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Steve Mnuchin Donated to Democrats: Now They Are Throwing Him Under the Bus

It's not about Mnuchin's authority or oversight. It's about getting their pet projects thrown into this relief bill. They are holding the nation hostage over petty power politics. Nothing could be more detestable.

Democrats and their media mandarins are blaming Treasury Secretary Steve Mnuchin for their political turnabout on a relief bill they helped negotiate.

Congressional Democrats have demanded the legislation include guardrails to prevent firms that receive the emergency aid from firing their workers or stripping them of their health care, among other asks by labor groups. They also are balking at giving Treasury Secretary Steven Mnuchin so much authority to determine which firms receive the assistance.

Treasury’s power over $500 billion loan program becomes key sticking point in coronavirus aid bill, Washington Post, March 22, 2020

Minority Leader Chuck Schumer and Speaker Nancy Pelosi are pretty detached from the problems of normal Americans, but this is a stunning bit of political intrigue that serves nobody. Flexibility is the key to this response–and speed. Adding all kinds of guardrails simply slows things down.

Slowing things down puts more small businesses out of business. That puts more Americans on the street. Increasing unemployment benefits does nothing to put them back to work quickly since the jobs they already had have now evaporated. Credit will be hard to find. We’ll all be on the government dole.

Perhaps this is what Democrats want. But do they want it in an election year? Voter anger is something they’re not counting on (except at President Trump), but I assure you it will be white hot and directed squarely at them.

Plus, why Mnuchin? It’s not like he’s a rock-ribbed conservative. In fact, just ten years ago, Mnuchin was maxing out his donations for Hillary Clinton and Barack Obama.

In 2012, Mnuchin switched his giving to the Republican Party, and gave to Mitt Romney. In 2016, it was Donald Trump, which is one reason he’s in the powerful cabinet post he occupies.

But don’t let that fool you. Trump himself is a profligate spender, and Mnuchin is aligned with that vision. He wants to spend government money, and liberally.

There’s really no reason Democrats have to fear Mnuchin doing some corporate crony end-run any more than Obama’s former man at Treasury, Tim Geithner. Geithner had authority over the second $350 billion of President Bush’s 2008 stimulus package.

I don’t seem to remember the Sturm und Drang of the media back then. In fact, liberal Paul Krugman skewered Geithner’s “toxic asset” plan as a recycled “cash for trash” program.

So now, the entire Democratic Party, and the media, has lost its memory on bailouts, Treasury Department authority, and Steve Mnuchin’s politics.

It’s not about Mnuchin’s authority or oversight. It’s about getting their pet projects thrown into this relief bill. They are holding the nation hostage over petty power politics. Nothing could be more detestable.


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