The Washington Post has an article up entitled, “Why Cantor’s loss is especially bad news for big business.”
But with Eric Cantor’s shocking defeat Tuesday night, things for the U.S. Chamber of Commerce and the Business Roundtable just got a whole lot worse.
For one, they lost a major defender of their favored policies–from the beneficial tax treatment of private equity income to immigration reforms favored by the country’s biggest tech companies. But even worse for their prospects, Cantor lost to a challenger who specifically attacked him for his close ties to big business — going so far as to single out the BRT and the Chamber.
“The central theme of Brat’s campaign is that Cantor is beholden to business — specifically the U.S. Chamber of Commerce and the Business Roundtable,” wrote Politico in April.
“If you’re in big business, Eric’s been very good to you, and he gets a lot of donations because of that, right?” Brat said at a local meeting of Republicans in Virginia, according to Politico. “Very powerful. Very good at fundraising because he favors big business. But when you’re favoring artificially big business, someone’s paying the tab for that. Someone’s paying the price for that, and guess who that is? You.”
Exactly. To boil this down to its essence, Eric Cantor was pro-business, NOT pro-free market. Anyone who thinks this is a difference without a distinction is sadly mistaken. Being pro-free market means supporting policies that will allow businesses to succeed or fail on their own merits and decisions while being pro-business means instituting policies specifically crafted to favor certain industries or companies, giving them an unfair advantage over competitors and stifling innovation.
This is one of those weird points of agreement between the Tea Party and Occupy Wall Street that generally falls under the header of “crony capitalism.” The GOP needs to return to being known as the party of the free market and convince business that this is what’s best for them, not corporate welfare.