The left stereotypes conservatives as the tools of big business, but, as I keep saying on this blog, there are many different kinds of conservatives, and a good many of them–especially the populists associated with the Tea Party– oppose powerful corporations for some of the same reasons leftists do. Thus, the Washington Post reports that big business is mourning the defeat of House Majority Leader Eric Cantor and is dismayed at the rise of tea party favorite David Brat, a strong critic of “crony capitalism,” the partnerships between big business and big government. (See this for Prof. Brat’s ideas about economics and Christianity.)
So is there the possibility of a left/right populist coalition? The Republican elite and the Democratic elite mostly agree on the cultural issues, though possibly ordinary people in both parties–Catholic Democrats and evangelical Republicans– have more in common on these issues than they realize.
The country’s most powerful business lobbying groups already knew they had a problem with the GOP when Tea Party lawmakers nearly forced the country into a massive default of its debt last year.
But with Eric Cantor’s shocking defeat Tuesday night, things for the U.S. Chamber of Commerce and the Business Roundtable just got a whole lot worse.
For one, they lost a major defender of their favored policies–from the beneficial tax treatment of private equity income to immigration reforms favored by the country’s biggest tech companies. But even worse for their prospects, Cantor lost to a challenger who specifically attacked him for his close ties to big business — going so far as to single out the BRT and the Chamber.
“The central theme of Brat’s campaign is that Cantor is beholden to business — specifically the U.S. Chamber of Commerce and the Business Roundtable,” wrote Politico in April.
“If you’re in big business, Eric’s been very good to you, and he gets a lot of donations because of that, right?” Brat said at a local meeting of Republicans in Virginia, according to Politico. “Very powerful. Very good at fundraising because he favors big business. But when you’re favoring artificially big business, someone’s paying the tab for that. Someone’s paying the price for that, and guess who that is? You.”
While everyone is focused on Brat’s critique of Cantor’s immigration stance, that attack came in the broader context of the increasingly potent “crony capitalism” theme. Brat went after Cantor specifically for his support of strengthening the H1B visa program, a policy especially favored by tech companies such as Facebook since it allows them to hire more engineers from overseas. Critics have said that the program allows firms to seek cheaper labor to maximize profits and puts foreign workers ahead of Americans.