By Paul Krugman
“There are two things that are important in politics. The first is money, and I can’t remember what the second one is.” So declared Mark Hanna, the great Gilded Age political boss.
Karl Rove has often described Hanna as his role model. And predictions that Mr. Rove and his disciples would succeed in creating a permanent Republican majority — I have a whole bookshelf of volumes with titles like “One Party Nation” and “Building Red America” — depended crucially on the assumption that the G.O.P. would have vastly more money than its opponents. It might even, some thought, match the 10-to-1 advantage Hanna gave William McKinley when he ran against William Jennings Bryan.
Oops. According to data collected by the Center for Responsive Politics, in the current election cycle every one of the top 10 industries making political donations is giving more money to Democrats. Even industries that have in the past been overwhelmingly Republican, like insurance and pharmaceuticals, are now splitting their donations more or less evenly. Oil and gas is the only major industry that the G.O.P. can still call its own.
The sudden burst of corporate affection for Democrats is good news for the party’s campaign committees, but not necessarily good news for progressives.
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