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"Murphy may prove to be an excellent governor, who moves New Jersey toward significantly greater equality. Or he may come be seen as a blundering know-it-all, whose incompetence discredits the progressive positions he now champions." (Photo: Reuters)
Phil Murphy's Victory and the Goldmanization of Government
Trump’s Goldman Sachs crew is killing regulations that protect working people.
Nov 15, 2017
The voters of New Jersey just elected a former Wall Street banker as their new governor. Just what America needs, right? Many onlookers are undoubtedly thinking that the last thing our country needs at this troubled time another well-heeled Wall Streeter in a powerful political position.
In the nation's capital, the Trump administration is already -- and famously -- teeming with Wall Street alumni.
At one point this past spring, Team Trump boasted six former top guns from just one Wall Street bank alone. The White House, quipped senator Elizabeth Warren from Massachusetts, had enough Goldman Sachs alums to open a branch office.
Murphy's Way
Phil Murphy, New Jersey's governor-elect, also happens to hail from Goldman Sachs. But Murphy bears no public policy likeness to his fellow Goldman alums in the Trump administration. In fact, over the course of his more than 500-day gubernatorial campaign, Murphy took every opportunity to distance himself from the rich people-friendly agenda the White House's Goldman crew is relentlessly promoting.
Trump's Goldman alums, for instance, are pushing tax cuts for the rich. Murphy campaigned for a new "millionaire's tax," a hike in the state's tax rate on income over $1 million, from 8.97 percent to 10.75 percent.
Trump's Goldman Sachs crew is killing regulations that protect working people. Murphy's campaign called for a $15 minimum wage, free community college tuition, and guaranteed sick leave statewide.
Murphy the former Wall Street banker has even backed the idea of creating a public state bank for New Jersey, an institution that would take in deposits from the state government and lend out dollars to finance local infrastructure projects, small businesses, and student loans.
"I'm in love with the idea of a public bank," Murphy told voters during his campaign, in an obvious appeal to supporters of Vermont senator Bernie Sanders, until now the nation's most visible political advocate for public banking.
The Goldman Way of Winning
Will New Jerseyans end up seeing a public state bank, a millionaire's tax, and a $15 minimum during Murphy's upcoming four-year term? New Jersey's recent history, unfortunately, is giving many progressives pause.
Murphy actually ranks as New Jersey's second former Goldman Sachs exec to enter the state's gubernatorial mansion. The first, Jon Corzine, won election in 2005 and then, after a disastrous four years, lost his re-election bid to right-wing blowhard Chris Christie.
Corzine, a mega-millionaire, spent a huge chunk of his millions to become governor. Murphy has spent millions, too. In the gubernatorial primary race, he outspent his rivals five to one and won the overwhelming support of local political leaders, one press report notes, with "large checks written to county Democratic committees. Murphy, also like Corzine, has never paid any "political dues," working his way up party ranks. His millions gave him instant political credibility.
A Political Neophyte
Yet Murphy, for all his millions, remains a political neophyte, who like all neophytes, may make missteps.
As President Obama's ambassador to Germany, Murphy generated a dicey diplomatic embarrassment when his unflattering comments about German chancellor Angela Merkel went public and then viral.
A similar misstep could easily tank Murphy's efforts on behalf of the progressive political platform he ran on to become New Jersey's next governor.
Murphy may prove to be an excellent governor, who moves New Jersey toward significantly greater equality. Or he may come be seen as a blundering know-it-all, whose incompetence discredits the progressive positions he now champions.
Murphy's tenure as governor of New Jersey, in other words, will be a crapshoot.
A Deeply Unequal America
In a deeply unequal America, where wealth and privilege are concentrated outrageously at the top of society and money defines access to political power, we see these sorts of crapshoots all the time.
We make the best choices we can, and vote for the mega-millionaires who say the right things, rather than the less savory ultra-rich on the other side. We hope against hope these gilded heroes will make the right things happen.
