"It's deeply troubling that billionaires have far more power in shaping our nation's politics and policies than do average Americans, whether they're auto workers, teachers, nurses, carpenters or supermarket cashiers. What's more, it's deeply disturbing that so many billionaires support the most authoritarian president in US history, whether by donating to his campaign or his gilded ballroom."
"Eleven billionaires with a combined worth of $1.35tn attended Donald Trump's second inauguration or surrounding events. Skydance a company controlled by David Ellison and backed by his father Larry Ellison, the world's sixth-richest person just clinched a $110bn deal to buy Warner Brothers, and they'll no doubt make Warner-owned CNN far friendlier toward Trump, just as they have done with CBS News."
"Mark Zuckerberg's Meta plans to spend $65m on this year's political campaigns to elect candidates who share his aversion to regulating the AI industry. Crypto billionaires plan to spend millions to defeat Democrat Sherrod Brown in this year's Senate race in Ohio, hoping for a replay of 2024, when crypto's $40m in donations were key to unseating Brown."
The United States faces a concentration of political and economic power among billionaires that threatens democratic principles and fairness. Over 900 billionaires exercise disproportionate influence over elections, government policies, and media outlets. Recent examples demonstrate this power: eleven billionaires worth $1.35 trillion attended Trump's inauguration; Skydance's acquisition of Warner Brothers threatens CNN's editorial independence; Meta plans $65 million in political spending to oppose AI regulation; and crypto billionaires mobilize millions to defeat working-class advocates. This concentration of wealth-based political influence creates an imbalance where billionaires shape national direction far more effectively than average workers, undermining democratic representation and economic equity.
#billionaire-political-influence #campaign-finance-and-democracy #wealth-concentration #media-ownership-and-control #economic-inequality
Read at www.theguardian.com
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