Trump promises more perks for big business

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Events surrounding the Nov. 8 presidential election confirm the depth of the crisis that U.S. capitalist rul­ ers find themselves in. We’ve seen growing turmoil and major divisions between and within both major parties. The two-party system, for years a stable bul­ wark of U.S. capitalism, has been exhibiting signs of distress. The transition of power from one party to another is not as seamless and predictable as in the past.

Since the 2008-9 world financial recession, the world economy has remained in stagnation. Among major factors underlying this crisis is a generalized decline over many years in overall corporate profits and in the rate of profit. This stagnation feeds the aus­ terity campaigns of governments worldwide, taking a massive toll on workers and the most oppressed.

The United States has seen an ever-escalating capi­ talist offensive against working people. Attacks are aimed at overturning gains won in past struggles of workers and oppressed: real wages have failed to grow despite productivity growth of nearly 22 per­ cent since the late 1970s, and severe unemployment persists. It was reported this month that 95 million U.S. workers have dropped out from the workforce, a historic high. These workers are not accounted for in the monthly government-reported unemployment rate.

This is combined with speed-up and unsafe condi­ tions on the job, longer working hours, rapidly van­ ishing pensions, rapidly escalating health-care costs, heightened racist violence, and attacks on rights won in years past by minorities and women. A byproduct of this generalized offensive has been an accelerated erosion of the social safety net—government pro­ grams designed to help the unemployed and the poor.

Fundamental agreement remains between the capi­ talist Democratic and Republican parties to advance forward this assault on working people, but tactical differences are deepening on exactly what path to fol­ low, and how quickly and aggressively to proceed.

We can fully expect that the anti-working class of­ fensive, including racist violence and the anti-immi­ grant harassment and deportations of the Obama ad­ ministration, will continue and most likely accelerate during the Trump administration.

Trump’s initial steps during the transition, includ­ ing his selections for important government posts, can provide some indication of his priorities but fail to reveal a definite direction. However, hints of where the new Donald Trump administration may be headed are already emerging in some areas. Here are three areas that deserve attention:

Regulations and taxes Among Trump’s first appointments was the selec­ tion of Wilbur Ross for Commerce Secretary and Steven Mnuchin for Secretary of the Treasury. The selection of Wall Street traders and hedge-fund bil­ lionaires to two key economic positions should be no surprise, despite Trump’s populist-sounding cam­ paign rhetoric.

Speaking in West Palm Beach, Fla., in October, Don­ ald Trump declared that it is the “global power struc­ ture that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth, and put that money into the pockets of a handful of large corporations.” Trump spent millions on media ads promoting that senti­ ment, which is felt widely among U.S. workers.

In a series of tweets on Dec. 4, Trump continued the populist rhetoric of his election campaign, reiterat­ ing his pledges to tear up international trade agree­ ments, declare war on companies that off-shore their workforce, and add stiff tariffs to goods from coun­ tries like China and Mexico if they are perceived as taking U.S. jobs. The Washington Post commented on Dec. 5 that “these comments set up a clash with Re­ publicans who have long argued in favor of free trade and against excessive intrusion by government into the affairs of business.”

The Post pointed out, however, that although Trump’s stated policies “put American companies in an extraordinarily difficult position,” corporate lob­ bying groups have remained nearly silent for now.

We can expect that in the end, like Obama, the Trump administration will pursue policies that maxi­ (continued on page 5, in “Labor Briefing”)

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Marty Goodman / Socialist Action

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Canada / Schools — 10 Minn. “Terror Trial” — 11 Women’s march — 12