HEMPHILL: Big Business Loses Support of Republicans
There is no other way to put it: The American public views large corporations, banks and other financial institutions, and technology companies negatively. In November 2022, the Pew Research Center released a report from Pew’s American Trends Panel. The survey separated respondents by Democrats and Republicans. For “Big Business,” the results are deeply troubling and will have long-term social, political, and economic consequences.
The key takeaways are that in 2022, 26 percent of Republicans and Republican-leaning independents, and 25 percent of Democrats and Democrat-leaning independents said, “large corporations have a positive effect on the way things are going in the country these days,” with the total for both parties at 25 percent. In contrast, in 2019, 54 percent of Republicans and Republican-leaning independents, and 36 percent of Democrats and Democrat-leaning independents said, “large corporations have a positive effect on the way things are going in the country these days,” with the total for both parties at 36 percent. For all survey respondents queried in 2022, 25 percent believed “large corporations have a positive effect on the way things are going in the country these days,” versus in 2019 when 36 percent held such a favorable view.
Moreover, in 2022 41 percent of Republicans and Republican-leaning independents, and 37 percent of Democrats and Democrat-leaning independents said “banks and other financial institutions have a positive effect on the way things are going in the country these days,” with the total for both parties at 40 percent. In contrast, in 2019, 63 percent of Republicans and Republican-leaning independents, and 38 percent of Democrats and Democrat-leaning independents said “banks and other financial institutions have a positive effect on the way things are going in the country these days,” with the total for both parties at 49 percent. For all survey respondents queried in 2022, 40 percent believed “banks and other financial institutions have a positive effect on the way things are going in the country these days,” versus in 2019 when 49 percent held such a favorable view.
Moreover, in 2022, 40 percent of Republicans and Republican-leaning independents, and 58 percent of Democrats and Democrat-leaning independents said “technology companies have a positive effect on the way things are going in the country these days,” with the total for both parties at 58 percent. In contrast, in 2019, 58 percent of Republicans and Republican-leaning independents, and 58 percent of Democrats and Democrat-leaning independents said “technology companies have a positive effect on the way things are going in the country these days,” with the total for both parties at 40 percent. For all survey respondents queried in 2022, 49 percent believed “technology companies have a positive effect on the way things are going in the country these days,” versus in 2019 when 58% held such a favorable view.
How is this sentiment expressed among the Republican electorate being viewed by the Republican-controlled House of Representatives in the 118th Congress? “The Republican Party is so much healthier now that we’ve divorced ourselves from corporate America,” said Rep. Jim Banks (R-Ind.), chairman of the Republican Study Committee, a caucus of House conservatives. What should Big Business look forward to in the 118th Congress? Given Big Business’ embrace of “woke” social policies contrary to the views of their constituency, House Republicans will no longer be shielding Big Business from many regulatory, tax, and trade policies brought by their House Democrat colleagues with their previous ardor.
The same can be said for House committee hearings as the new GOP House majority will likely be investigating Big Pharma and COVID-19, cryptocurrency failures in the financial sector, and censorship and privacy practices by Big Tech. Big Tech’s survey results were collected before the recent Twitter file releases, and no doubt the censorship revelations – concerning conservative thought leaders – will impact House Republican investigative fervor in this Congress.
Who in the U.S. private sector will receive Republican support in Congress? In 2022, 80 percent of surveyed Americans (and 79 percent of Republicans) viewed small businesses (98.9 percent of American businesses have fewer than 500 employees) as having a positive effect on the way things are going in the country, and just 18 percent said they have a negative effect.
This sector, responsible for 62 percent of net new job creation (since 1995) and 46.8 percent of private sector employment in America, will receive strong support from the Republican-controlled House. Also, the oil and natural gas industry, under constant attack from Biden, congressional Democrats, and environmentalists, will have House Republican advocates who are strong supporters of American energy independence.
Please follow DVJournal on social media: Twitter@DVJournal or Facebook.com/DelawareValleyJournal
