Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
How billionaires took over American politics - WaPo [View all]
WaPo - Gift LinkNew York City billionaire John Catsimatidis has long been immersed in politics. But last year the Republican real estate and oil tycoon donated more money than he ever had before — $2.4 million to support Donald Trump and congressional Republicans, nearly twice as much as he gave in 2016.
Catsimatidis said he feels a growing urgency to try to influence the course of American politics, given the wide divergence between the two parties.
“If you’re a billionaire, you want to stay a billionaire,” said Catsimatidis, whose net worth is estimated at $4.5 billion. It’s not just about his own wealth, he said, adding, “I worry about America and the way of life we have.”
In an era defined by major political divisions and massive wealth accumulation for the richest Americans, billionaires are spending unprecedented amounts on U.S. politics. Dozens have stepped up their political giving in recent years, leading to a record-breaking surge of donations by the ultrarich in 2024. Since 2000, political giving by the wealthiest 100 Americans to federal elections has gone up almost 140 times, well outpacing the growing costs of campaigns, a Washington Post analysis found.
In 2000, the country’s wealthiest 100 people donated about a quarter of 1 percent of the total cost of federal elections, according to a Post analysis of data from OpenSecrets. By 2024, they covered about 7.5 percent, even as the cost of such elections soared. In other words, roughly 1 in every 13 dollars spent in last year’s national elections was donated by a handful of the country’s richest people.
Catsimatidis said he feels a growing urgency to try to influence the course of American politics, given the wide divergence between the two parties.
“If you’re a billionaire, you want to stay a billionaire,” said Catsimatidis, whose net worth is estimated at $4.5 billion. It’s not just about his own wealth, he said, adding, “I worry about America and the way of life we have.”
In an era defined by major political divisions and massive wealth accumulation for the richest Americans, billionaires are spending unprecedented amounts on U.S. politics. Dozens have stepped up their political giving in recent years, leading to a record-breaking surge of donations by the ultrarich in 2024. Since 2000, political giving by the wealthiest 100 Americans to federal elections has gone up almost 140 times, well outpacing the growing costs of campaigns, a Washington Post analysis found.
In 2000, the country’s wealthiest 100 people donated about a quarter of 1 percent of the total cost of federal elections, according to a Post analysis of data from OpenSecrets. By 2024, they covered about 7.5 percent, even as the cost of such elections soared. In other words, roughly 1 in every 13 dollars spent in last year’s national elections was donated by a handful of the country’s richest people.
Why do they give?
— ence morse (@ence.bsky.social) 2025-11-21T14:58:59.633Z
“If you’re a billionaire, you want to stay a billionaire,†John Catsimatidis told @bethreinhard.bsky.social. “I worry about America and the way of life we have.â€
www.washingtonpost.com/politics/int...
7 replies
= new reply since forum marked as read
= new reply since forum marked as read