Are Republicans and Business on the Rocks?tags: Republican Party, business
Stephen Mihm, an associate professor of history at the University of Georgia, is a contributor to the Ticker.
In recent days, some stalwart allies of the Republican Party -- Wall Street bankers along with several business lobbying groups -- have warned against the government shutdown. Rather than endorse House Republicans’ campaign to destroy the Affordable Care Act, business and financial leaders have politely suggested that the more radical elements Republicans are getting a bit carried away.
On Sept. 30, the Chamber of Commerce released a letter counseling the House of Representatives -- read: Tea Party Republicans -- to cease and desist. It was signed by more than 250 business groups, including the National Association of Manufacturers and the Business Roundtable. Wall Street titans such as JPMorgan Chase & Co. Chairman Jamie Dimon, Goldman Sachs Group Inc. Chairman Lloyd Blankfein and others have made similar pleas in person.
This rift between business and the Republican Party is unprecedented. For much of the past century, important business interests have pushed Republicans to combat the “creeping socialism” inaugurated by the reforms and regulations of the New Deal. Over the years, the alliance successfully eroded the power of unions, and rolled back burdensome regulations and progressive taxation....
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