Did Donald Trump knock the elites off their perch, according to Jonathan Chait?

Only partly, says Jonathan Chait. Trump displaced the old Republican establishment, sending figures like the Bushes into political exile, and reduced the power of socially progressive elites over social policy. But he co-opted the business elite through a Putin-style deal of favorable regulation in exchange for loyalty and money, which entrenched economic power rather than displacing it.

• A new elite now runs the Republican Party, Chait says.
• Businesses that stay aligned with the ruling party receive favorable policies, in Chait's account.

▸In their words

“In fact, he's entrenched the economic elite.” Jonathan Chait · at 7:28 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on Today, Explained (2026-11-03). Read the whole episode summary →

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