Sep 22, 2017

David Brooks: big tech faces a “defining moment”

Trump supporters at a rally during the election. Photo: Mindy Schauer / The Orange County Register via AP

David Brooks' N.Y. Times column on "The Coming War on Business" touches on a theme we've been telling you about since August:

  • "Trump is not a one-time phenomenon; the populist tide has been rising for years. His base sticks with him through scandal because it's not just about him; it's a movement defined against the so-called ruling class."
  • "Congressional Republicans get all tangled on health care and other issues because they don't understand their voters. ... Trump may not be the culmination, but merely a way station toward an even purer populism."
  • "Trump is nominally pro-business. The next populism will probably take his ethnic nationalism and add an anti-corporate, anti-tech layer."
  • "As the tech behemoths intrude more deeply into daily life and our very minds, they will become a defining issue in American politics."

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Reproduced from Congressional Budget Office; Chart: Axios Visuals

The CBO released projections on Monday for U.S. nominal GDP to be lower by $15.7 trillion over the next decade than its estimate in January as a result of the coronavirus pandemic.

What they're saying: It predicts that when adjusted for inflation GDP will be $7.9 trillion lower over the next decade and down by $790 billion in the second quarter of this year — a 37.7% quarterly contraction.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 6,289,259 — Total deaths: 375,987 — Total recoveries — 2,706,820Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
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  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
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