Why Millionaires Like Hillary Clinton

Photo courtesy AP Images Photo courtesy AP Images

Hillary Clinton has one key part of the electorate already in the tank for her candidacy -- millionaires and CEOs. In Congress, Democrats represent the richest and most unequal districts in America. While liberal pundits attack the GOP as the party of the rich, the real plutocrats are on the other side of the aisle.

How can this be? The Democrats rail against the abuses of the “one percent” and run on a platform of reducing income inequality, but the rich continue to support them. Liberals attack unregulated markets, call for unrealistic “green energy” proposals, and wish to force businesses to pay employees more by increasing the minimum wage or including new family leave or other benefits.

These policies do not actually hurt the rich or the owners of big businesses, however. Rather, they entrench big businesses at the expense of small ones. Established businesses can afford to pay a little more on the margins, but start-up companies cannot. The more government is involved, the more it can benefit those who have already achieved success. Politicians can benefit their supporters, their “cronies,” and so this practice is called “crony capitalism” or “cronyism.”

Crony Clintonism

Hillary Clinton is a master of crony capitalism. Between 2009 and 2013, Russians assumed control over 20 percent of America’s uranium production by taking over the company Uranium One. Such a large merger required State Department confirmation, but luckily Uranium One’s chairman had contributed $2.36 million to the Clinton Foundation, and a Russian investment bank paid former president Bill Clinton $500,000 for a speech. Following these contributions, the State Department accepted the merger, as reported by the New York Times.

The Clinton Foundation has fallen under strict scrutiny this year after the release of stories like this one. A Wall Street Journal article chronicled “Crony Clintonism,” mentioning the ways Homeland Security official Alejandro Mayorkas helped Clinton confidante Terry McAuliffe (former DNC chairperson, now Virginia’s governor) and Hillary’s brother Tony Rodham. Mayorkas streamlined the visa process for foreign nationals who invested in projects run by McAuliffe and Rodham.

Perhaps it is less surprising then that more CEOs have donated to Clinton than to any Republican candidate in the 2016 presidential race. Indeed, 769 people who have given to her campaign identified their profession as “CEO” or “chief executive.” That is more than Jeb Bush (543) and Marco Rubio (127) combined. Cruz and Fiorina have only 109 and 33, respectively.

Clinton also beats her Republican rivals in polling among millionaires. In a head-to-head matchup of 750 Americans with a net worth of $1 million or more, Clinton beat Bush 53 percent to 47 percent. In the broad field, Clinton leads with 36 percent, Jeb is in second with 20 percent, Senator Elizabeth Warren (D-MA) has 8 percent, and Governor Chris Christie (R-NJ) follows with 7 percent.