As an ever-greater portion of the nation’s total wealth goes to the top, it’s hardly surprising that ever more of that wealth is corrupting US politics.
In the 2020 presidential election cycle, more than $14bn went to federal candidates, party committees, and Super Pacs – double the $7bn doled out in the 2016 cycle. Total giving in 2024 is bound to be much higher.
That money is not supporting US democracy. If anything, that money is contributing to rising Trumpism and neofascism.
There is a certain logic to this.
As more and more wealth concentrates at the top, the moneyed interests rationally fear that democratic majorities will take it away through higher taxes, stricter regulations (on everything from trade to climate change), enforcement of anti-monopoly laws, pro-union initiatives and price controls
So they’re sinking ever more of their wealth into anti-democracy candidates.
Donald Trump is going full fascist these days and gaining the backing of prominent billionaires. » | Robert Reich | Tuesday, November 21, 2023
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