A New York Times analysis this month found that just 300 billionaires and their immediate family members made 19% of all U.S. federal campaign contributions in 2024. Each billionaire donated about as much as 100,000 typical donors combined. This accounting of their contributions is likely an underestimate, as it does not include donations made through “dark money” groups that conceal the identities of their donors.
Billionaire donors predictably support candidates and initiatives that accelerate their own wealth accumulation, to the detriment of our society at large. Real estate investors support measures that revoke tenant protections, leading to increased housing instability. Industrial polluters fund the elimination of environmental regulation, poisoning our water and air. And the consistent goal of these billionaires is to reduce their personal tax burden, siphoning money away from our public services and into their own investment accounts.
Political spending by billionaires has increased 6000% since 2010, when the Supreme Court removed restrictions on campaign donations through the landmark Citizens United case. Although people may believe they choose a candidate based on the merits of their platform, the New York Times analysis showed that the candidate who spends the most money on their campaign usually wins the election. These elections are bought shamelessly, as billionaires view their campaign donations as investments that they expect a return on, just like any other investment in their portfolios.
People are concerned about the increasing influence of the ultra-wealthy in their elections, with 7 out of 10 Americans stating they wish billionaires played a smaller role in U.S. politics. Unfortunately, within our current capitalist structure, this problem only exacerbates itself, as billionaires continue to accumulate more wealth they can then use to buy more control of the government.
But we do not have to accept this system as inevitable. Although these 300 billionaires may have power now, we as working people overwhelmingly outnumber them, and we have much more power when we organize together. We can build a society that improves the lives of all people, and is built on everyone’s participation in how the government is run, rather than only working for a handful of people at the top.
Image credit: Sarah Grillo / Axios
