Donald Trump’s campaign is facing financial difficulties, with small-dollar donations lagging behind their 2020 pace and big rallies not yielding expected cash hauls. Some large-dollar donors are hesitant to contribute due to concerns that their money may be used to pay Trump’s legal bills rather than for the campaign itself. As a result, Trump has been seeking support from right-wing billionaires, with uncertain levels of success. Despite this, it is likely that some billionaires will provide substantial sums to a candidate who espouses authoritarian intentions, such as overturning election results and targeting political opponents using the Justice Department.
The question then arises as to why billionaires would support a candidate like Trump, especially when they are not particularly suffering under President Biden’s administration. While economists argue that stock market performance is not indicative of the overall economy, stock prices do influence the wealthy, who hold significant financial assets. Trump’s promise of lower taxes and reduced regulations on corporations could be driving factors behind billionaire support, as they stand to benefit financially from a Republican administration compared to a Democratic one, which has a history of raising taxes on the wealthy to fund social programs.
Despite the potential financial gains under a Trump presidency, it is unclear why billionaires would support a candidate who promises to unleash social and political chaos. Even a few percentage points reduction in taxes may not significantly impact the affluent lifestyles of billionaires, leading one to question whether the pursuit of wealth is more about prestige than actual monetary value. Furthermore, a Trump victory could lead to a more dangerous and uncertain America, which should be a cause for concern even among the elite.
It is suggested that the wealthy may be less informed about the realities of a Trump presidency due to living in a social bubble, shielded from the impacts of authoritarian rule. While some billionaires may recognize Trump’s authoritarian tendencies, they may believe that their wealth will protect them from arbitrary exercises of power. However, history has shown that even wealthy individuals in Russia who supported Putin eventually faced consequences under his rule, demonstrating that wealth may not always shield one from the repercussions of supporting a dictator.
In conclusion, it is probable that Trump will receive support from billionaires in his bid for a return to power. However, it is likely that these billionaires may come to regret their decision if Trump is successful in his campaign, as the consequences of supporting an authoritarian leader may impact even the wealthiest individuals. Despite potential financial gains under a Trump administration, the broader social and political implications of his leadership should be of greater concern to billionaires, as the long-term consequences of supporting such a leader could have severe repercussions even within the elite circles.
