The anger of the crowd and the pettiness of plutocrats
Princeton economist Paul Krugman just published his final New York Times column in a body of work begun in January 2000. He considers how the world has changed over 25 years. It’s a grimmer place:
What strikes me, looking back, is how optimistic many people, both here and in much of the Western world, were back then and the extent to which that optimism has been replaced by anger and resentment. And I’m not just talking about members of the working class who feel betrayed by elites; some of the angriest, most resentful people in America right now — people who seem very likely to have a lot of influence with the incoming Trump administration — are billionaires who don’t feel sufficiently admired.
Krugman doesn’t mention Trump again, but he’s the most prominent of those resentful billionaires.
In early 2000, Krugman writes, “Polls showed a level of satisfaction with the direction of the country that looks surreal by today’s standards.” One could point to many reasons for the public mood, but the collapse of public faith in elites features prominently. “The public no longer has faith that the people running things know what they’re doing, or that we can assume that they’re being honest.”
Krugman touches on the financial crisis of 2008 as one reason, eliding the crisis of confidence in American invulnerability that was the fallout from the September 11 attacks. Still, the Great Recession hit more Americans where they live, and their resentments swelled.
Wall Street’s Masters of the Universe were uncontrite and escaped well-earned criminal prosecutions, adding to public cynicism. They kept their bonuses but lost stature in the public eye. They responded with “Obama rage” to the 44th president’s suggestion that they were, you know, in some small part to blame.
These days there has been a lot of discussion of the hard right turn of some tech billionaires, from Elon Musk on down. I’d argue that we shouldn’t overthink it, and we especially shouldn’t try to say that this is somehow the fault of politically correct liberals. Basically it comes down to the pettiness of plutocrats who used to bask in public approval and are now discovering that all the money in the world can’t buy you love.
There is not enough money on the planet to fill an empty soul. So not to overthink things, then, it is clear that the incoming 47th president has been trying to buy love his entire career. As have many of the billionaires with which he plans to populate the White House next year. Trump chief among them demands worship. Wealth equals worth in the billionaire universe, and in the country club of the gods.
Venture capitalist Nick Hanauer famously deconstructed billionaire’s mythmaking in a 2012 TED talk. He told MSNBC’s Lawrence O’Donnell:
“When a capitalist like me claims to be a ‘job creator,’ it sounds like we’re describing how the economy works, but what we’re doing is something far more interesting. What we’re doing is making a claim on status and privilege. Look, there’s a small leap from ‘job creator’ to ‘The Creator’ — someone at the center of the economic universe…
But elites in general have taken it on the chin over the last 25 years, not just the One Percent. The public mood has curdled, in Krugman’s view, towards elites in particular, and of any kind.
The Washington Post reports this morning, “University leaders are bracing for an onslaught of aggressive legislation and regulations amid growing hostility from an ascendant Republican Party that depends less and less on college-educated voters.”
This is not a new trend. Attacks on elite academies by state legislatures have taken place in the last decade in North Carolina and Wisconsin. Only now they may come from Washington, D.C.:
For years, conservatives have seen colleges and universities as unwelcoming and disdainful of their values. Tensions between Republicans and higher education have been rising over questions of free speech, the cost of college, diversity, race and more.
Now that rift has become a rupture.
In a “Morning Joe” interview aired Monday, President Bill Clinton commented on how “deeply and yet closely divided” the U.S. is as a country.
That divide, distrust of learning and expertise is both organic and cultivated, seeded and nurtured by the very petty plutocrats whose wealth can’t buy love.
Commenting on the Clinton interview, a Bluesky commenter notes, “Since Reagan, the GOP has worked to increase citizens’ cynicism about government, and then campaigned against government. Now, under Trump, the GOP is working to increase citizens’ cynicism about democracy, and then campaigning against democracy.”
Is there a way out? Krugman offers:
We may never recover the kind of faith in our leaders — belief that people in power generally tell the truth and know what they’re doing — that we used to have. Nor should we. But if we stand up to the kakistocracy — rule by the worst — that’s emerging as we speak, we may eventually find our way back to a better world.
May you all live to see it.
For now, the satire of Idiocracy (2006) bites deeper than ever and we seem a long way from the corner Joe Bowers turned in his inaugural speech:
And there was a time in this country, a long time ago, when reading wasn’t just for fags and neither was writing. People wrote books and movies, movies that had stories so you cared whose ass it was and why it was farting, and I believe that time can come again!