BILLIONAIRES, NOT VOTERS, ARE DECIDING ELECTIONS
The recent midterm elections offered an opportunity for America’s moneyed elites to spend their ridiculous wealth on a catalog of their favorite causes and candidates. We are locked in a vicious cycle, where billionaires continue to amass wealth due to policies their influence has bought, which in turn enrich them with even more resources with which to shift the American polity in their favor.
Part of the problem is that billionaires’ control over our democracy is largely invisible. As a recent study by The Guardian showed, high-profile wealthy elites like Warren Buffett or Bill Gates are anomalies. To that point, “[M]ost of the wealthiest US billionaires have made substantial financial contributions—amounting to hundreds of thousands of reported dollars annually, in addition to any undisclosed ‘dark money’ contributions—to conservative Republican candidates and officials who favor the very unpopular step of cutting rather than expanding social security benefits,” write the report’s authors. “Yet, over the 10-year period we have studied, 97% of the wealthiest billionaires have said nothing at all about social security policy.”
The midterm races in California saw several examples of the insidious ways in which the billionaire class made its mark on democracy, most notably in the defeat of Proposition 10, the state ordinance that would have expanded local governments’ jurisdiction over rent control. Several years ago, Wall Street hedge fund managers began scooping up rental properties and foreclosed homes in Los Angeles. According to journalist David Dayen, “Hedge funds, private equity firms and the biggest banks have raised massive amounts of capital to buy distressed or foreclosed single-family homes, often in bulk, at bargain prices.” He added, “It’s the next Wall Street gold rush, with all the warning signs of a renewed speculative bubble.”
So it should have come as no surprise that those same firms spent millions to protect their investments from returning lower profits in their fight against Prop 10. Sadly, Californians bought the corporate propaganda hook, line and sinker, and voted it down by a whopping 61.7 percent, saying “no” to rent control. (Incidentally, the opposition to rent control was also bizarrely funded in part by the Pharmaceutical Research and Manufacturers Association.)
Also in California, billionaires bankrolled the campaign of Marshall Tuck, a corporate candidate for school superintendent who strongly supports the privatization of schools. The race between Tuck and his union-backed rival, Tony Thurmond, broke records for the millions of dollars that the candidates raised and the tens of millions that flowed in from outside groups—a shocking Continue reading: Billionaires, Not Voters, Are Deciding Elections | PopularResistance.Org
