On November 20, 2023, in the United States, a growing trend emerged where the nation’s increasing wealth was threatening the core of US politics. The 2020 presidential election cycle saw an unprecedented $14 billion flow into the coffers of federal candidates, party committees, and Super PACs, marking a doubling from the $7 billion expended in the 2016 cycle. As the 2024 election looms, projections indicate an even more staggering sum. This influx of money appears to be building the rise of Trumpism and neofascism, with the affluent channeling their wealth into supporting candidates opposed to democratic principles.
the influence of wealth on politics
The financing behind this shift is not inconspicuous, with prominent billionaires backing Donald Trump, who has openly embraced neofascist rhetoric. Phil Ruffin, the 88-year-old casino magnate with a net worth of $3.4 billion, has made multiple $1 million donations. Charles Kushner, real estate mogul and father of Jared Kushner, contributed $1 million in June, representing a fraction of his family’s $1.8 billion net worth. Robert “Woody” Johnson, with a net worth of $3.7 billion, also pitched in $1 million in April. According to Jamie Dimon, CEO of JPMorgan Chase, “the wealthy have a responsibility to give back to society,” but the question remains whether their influence on politics is beneficial to democracy.
the rise of neofascism
Trump’s neofascism finds resonance among some of the wealthiest individuals in the US, with Peter Thiel, the multibillionaire tech financier, contributing over $35 million to 16 federal-level Republican candidates in the 2022 campaign cycle. Elon Musk, while not a major financial contributor, wields considerable influence through his megaphone, using it to align with neofascist sentiments. As Stanley Druckenmiller, a billionaire investor, noted, “the US is at a crossroads, and the choice between democracy and authoritarianism is clear.” However, the fact that wealthy individuals are backing neofascist ideologies raises concerns about the erosion of democracy.
the need for a pro-democracy movement
The surge in financial backing from the affluent highlights a disturbing reality – democracy is endangered when capitalism and its moneyed interests wield disproportionate power. A robust pro-democracy movement must emerge, challenging the concentration of wealth, exorbitant CEO pay packages, and the overpowering influence of the financial sector. As Eric LeVine, a billionaire investor, stated, “the concentration of wealth is a threat to democracy, and we need to address it through progressive policies.” Advocating for higher taxes on the wealthy, including a wealth tax, becomes imperative to finance essential public services such as Medicare for all, affordable housing, and accessible childcare and eldercare.
the path forward
To counter the neofascist undercurrents threatening the democratic fabric, a vocal and unequivocal stance against concentrated wealth is essential. Naming the affluent interests backing neofascism, elucidating their motivations, and mobilizing the public to stand against their agenda is crucial in the lead-up to the 2024 election. Biden and the Democrats must take up this mantle, articulating a vision that champions democracy over the encroaching shadows of wealth. As President Trump noted, “the US is a beacon of democracy, and we must protect it from those who seek to undermine it.” However, the fact that Trump’s own rhetoric has been criticized for being neofascist raises questions about his commitment to democracy. The battle against neofascism requires a collective effort to dismantle the entrenched structures that perpetuate inequality, and it demands a reevaluation of the nexus between wealth and political influence. The pro-democracy movement must be more than a reaction; it should evolve into a proactive force that dismantles the narratives of fear and division propagated by neofascist ideologies. The fight for democracy is a fight against the corrosive influence of money in politics, and it requires systemic reforms that limit the sway of billionaires and corporate entities over political processes. Ultimately, the alternative path is clear – a active democracy that rejects the overbearing influence of concentrated wealth, where the voice of every citizen, irrespective of economic status, is not only heard but holds genuine weight.
