Why do some US billionaires support Trump?

For an election year full of uncertainty, the US stock markets are much more of a bullish bull than a bear. An example is the S&P 500 index, which tracks half a thousand of the largest listed companies. on track for its best performance in a first half of an election year since 1976 (Jimmy Carter against Gerald Ford), as well as the second most profitable in its entire history in an election year.

If the pocketbook (that is, the subjective perception of how the economy is doing) continues to be a decisive electoral factor, Biden can boast of some achievements (15 million new jobs since his inauguration in January 2021) and failures (a 20% increase in the consumer price index during the same period). However, Washington continues to spend money as if there were no tomorrow. And as has been the case since the American Revolution, there is much discussion about taxes. Since many elements of the cuts that Trump signed in 2017 expire in 2025 and Biden has proposed greater tax pressure on higher incomes and corporations.

In this context, there is no shortage of billionaires willing to finance Trump’s return to the White House in a country where people vote twice (through the ballot box and electoral donations). Stephen Schwarzman, CEO of the world’s largest private equity fund Blackstone, has backed him, citing an American epidemic of anti-Semitism. Other Wall Street financiers are about to follow. And in Palo Alto there is no shortage of magnates enthusiastic about MAGA (Make America Great Again), starting with Elon Musk.

Many of these myopic plutocrats, billionaires who want to influence politics, rejected Trump for his coup d’état. The same ones who now seem to be looking for a reason to put aside their scruples in exchange for favors, tax cuts and deregulation. Never mind that the second half of Trump, as corrupt as it is disruptive, poses a far greater economic threat than another Biden term.

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