“The most anti-business president in history” says Mitch McConnell about Barack Obama. Corporate leaders agree. “He’s a socialist,” they say. But corporate profits under Obama have surged to the highest share of the U.S. economy in history, and CEO pay has never been higher. The Koch brothers, Sheldon Adelson, and other right-wing billionaires are pouring tens of millions of dollars into Senate and House races to elect Republicans. But their fortunes have grown faster under Obama and the Democratic Senate than at any time since the 1920s. Wall Street CEOs say new regulations are stifling them but bank profits and CEO pay have soared to record levels, especially now that the banks are too big to fail. The barons of the oil and gas industry complain about “excessive” regulation but oil and gas has never done as well (including their $7 billion a year in tax subsidies).
So why are they complaining? I think it’s a smokescreen designed to hide from the rest of America the reality that more income and wealth are going to the top than ever before, and corporate welfare is out of control. What’s your explanation?