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Capitalism and Its Current Respectability

Lately the reports from The New York Times and The Washington Post and the rest of the respectable press have a strange new respect for the old-fashioned Republican sort of free markets economics, which we attribute entirely to president-elect Donald Trump.
Although Trump won’t take office for another five weeks or so, he’s already made news by cajoling the Carrier heating and air conditioning company into keeping 800 jobs that were slated for Mexico in Indiana, “tweeted” the cancellation of an order with Boeing for a new Air Force One fleet over alleged cost overruns, and once again threatened any company that’s considering a foreign work force with a 35 percent tariff. All of which is news that poses a dilemma for the respectable press.
The current operational definition of a respectable press is its instinctive opposition to anything that any Republican might do, and especially Trump, but the president-elect’s unorthodox style of Republicanism is not susceptible to the usual criticisms. Trump’s meddling in Carrier’s affairs is precisely the sort of industrial policy that Democrats have long championed, and although they usually prefer the stick of punitive tax hikes to such carrots as the $7 million in tax abatements that the state of Indiana will offer it’s not enough to hang a scathing critique on. Boeing and the rest of the military-industrial complex are usually cast as the villains, and any attempt to shortchange them is usually cheered. All the tough protectionist talk that got Trump elected isn’t much different from what self-described socialist Vermont Sen. Bernie Sanders eventually forced Democratic nominee Hillary Clinton to embrace.
Compelling arguments against Trump’s policies can only be found on the right, in the free market theories that until recently defined the Republican party’s economic platform, and in its desperation the respectable is suddenly willing to go there. All the stories now feature lengthy explanations of Trump’s inefficient market distortions by economists from such capitalist think-tanks as the Cato Institute and the American Enterprise Institute or the University of Chicago or some similarly red-in-tooth-and-claw economics department, and without the usual characterization’s of “right wing” or mention of any funding they might be receiving from the Koch brothers. They’re the same names that have been in the respectable press’ rolodex the past eight years, quoted briefly in the tenth or eleventh paragraph for the sake of balance, but suddenly they’re showing up right after the lead and getting a chance to rebut the Trumponomics that is now being added for the sake of balance somewhere in the ten or the eleventh paragraph.
We’re glad to see it, being red-in-tooth-and-claw capitalists and no fans of Trump ourselves, but it seems a case of much too little and far too late. The respectable press wasn’t making such a fuss about Trump’s Republican heresies back during the Republican primary, when it might have done some good, and these days the respectable press doesn’t seem to have much influence even with with Democrats. Such disreputable Democrats as the party’s newest congressional leader, New York Sen. Chuck Schumer, have long been the beneficiaries of Trump’s political donations, and they’ve always come through for him in the past, it’s hard to see how they’re suddenly going to be swayed the think-tank theories of a suddenly swept away Republican party to oppose the same sort of tax-abatement-dealing and corporate strong-arming and old-fashioned protectionism they’ve always wanted, and the respectable press will also have a hard time with that news.
The old tried-and-true ideas will surely stick around to denouement, with all the variations from those think tanks and economic departments and the help of such respectably anti-Trump conservative presses as National Review and The Weekly Standard and The Central Standard Times, even if it is eventually relegated to the tenth and eleventh paragraphs. Eventually they’ll get another try. In the meantime we’re glad to see the likes of The New York Times and The Washington Post helping out, however begrudgingly.

— Bud Norman

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