Eric Alterman, in an article titled “What are they thinking?,” which appeared in the Nov. 17 issue of The Nation, informs us: “The Obama presidency has been among the best in American history…for the super wealthy.” Alterman compares the performance of the economy with past presidents including Ronald Reagan concluding that the wealthy have recently done very well.
So why do wealthy individuals and business interest support the GOP? Alterman concludes that it is vanity–unwillingness to recognize that Republican policies–refusal to invest in infrastructure or to embrace immigration reform–are not in their interest. Alterman writes:
It wasn’t always this way. Conservatives, once upon a time, knew the importance of insulating their bottom line from their vanity.
Alterman explains that prior to the Murdoch era, the WSJ might rant in its editorials, but played the news stories straight. No more it seems. Alterman cites a Pew study which found that 40% of “consistent conservatives” picked Fox as their favorite news source.
Alterman’s article is worth reading: recommended.
© William Hungerford – November 2014