Donors versus the people
What it means when billionaire Democrats like Reid Hoffman demand to have things their way
Republican creepiness isn’t the only thing the 2024 Democratic presidential campaign has exposed. The struggle around Biden’s candidacy and the ascent of Kamala Harris has made clear the divisions between the Democratic Party’s base and its donor class — and nowhere is this more evident than in the opposition of wealthy backers to one of the Biden administration’s signature achievements, the renewed commitment to reining in corporate power that has won real gains for the American people — an effort personified by Federal Trade Commission Chair Lina Khan.
Most notably, megadonor Reid Hoffman has suggested that Khan’s antitrust efforts amount to “waging war” on American business and are “not helping America.” He’s reportedly pressured Harris to commit to firing Khan. Meanwhile, Khan has shrugged off the suggestion and kept working, with no plans to do her work any differently.
But why do we let corporate leaders define what’s “anti-business” or what’s good for America in the first place? Why do we allow billionaire donors to draw spurious connections between the interests of giant firms and the impact on regular American bank accounts? Do we really want the amoral inclinations of business titans — happy with whoever allows unfettered consolidation of corporate power — to drive Democratic politics?
It’s a great time to look back on our conversation with Khan, in which she talked about how corporate consolidation hurts us all, and what she’s been doing to push back.
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