Big business loses its political allies

Most political pundits expect at least one house of Congress to switch hands this fall, and there could be more power shifts in 2024.

• But one thing won't change, no matter which political party is in charge: antipathy toward big business, which often manifests as antitrust enforcement.

Republicans are no longer Corporate America's ally, with many GOP candidates viewing a Chamber of Commerce endorsement as akin to a scarlet letter. It's a massive transformation, driven by Donald Trump's particular brand of populism, and extends beyond the highest-profile punching bags in Silicon Valley.

Democrats have for decades given big business the side-eye, even when allying on some recent social issues, and the Biden administration has taken an increasingly tough line on corporate mergers.

• To be sure, most big businesses did well in the Trump era and also are thriving under Biden. But their ability to grow inorganically is increasingly being challenged.

The bottom line: There is bipartisan unity in reflexively opposing big business mergers. It's not on the list when CEOs gripe about uncertainties, even though they may wish it was.