But voters shouldn't have to gamble like this. We need a more equal America, with equal access for all. We need a mass movement that fights for this dream.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Sam Pizzigati
Sam Pizzigati, veteran labor journalist and Institute for Policy Studies associate fellow, edits Inequality.org. His recent books include: The Case for a Maximum Wage (2018) and The Rich Don't Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class, 1900-1970 (2012).
The voters of New Jersey just elected a former Wall Street banker as their new governor. Just what America needs, right? Many onlookers are undoubtedly thinking that the last thing our country needs at this troubled time another well-heeled Wall Streeter in a powerful political position.
In the nation's capital, the Trump administration is already -- and famously -- teeming with Wall Street alumni.
At one point this past spring, Team Trump boasted six former top guns from just one Wall Street bank alone. The White House, quipped senator Elizabeth Warren from Massachusetts, had enough Goldman Sachs alums to open a branch office.
Murphy's Way
Phil Murphy, New Jersey's governor-elect, also happens to hail from Goldman Sachs. But Murphy bears no public policy likeness to his fellow Goldman alums in the Trump administration. In fact, over the course of his more than 500-day gubernatorial campaign, Murphy took every opportunity to distance himself from the rich people-friendly agenda the White House's Goldman crew is relentlessly promoting.
Trump's Goldman alums, for instance, are pushing tax cuts for the rich. Murphy campaigned for a new "millionaire's tax," a hike in the state's tax rate on income over $1 million, from 8.97 percent to 10.75 percent.
Trump's Goldman Sachs crew is killing regulations that protect working people. Murphy's campaign called for a $15 minimum wage, free community college tuition, and guaranteed sick leave statewide.
Murphy the former Wall Street banker has even backed the idea of creating a public state bank for New Jersey, an institution that would take in deposits from the state government and lend out dollars to finance local infrastructure projects, small businesses, and student loans.
"I'm in love with the idea of a public bank," Murphy told voters during his campaign, in an obvious appeal to supporters of Vermont senator Bernie Sanders, until now the nation's most visible political advocate for public banking.
The Goldman Way of Winning
Will New Jerseyans end up seeing a public state bank, a millionaire's tax, and a $15 minimum during Murphy's upcoming four-year term? New Jersey's recent history, unfortunately, is giving many progressives pause.
Murphy actually ranks as New Jersey's second former Goldman Sachs exec to enter the state's gubernatorial mansion. The first, Jon Corzine, won election in 2005 and then, after a disastrous four years, lost his re-election bid to right-wing blowhard Chris Christie.
Corzine, a mega-millionaire, spent a huge chunk of his millions to become governor. Murphy has spent millions, too. In the gubernatorial primary race, he outspent his rivals five to one and won the overwhelming support of local political leaders, one press report notes, with "large checks written to county Democratic committees. Murphy, also like Corzine, has never paid any "political dues," working his way up party ranks. His millions gave him instant political credibility.
A Political Neophyte
Yet Murphy, for all his millions, remains a political neophyte, who like all neophytes, may make missteps.
As President Obama's ambassador to Germany, Murphy generated a dicey diplomatic embarrassment when his unflattering comments about German chancellor Angela Merkel went public and then viral.
A similar misstep could easily tank Murphy's efforts on behalf of the progressive political platform he ran on to become New Jersey's next governor.
Murphy may prove to be an excellent governor, who moves New Jersey toward significantly greater equality. Or he may come be seen as a blundering know-it-all, whose incompetence discredits the progressive positions he now champions.
Murphy's tenure as governor of New Jersey, in other words, will be a crapshoot.
A Deeply Unequal America
In a deeply unequal America, where wealth and privilege are concentrated outrageously at the top of society and money defines access to political power, we see these sorts of crapshoots all the time.
We make the best choices we can, and vote for the mega-millionaires who say the right things, rather than the less savory ultra-rich on the other side. We hope against hope these gilded heroes will make the right things happen.
But voters shouldn't have to gamble like this. We need a more equal America, with equal access for all. We need a mass movement that fights for this dream.
