Donald Trump slams CEO pay. A traitor to his class?
Is presidential hopeful Donald Trump a traitor to his class?
That question comes up because on Sunday, Mr. Trump took a shot at CEOs, saying on CBS鈥檚 鈥淔ace the Nation鈥� that chief executive pay in America is so high that it is 鈥�.鈥�
In the free enterprise system, company boards of directors should curtail excessive payouts, but they don鈥檛, Trump added. That鈥檚 because CEOs maneuver their cronies onto boards and quid pro quos ensue.
鈥淭hat鈥檚 the system that we have, and it鈥檚 a shame and disgraceful,鈥� said Trump.
Billionaire Trump has benefited quite handsomely from aspects of the US economic system, of course. All those CEOs and hedge-fund managers and other members of the 0.1 percent are his peers. (He might not agree with that. He鈥檇 probably say most of those folks are relatively poor, compared with himself and his own riches.)
But that hasn鈥檛 stopped him from striking a populist tone on some economic issues. He鈥檚 talked about raising taxes on top earners. In particular, he鈥檚 scoffed at the carried-interest exemption, which allows some hedge-fund managers and other big earners to pay a lower, capital-gains rate on their annual income.
Trump鈥檚 not exactly a modern Franklin D. Roosevelt, the wealthy populist labeled a class traitor in his own time. FDR took a radical approach to government, top to bottom. He portrayed big government as the savior of the United States. Trump, the outsider politician, is pretty much doing the opposite.
Whether Trump鈥檚 tax proposals are populist in a narrower sense depends on their total effect. Jeb Bush would also do away with the carried-interest exemption, for instance. But Mr. Bush鈥檚 tax package would also cut other rates paid by the rich, trickle-down economics in populist clothing.
Trump, the opposite of a position-paper politician, hasn鈥檛 issued a complete tax proposal yet.
That said, it鈥檚 obvious by now that Trump is running as a very different kind of Republican. There are elements of Huey Long-like populism in his political appeal. The Donald has become the choice of many voters who have lost all faith in the establishment institutions of American life, from Washington to big business to the media.
These voters are the 鈥渃razy buts,鈥� according to National Journal鈥檚 veteran political reporter Ron Fournier. That means they explain their support for Trump by saying, 鈥淗e may be crazy, but ..."
鈥淏ut he鈥檚 punishing the establishment. But he鈥檚 driving the media nuts. But he says what I can鈥檛 say,鈥� , in examples of how Trumpians complete that sentence.
CEOs may not like him, politically speaking. But voters with relatively less education do. Education levels are among the most striking differences in support for Trump, according to a . In this just-released survey, 40 percent of Republican leaners without a college degree back Trump. Of those with a college degree, 19 percent support the real estate mogul/reality TV star.
Trump even scores well with Republicans on the classic 鈥渦nderstands the problems of people like me鈥� question. He may boast about his ex-supermodel wife, his personal plane, and his billions. Still, according to a , 53 percent of GOP voters say he has enough populist understanding that he understands their concerns.
There are clear limits to Trump鈥檚 populist appeal, however. Democrats aren鈥檛 going for it. (At least, not yet.) Fully 81 percent of Democratic voters said Trump doesn鈥檛 understand their problems.
Maybe they鈥檙e saying, in essence, 鈥淲e knew FDR. FDR was a friend of ours. You, sir, are no FDR.鈥�
