Billionaires gone wild
Paul Krugman’s newsletter this morning:
Wealth in America is now more concentrated in a few hands than it was during the Gilded Age of the late 19th and early 20th century. Money has always been a potent source of political influence, so this vast increase in concentrated wealth at the top inevitably translates into increased power.
However, after Citizens United America experienced an increase in oligarchic power far surpassing even what one might have expected given soaring wealth at the top. At this point it’s clear that we have experienced a fundamental change in the way our society works. Everything that is downstream of the American political system – federal and state governments, the courts, regulatory power, economic policy, health policy, media independence – and of course democracy itself – is under extreme threat from the tidal wave of billionaire influence.