Even In a Populist Moment, Democrats Are Split on the Problem of Corporate Power

Americans are extremely angry about corporate power.

Polling shows that views about big business are at a 15-year low, and overall perceptions of capitalism are dire. Videos on TikTok about weird corporate scams, dynamic pricing games, and junk fees are pervasive. Law firms that specialize in jury selection are warning big companies that people have a “deep skepticism of corporate America. People increasingly feel that too many aspects of their lives are out of their control and that they are helpless to address the issues confronting them.” 94% of Democrats and 66% of Republicans think the rich have too much influence over politics, and former FTC Chair Lina Khan has become a folk hero online.

There’s a reason for this populist rage.

The cost of living is high, consumer sentiment is abysmal, and corporate profit margins are at a record. No matter where you look, the extraction is obvious. Netflix prices are up 125% since 2014, the cost of taking your dog to the vet increased by 10% last year, and paying for a child to play in a sport has jumped by 46% since 2019. More Perfect Union just came out with a report showing that big grocery stores are charging different prices for the same product based on surveillance dossiers gathered about you.

The political impacts are becoming obvious. A month ago, Zohran Mamdani won the race to be the new mayor of New York City, shocking the political establishment with a campaign focused on high prices and high rents. Local governments are rejecting data centers all over the country. Two days ago, Maine Senate candidate Graham Platner went viral with a tweet attacking the Netflix-Warner merger, saying “these assholes want to kill moves so they can get richer and richer.” Platner has never run for office, and yet he’s leading the former Governor of Maine, Janet Mills, in the Democratic primary.

And it’s not just this year, there’s a story of increasing voter rage going back two decades. In 2006, 2008, 2010, 2014, 2016, 2018, 2020, 2022, and then last year, voters said “throw the bums out” in change elections. Barack Obama bailed out the banks, and Democrats got wrecked. Joe Biden doubled the number of billionaires on his watch, and voters turned his successor down. Donald Trump has largely hewed to a pro-oligarch position, and the Republicans are being destroyed.

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