Joe Biden's farewell speech highlighted the growing influence of billionaires, particularly in the tech sector, on American politics. The incoming Trump administration boasts a significant number of billionaires in key positions, raising concerns about the concentration of power. The article explores the scale, sector, and strategy behind this shift, comparing it to the historical dominance of Wall Street in American politics.
to the nation staten the last speech of his presidency, Joe Biden described the United States the way he usually only describes the nation’s adversaries:. His fears about “the dangerous concentration of power in the hands of a very few ultra-wealthy people” came after weeks of discussion of the influence of the mega-rich on the incoming Trump administration.
But the more eye-catching arrivals in Washington DC are the ones from Silicon Valley. Tech figures such as venture capitalist– tapped to be “AI and crypto tsar” in Trump’s cabinet – and Musk, slated to head the advisory “department of government efficiency”, walk the trail blazed by PayPal co-founder Peter Thiel, who placed a risky bet on supporting Trump in 2016, back when those such as Mark Zuckerberg and Jeff Bezos were loudly criticising him.
This brings us to the question of strategy. What does Silicon Valley want? The easy answer would be that they want what business moguls always want: regulation that serves their interests, paths cleared to mergers and acquisitions, the crushing of the antitrust efforts and AI constraints rolled out by the Biden presidency, a decreased share of profits to labour, and, of course, lower corporate and personal income taxes.
Billionaires Tech Industry Trump Administration Political Influence Wealth Inequality
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