Remember. He didn't back down (for now) because you were hurting as a person.
He backed down because his constituents - the ultra-rich, aka the ones best equipped of all to weather this storm they themselves asked for - complained that their power and wealth rate was decelerating.
Simple as. The people who build and maintain societal infrastructure with their sweat and blood would sooner be left to die than these elitists would see their unfathomable and unneeded amounts of influence drop even 1%.