats’ defences against the rising threat from populist Republicans. Time is short because in the mid-term elections only 18 months away the Democrats could easily lose control.
My friend Bill Bonner says Hillary Clinton “made one of the most tone-deaf political blunders in history by referring to these people as ‘deplorables’. Over the years those deplorables have drifted towards the Republicans.”
From a classical conservative perspective, Donald Trump made little sense with his policies and proposals. “But when it came to the cultural notes, he seemed to have perfect pitch”
Since the 1990s the two parties have switched. Republicans “now represent the working class and the hustling, small-business-owning petite bourgeoisie. The Democrats are now the party of the Grand Bourgeoisie – big business, the rich, the elite, the media, the universities and the government itself (including the Pentagon).
“The trouble with this realignment, from the Democrats’ perspective is that there are relatively more deplorable voters than elite voters.”
They are attacking this problem with several initiatives to tilt the balance of power…
► Seeking to pack the Supreme Court by adding four judges sympathetic to its interests. “Fortunately that idea seems to be going nowhere, with several Democratic senators facing re-election afraid to touch it.”
► Seeking to pack Congress by giving the District of Columbia, the capital city of Washington, statehood. With that would come two senators and one congressional representative. The three new hacks would be reliable, guaranteed votes for the Democrats. However that effort is also unlikely to pass.
► The massive fiscal spending plans that aim “to win back working-class votes by handing out good-paying jobs in the ‘infrastructure’ boondoggle [only a small percentage of which will actually be for infrastructure]… along with free schooling and other giveaways in the ‘families’ programme.
“It might work.”
OT 267 22 May 2021
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Daniel Hannan, the well-known British politician, says Switzerland “has pretty much everything going for it: low taxes, high wages, minimal unemployment, dispersed government… direct democracy.” According to UN measures of healthcare, education, life expectancy and the like, it is the world’s third best country in which to live.
Australia’s economy has more than recovered from damage done by the pandemic. “Only five other countries can boast an economy that’s larger now than before the pandemic” says Kristian Kolding of Deloitte Access Economics.
The Group of Seven major economies have agreed to introduce a 15 per cent minimum corporate tax rate to be applied worldwide by national governments. Less is being said about seeking global agreement on the basis of implementing the tax – a more important and much more controversial issue.
Whether inflation proves to be sustainable or not, historic evidence is that in such environments, portfolios of low price-to-earnings ratios outperform, says NTAsset’s Kenneth Ng. The fund is a specialist in small/midsized Southeast Asian and Indian shares. It is confident that its holdings will deliver almost a doubling of earnings over the next three years.
