Why Wall Street Won’t Stop Trump

Companies like to sell things, and highly educated liberal voters have disposable income to buy them. Firms wanting to profit by selling products to well-off liberals is not the same thing as sharing liberal policy priorities; this is why “woke capital” is a myth, a shallow analysis that mistakes advertising and brand management for ideology. When it comes to what corporations really want, the answer is the same as it’s always been: tax cuts for the wealthy, deregulation, and a labor market more favorable to employers than to workers.

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When workers have more leverage, they can negotiate a bigger share of the economic pie—a state of affairs that Big Business typically wants to avoid. Private sector union membership remains at a historic low, but it has recently begun to increase. That trend is more likely to continue under a Biden administration than a Trump administration, and would mean not only better wages and benefits for workers but more political power for unions. And that’s one big reason why Wall Street is warm to the idea of a second Trump term.