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New Republic reporter Timothy Noah said seven out of the ten top donors to the presidential race last year gave to Trump — and now their favored president is turning on them

“… The White House keep[ing] scorecards measuring the loyalty of 553 corporations to President Donald Trump’s Big Beautiful reconciliation bill demonstrates that the relationship between private wealth and this presidential administration isn’t as happy as you might think,” said Noah.

Trump is certainly making corporations happy by “chucking health care for the poor so it can cut taxes for the rich,” said Noah, and he’s also “dismantling regulatory agencies created to check corporate power.” Trump lowering taxes and deregulation “are what oligarchs desire more than anything else,” Noah adds, which is why “people like Elon Musk, Timothy Mellon, and Miriam Adelson supported Trump in 2024.”

However, “Trump’s pathological attachment to high tariffs, his never-ending threats to destabilize the Federal Reserve, and, increasingly, his demands that corporations bend the knee are all more than these plutocrats likely bargained for,” Noah said.

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Even as Trump dismantles regulatory agencies legitimately created by Congress, he is introducing a new, “more chaotic regulatory regime dictated by his own whims,” said Noah. “Trump appears intent on ripping up business regulations" and “replacing them with himself.”

Consider the president allowing chip-maker Nvidia to sell AI chips to China. Trump had previously blocked those sales on national security grounds, but Noah said Trump changed his mind and allowed sales, providing Nvidia turned over 15 percent of the resultant revenues to the United States Treasury.

The Constitution does not grant a president the right to demand Invidia surrender a portion of its revenues from Chinese sales to the U.S. Treasury, said Noah, “Nor does the Constitution encourage a president to tell Goldman Sachs to fire its chief economistor Intel to fire its chief executive."

And then there’s the issue of Trump approving the merger of Nippon and U.S. Steel — provided the federal government retain a “golden share” that allows it to veto certain future actions affecting workers. Language in that agreement refers unnecessarily to Trump by name,which strikes Noah as “unsettlingly authoritarian.”

And now comes the news that Trump has loyalty “scorecards” on corporations that rank their support as “strong, moderate, or low” based on whether and how they supported passage of the Big Beautiful Bill through “social media posts, press releases, video testimonials, ads, [or] attendance at White House events.” The most obedient companies, said Noah, appear to be AT&T, Airlines for America, Cisco, Delta, DoorDash, the Steel Manufacturers Association, Uber and United.

“[I]f history is any guide, businesses don’t fight fascist corporatism; they just grope their way toward accommodating it,” writes Noah. “That’s certainly what we’re seeing thus far. Even when Trump bullies American oligarchs, they can’t see their way to judging him anything other than their guy.”

Read the full New Republic report at this link.

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AN 12 24

During the 2024 presidential race, Donald Trump relentlessly attacked President Joe Biden and Vice President Kamala Harris on the economy — blaming both of them for post-pandemic inflation in the United States. And the message resonated with enough voters for Trump to pull off a narrow victory over Harris.

According to the Cook Political Report, Trump defeated Harris by roughly 1.5 or 1.6 percent in the popular vote and picked up 312 electoral votes compared to 226 for the vice president.

A victory of 1.5 or 1.6 percent is hardly a "landslide," as Trump's allies have been claiming. But it's a victory nonetheless, and Trump will be sworn in for a nonconsecutive second term on January 20, 2025.

Some of Biden's supporters have argued that history will be kind to the outgoing president — not unlike the kind words for the late President George H.W. Bush after he lost the 1992 election to President Bill Clinton. And history, they argue, will remember Biden's job-creation record and the low unemployment of his presidency.

In October, according to the U.S. Bureau of Labor Statistics (BLS), U.S. unemployment was 4.1 percent.

In a December 2 post on X, formerly Twitter, Alex Armlovich — a senior housing analyst for the Niskanen Center — praised Biden's record on creating manufacturing jobs. And he made his point by tweeting a chart from Joey Politano, who publishes a financial newsletter.

Armlovich tweeted, "This rise in US manufacturing construction spend via @JosephPolitano is absolutely mindblowing. So many CHIPS & IRA-fueled factories are about to start opening in January you're not gonna believe it."

READ MORE:[Bombshell report details 'dangerous' new allegations against Trump Cabinet nominee

In a separate tweet, Armlovich laments that Trump, in 2025, will get the credit for Biden's economic achievements.

Armlovich predicts, "Trump's name will be on every IIJA, CHIPS, & IRA ribbon cut b/c key Dem factions thought NEPA red tape was more important than permitting reform to finish projects in <4 yrs FDR didn't respond to the 1930s by saying 'Mussolini is too fast we need NEPA.' He just started building."

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