20th March 2017
With the first billionaire in the White House, Wall Street booming and, for the first time in almost a decade, very solid and broad based job growth, one would think America’s business elite would be beaming. But that’s not so because the country’s moguls are more divided than at any time in recent history.
This conflict stems largely from divergent interests among rival factions of the putative ruling class. Trump’s backers tend to have links with the “real” economy, that is, those people who make things, such as energy producers, domestic manufacturers, agribusiness, suburban home-builders, and aerospace firms. These interests are increasingly concentrated in parts of America Trump painted “red”—the South, the Midwest, the Great Plains, and Appalachia.
On the other side lies the “ascendant” ephemeral economy, based in such industries as media, entertainment, software, and social media, as well as their financial backers. These industries are less affected by environmental regulations than those in more tangible lines of business. They are also concentrated in the deep blue slivers along the coasts and in college towns, the very places where the progressive social and environmental agenda is most deeply entrenched.