Rich Americans still have it pretty good. I don’t mean everything’s perfect: business regulations can be burdensome; Manhattan zoning can prevent the addition of a town-house floor; estate taxes kick in at over $5 million. But life is acceptable. Barack Obama has not imposed much hardship, and neither will Hillary Clinton.
And what about Donald Trump? Will rich people suffer if he is elected president? Well, yes. Yes, they will. Because we all will. But that’s a pat answer, because Trump and Trumpism are different things. Trump is an erratic candidate who brings chaos to everything. Trumpism, on the other hand, is the doctrine of a different Republican Party, one that would cater not to the donor class, but rather to the white working class. Rich people do not like that idea.
Yesterday’s primary handed victories to Trump and Clinton, and, if Michael Lind is right, Trumpism and Clintonism are America’s future. Lind’s point, which he made last Sunday in The New York Times, is that Trumpism—friendly to entitlements, unfriendly to expanded trade and high immigration—will be the platform of the Republican Party in the years going forward. Clintonism—friendly both to business and to social and racial liberalism—will cobble together numerous interest groups and ditch the white working class. Which might be fair enough, but Lind didn’t mention rich people. Where will they go?