Populism, like fire, burns until it runs out of fuel. Ten years ago, President Donald Trump and the MAGA movement ignited a dead forest far more combustible than many expected. Immigrants, intellectual elites and government became fruitful campaign targets.
With Trump back in office, and MAGA Republicans winning primaries against longtime incumbents, we see the populist fire still burns. And yet, this fire is not contained within one party, or even the two-party system. Amid increasing inflation and rising costs, economic warning signs illuminate the 2026 midterm elections. Now, populists rage against the subject of today’s column (gift link): private equity.
Private equity is essentially the vast pool of global money looking to become more money. This faceless entity has shaped the 21st century more than most realize. What makes it different from “business” is that private equity is built to expand profits, even if profit-taking kills the business. If business is a bacteria that lives and grows, private equity is a virus that is neither alive nor dead, nor does it mind killing its host.
It might be tempting to dismiss concerns about the growing power of private equity in the lives of Americans as mere anti-capitalist rhetoric. But that’s not any more helpful than dismissing rural voters who lash out against five decades of economic decline.
There are many reasons costs are rising in our economy, but private equity is arguably one of the biggest. But these issues slosh over the sides of our two-party system. Is either party ready to capitalize on this issue?
These problems are real. If our politicians don’t solve them, the people will respond by electing extremists. We’re getting a taste of this now, and it won’t get better on its own. Political emotionalism pours dirt into the gears of a once-functional nation. Already, 43% of voters in a New York Times/Siena poll disapprove of both parties. As I write in today’s column, “Preserving an order that makes chaos in the economic lives of working Americans is no order at all.”
Read “Voters have caught on to the link between affordability and private equity — to us vs. them.” It’s in the Monday, June 1, 2026 edition of the Minnesota Star Tribune.
Aaron J. Brown is a columnist and member of the editorial board for the Minnesota Star Tribune. His new book about Hibbing Mayor Victor Power and his momentous fight against the world’s largest corporation will be out soon.
