Brian Beutler had a keen insight in his newsletter today (you can subscribe here) into what’s driving some of Trump’s decisions right now and it seems pretty obvious to me that he is right. Trump is desperate for money and he is open for business, even on Social Security and Medicare which is extremely risky for him:
Trump appeared on CNBC Monday—his first mainstream or quasi-mainstream interview in many weeks—and, when prodded over whether he’d reconsidered his position on entitlements, said he will indeed consider cutting the country’s two big retirement programs for seniors. Just like a fusty old Republican.
“So first of all, there is a lot you can do in terms of entitlements in terms of cutting and in terms of also the theft and the bad management of entitlements,” Trump said. “There’s tremendous amounts of things and numbers of things you can do,” he added, before lapsing into blather.
If you’re deep in the weeds on this stuff or a certain kind of know-it-all you can argue there’s nothing new here. When Trump was president, his annual budgets all envisioned cutting these very programs, so if you ignore his once-studious campaign-trail insistence that he’d never touch them, or chalk it up to intentional deception, you can write it all off as old news.
But this kind of jaded thinking gives Trump a pass on the interesting question of why he let the mask slip. In greater context, he’s been reversing his rhetorical commitments a lot lately, and each time it’s been for one reason: An interested party has given him a lot of money.
Buetler points out that Trump has always made a huge deal about his commitment to spare SS and Medicare and even Medicaid (all three of which he actually proposed to cut.) But he’s been very careful to lie about that in both of his campaigns.
Now, he’s come clean for some reason. Why?
Though I can’t prove this, and feel a little bit conspiratorial positing it, I suspect Trump reversed his opposition to entitlement cuts for the same reason he reversed his support for the right-wing’s Bud Light boycott and his own, years long opposition to TikTok:
He desperately needs large sums of cash, and the kinds of people who are willing to give it to him also want him to back off Bud Light, TikTok, and his opposition to Medicare and Social Security cuts.
In recent days he has very ostentatiously defended Annheuser Busch and Tik Tok despite previously jumping on the boycott bandwagon for Bud Lite and proposing a ban on TikTok, using very transparent rationales.
Then a month ago, Trump abruptly called for the protest to end—just hours after the company’s lobbyist announced his firm would host a $10,000-a-plate fundraiser for him.
The TikTok story appears to be similar. As president, Trump actually tried to ban TikTok or force its parent company, the China-based ByteDance corporation, to sell the platform to an entity that isn’t controlled by the Chinese government. He was ultimately thwarted by the courts during the 2020 lame-duck period for overstepping his emergency powers, but his antipathy remained.
Then Jeff Yass, a MAGA-skeptical Republican stock trader whose fund has invested over $30 billion in TikTok, patched things up with Trump, turned the money spigot on, and Trump had a change of heart.
As Buetler points out there are political reasons for doing that as well (beer and tik-tok are popular) so it’s a win-win, but as for Social Security and Medicare, there’s no other reason to do it:
By contrast, the constituency for slashing Social Security and Medicare benefits comprises a very small number of rich conservative and business elites and basically no one else. Embracing their views entails significant political risk for Trump, which makes it seem more, not less, likely that he’s doing it for money.
He’s desperate for cash and at this point he seems to be selling himself to the highest bidder.
Nothing to see here folks. Just move along.