Some prominent Democrats are suggesting that the U.S. is becoming an oligarchy or kleptocracy, where billionaires like Elon Musk have the real power and essentially elect presidents after President-elect Donald Trump’s victory.
Billionaires like Musk do play a role in American politics, but it is far more limited than it appears. For every SpaceX founder who gains breathless news coverage, there’s a host of donors, many of them millionaires and billionaires, who go under the radar. These donors often revel in making their impact more secretively.
The real question, though, isn’t whether the wealthy should support political candidates and causes, but whether the money really “talks,” i.e. translates to election victories.
