Written By: Isaac Julian, Staff Editor
CORRUPTION: The richest people in the world are beginning to influence what goes on in politics.
For decades, America has trusted its capitalist beginnings and relied on the strong foundation of a free market economy. Ultra-rich individuals have existed for some time but have kept to their respective industries. But in recent years, their role in politics has increased considerably. The idea of billionaires influencing democracy instead of the people raises valid concerns about how our political system is being run and whether democracy even exists when wealth has our government in its grasp.
To begin with, why is this issue happening now? Just a few days ago, some of the front-row seats at President Trump’s inauguration were taken by powerful tech CEOs, who also happen to be among the world’s richest men. This is a far cry from tradition, where seats so close to the president were usually reserved for the president’s relatives, former presidents, and other guests of that nature. This unusual selection of people may be indicative of the unprecedented role the world’s wealthiest people might have in this new administration. When he addressed the nation as he stepped down, Joe Biden warned that the U.S. was becoming an oligarchy of billionaires holding dangerous levels of power over the country. He may be right.
One of the clearest ways billionaires already influence American politics is the direct funding of political campaigns. According to OpenSecrets, a non-profit based around tracking lobbying and campaign funding, at least $15.9 billion was spent in just the 2024 election. Unsurprisingly, a good chunk of this money came from rich donors and super PACs. This concentration of power financially allows a small group to have wildly disproportionate influence over policy, agendas, and the candidates who end up making the ballot. Notably, one of the most influential social media platforms is owned by one of the aforementioned billionaires who happens to align closely with Trump: Elon Musk. He has gone on record claiming to keep X (which we all still call Twitter) a place of free speech but has strayed from that promise as the election cycle crept closer. On the week of the election, the entire search page was an unavoidable advertisement for the now-president Donald Trump. Though their voting power doesn’t supersede that of any other citizen, the power to push the vote in one direction or the other is undeniable.
When billionaires convert their financial power into political influence, it often serves their interests. As an example, most Americans would be for an increase in funding for public schools. However, for whatever reason, only one-third of the wealthiest 1% agree. Why? It’s because billionaires send their kids to private schools. The issue extends far beyond schooling and becomes a universal uninvolvement with most policies that benefit lower- and middle-class citizens. The problem doesn’t stop with education. It extends to healthcare, housing, and taxation, which are all areas where policies that would benefit the lower and middle classes directly oppose those of the ultra-wealthy. Billionaires aren’t very willing to support universal health care or affordable housing because they have no use for it. They live in a separate world from the average American, exempt from their struggles, making it easy for them to disregard policies that don’t directly benefit their wealth or capital.
It has never been more clear that our democracy is damaged when the voices of the majority are drowned out by the few at the top. We need to work to bring back a system where the power is held by the people, not the money. Putting pressure on our government through acts of civic engagement has never been more important and is the only way that someone like you and I can make an impact. Your voice depends on it.