In real life, billionaires don’t bring any exceptional brilliance into the political process. They bring their billions. They bring outsized stashes of cash that can distort election outcomes and safeguard their fortunes. Witness the $200 million our tech giants spent this fall on a ballot initiative to kill protections for gig workers.
And these dollars, even worse, drop a suffocating ideological wet blanket over the campaigns that Democratic Party candidates run. In this fall’s presidential contest, for instance, Joe Biden and Kamala Harris were formally running on a platform many analysts considered “the most progressive document to come out of a major national party in U.S. history.” The ideas in that platform — everything from a $15 minimum wage and ending tax breaks for capital gains to making public colleges and universities “tuition-free” for most students — had come out of joint task forces that brought together the party’s left and moderate wings.
But the campaigns up and down the ticket essentially ran away from anything that might overly discomfort the nation’s most comfortable — and let Donald Trump and his pals pose as champions of average people against America’s overbearing elites. Trump came unnervingly close to winning. Many of his endangered pals did win.
Various national pundits are now savaging Republican movers and shakers for indulging Donald Trump, post-election, at his every narcissistic turn. But Democratic Party insiders remain largely free to indulge their super-rich benefactors. That has to change.