Sam Pizzigati
Sam Pizzigati, veteran labor journalist and Institute for Policy Studies associate fellow, edits Inequality.org. His recent books include: The Case for a Maximum Wage (2018) and The Rich Don't Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class, 1900-1970 (2012).
The voters of New Jersey just elected a former Wall Street banker as their new governor. Just what America needs, right? Many onlookers are undoubtedly thinking that the last thing our country needs at this troubled time another well-heeled Wall Streeter in a powerful political position.
In the nation's capital, the Trump administration is already -- and famously -- teeming with Wall Street alumni.
At one point this past spring, Team Trump boasted six former top guns from just one Wall Street bank alone. The White House, quipped senator Elizabeth Warren from Massachusetts, had enough Goldman Sachs alums to open a branch office.
Murphy's Way
Phil Murphy, New Jersey's governor-elect, also happens to hail from Goldman Sachs. But Murphy bears no public policy likeness to his fellow Goldman alums in the Trump administration. In fact, over the course of his more than 500-day gubernatorial campaign, Murphy took every opportunity to distance himself from the rich people-friendly agenda the White House's Goldman crew is relentlessly promoting.
Trump's Goldman alums, for instance, are pushing tax cuts for the rich. Murphy campaigned for a new "millionaire's tax," a hike in the state's tax rate on income over $1 million, from 8.97 percent to 10.75 percent.
Trump's Goldman Sachs crew is killing regulations that protect working people. Murphy's campaign called for a $15 minimum wage, free community college tuition, and guaranteed sick leave statewide.
Murphy the former Wall Street banker has even backed the idea of creating a public state bank for New Jersey, an institution that would take in deposits from the state government and lend out dollars to finance local infrastructure projects, small businesses, and student loans.
"I'm in love with the idea of a public bank," Murphy told voters during his campaign, in an obvious appeal to supporters of Vermont senator Bernie Sanders, until now the nation's most visible political advocate for public banking.
The Goldman Way of Winning
Will New Jerseyans end up seeing a public state bank, a millionaire's tax, and a $15 minimum during Murphy's upcoming four-year term? New Jersey's recent history, unfortunately, is giving many progressives pause.
Murphy actually ranks as New Jersey's second former Goldman Sachs exec to enter the state's gubernatorial mansion. The first, Jon Corzine, won election in 2005 and then, after a disastrous four years, lost his re-election bid to right-wing blowhard Chris Christie.
Corzine, a mega-millionaire, spent a huge chunk of his millions to become governor. Murphy has spent millions, too. In the gubernatorial primary race, he outspent his rivals five to one and won the overwhelming support of local political leaders, one press report notes, with "large checks written to county Democratic committees. Murphy, also like Corzine, has never paid any "political dues," working his way up party ranks. His millions gave him instant political credibility.
A Political Neophyte
Yet Murphy, for all his millions, remains a political neophyte, who like all neophytes, may make missteps.
As President Obama's ambassador to Germany, Murphy generated a dicey diplomatic embarrassment when his unflattering comments about German chancellor Angela Merkel went public and then viral.
A similar misstep could easily tank Murphy's efforts on behalf of the progressive political platform he ran on to become New Jersey's next governor.
Murphy may prove to be an excellent governor, who moves New Jersey toward significantly greater equality. Or he may come be seen as a blundering know-it-all, whose incompetence discredits the progressive positions he now champions.
Murphy's tenure as governor of New Jersey, in other words, will be a crapshoot.
A Deeply Unequal America
In a deeply unequal America, where wealth and privilege are concentrated outrageously at the top of society and money defines access to political power, we see these sorts of crapshoots all the time.
We make the best choices we can, and vote for the mega-millionaires who say the right things, rather than the less savory ultra-rich on the other side. We hope against hope these gilded heroes will make the right things happen.
But voters shouldn't have to gamble like this. We need a more equal America, with equal access for all. We need a mass movement that fights for this dream.
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