Blog Post #24: Robber Barons of 2025
Pres. Biden in his farewell address warned the American public of what he saw as a major threat to the country: The Tech Industrial Complex composed in good part of individuals like Elon Musk who have made their money in technology and who are very "close" with our new president. Pres. Eisenhower in his farewell address warned the nation of the military-industrial complex controlled by a number of individuals who had made their wealth during and shortly after World War II. Both of these presidents expressed concern about the influence that these individuals and their money would have on our democracy. Both, Biden the Democrat and Eisenhower the Republican felt strongly that everyone in this country should as Biden put it "Have a shot" at the American dream. Both felt that the concentration of wealth and power in the hands of a very few could prevent this. In a capitalistic country like the United States the concentration of wealth in the hands of a few has occurred a number of times. The railroad barons of the 19th century and J.P. Morgan and his friends in the 30s who attempted to block the new deal. What has prevented our country from being undone by these individuals is the antitrust legislation that Teddy Roosevelt championed and the activity of unions.
Unfortunately the influence of both has decreased over the last 50 years. Unions have grown stronger in the last few years but they wheeled only a small amount of the influence that they had in the 1950s. And significant new legislation that focuses on monopolies of which there are number now in our country has not been passed by Congress. If we want to heed the warning of Biden we should support unions and repeal or reject legislation that blocks their ability to organize. We should also encourage Congress to pass legislation that will break up some of the monopolies that presently exist since it is clear that people in the working and middle class do better when power and control is not just in the hands of a few businesses or individuals. Although it is doubtful that any of this legislation can get passed in the next few years it is a time to start organizing for the years that will come after Trump.
Ron Breazeale PhD