Bob Schwartz

Teddy Roosevelt is one of the greatest presidents in American history. On many rankings, he appears in the top five, along with Washington, Lincoln and FDR.

It is hard to imagine, with the current version of the Republican Party, but as a Republican, TR was a committed and successful progressive leader. His most famous progressive cause was his opposition to growing American business monopolies, known then as trusts. TR was famous as the Trust Buster.

He was not opposed to big and successful businesses. As he said in a 1902 speech:

“Corporations that are handled honestly and fairly, so far from being an evil, are a natural business evolution and make for the general prosperity of our land. We do not wish to destroy corporations, but we do wish to make them subserve the public good.”

Remarks at the Music Hall in Cincinnati, Ohio
September 20, 1902

In her recent economic policy proposals, Kamala mentioned the fight against monopolistic practices, along with other initiatives. But making that fight a big centerpiece of her campaign, if explained in the most basic and understandable terms, could have huge popular appeal—among voters of all ideologies. She needs to be seen as a contemporary Trust Buster and, if successful, gets to be, like TR, seen as one of the great presidents.

There is a problem. I note not out of cynicism but realism that politicians of both parties are careful about coming down too hard on monopolies and oligopolies. Winning elections takes money, and by their nature, monopolies and their beneficiaries have a lot of it. A more level playing field might keep them rich, but maybe not as rich as before. They often expect the politicians to understand that situation, if the money is to keep flowing to campaigns.

The question is whether politicians can win enough elections, without monopoly donors, by convincing voters that restricting or breaking up the trusts will lead to better outcomes such as lower prices for those voters.

TR made the case. So can Kamala and Democrats, if they are confident in their own abilities to make that case, even if it means depending on voters and losing some corporate and billionaire support.

So Kamala and Democrats: Shout out about how you are planning to bust those trusts.

© 2024 by Bob Schwartz