Americans are about to experience the political results of our new Gilded Age. After some forty plus years of growing financial inequality–where the gap between the rich and the rest has steadily grown–we have inaugurated a government by and for the obscenely rich.
As Heather Cox Richardson recently noted, Elon Musk is expected to have an office in the Eisenhower Executive Office Building. Musk–who benefits from government contracts worth billions of dollars–will be in an office adjacent to the White House. (Whatever happened to that old-fashioned notion about the necessity of avoiding conflicts of interest?)
It isn’t just Musk. Other members of the world’s richest men’s club flanked Musk on the dais at Trump’s inauguration. They reportedly included Amazon founder Jeff Bezos, and Meta chief executive officer Mark Zuckerberg, who are worth almost a trillion dollars combined, were joined by other obscenely rich panderers: the CEO of OpenAI, Sam Altman; the CEO of the social media platform TikTok, Shou Zi Chew; and the CEO of Google, Sundar Pichai.
During his confirmation hearing, the billionaire nominee Trump has chosen for Treasury Secretary, Scott Bessent, outlined his plans to enrich the rich (and screw over the poor) during his confirmation hearing before the Senate Banking Committee, telling committee members that extending Trump’s tax cuts for the rich would be his highest priority.
Trump has assembled a cabinet notable for the wealth of his nominees (and equally notable for their lack of relevant knowledge and experience), but as the Brookings Institution has recently pointed out, American governance by the rich rather than the competent has grown significantly at all levels.
The linked study documented three major conclusions, of which only the last is at all comforting:
Altogether, across four election cycles from 2018 to 2024 there were 183 candidates who contributed more than $1 million of personal money to their campaigns.
Republicans constituted 68% of all candidates contributing more than a million to their campaigns.
Most rich people who spend personal money on campaigns lose.
The study’s introductory paragraph asked the pertinent question.
The richest man in the world now sits close to the President elect and uses his powerful social media platform, X, to opine on everything from daylight savings time to visas for skilled workers. As the new administration takes shape, the number of multi-millionaires and billionaires moving to Washington grows. While this is good for Washington area real estate agents, is it good for democracy? Will someone who earns $14 million per day be able to appreciate how important $1,976.00 (the average monthly social security payment) is to millions of Americans?
The obvious answer to the question posed by that last sentence is no. The Brookings article cited a previous study that looked at the political priorities of the rich.
In 2013, three political scientists studied the political views of over 100 rich Americans, whose median wealth was $7,500,000.00. They found large differences between the policy preferences of the rich compared to average Americans.
Ya think?
Every so often, I cite a musical lyric that seems (at least to me) to illuminate a current political issue. Here’s one: the flower girl in My Fair Lady sings that all she wants is a “room somewhere, far away from the cold night air”–somewhere where she can have “warm hands, warm face, warm feet.” There are far too many Americans who fall into that category–people struggling every day to find lodging or keep the heat on and the car running and the baby fed.
I’ll go out on a limb here and suggest that Elon Musk and his fellow billionaires have absolutely no understanding of those struggles, no comprehension of the choices facing millions of America’s working poor–and rather clearly, no sympathy for them.
There are certainly wealthy individuals who do understand that their own ability to thrive depends upon a government that supports an economically stable middle class–who understand that job creation depends upon the existence of a public with enough disposable income to buy their widgets, rather than on the whim of an “entrepreneur” waving a magic wand. Those individuals didn’t share the dias with the fat-cat, self-satisfied billionaires who will have effective control of America’s government and who are interested only in amassing greater wealth and power. Trump’s billionaire toadies have evidenced zero understanding of the purpose of government and no interest whatsoever in the notion of the common good.
President Eisenhower warned us about the military-industrial complex, and he was right. President Biden warned us about the coming oligarchy, and he was also right.
Between the White Christian Nationalists and the oligarchs, the next few years will be…challenging. To say the least.
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