Source: Paul Krugman
by Paul Krugman
“The Forbes 400 may only own 4 percent of U.S. wealth; but the New York Times found that 300 billionaires accounted for 19 percent of all reported federal campaign contributions in the 2024 election. And these are only reported, cash donations. Include other forms of influence — exemplified by Elon Musk’s purchase of Twitter and his conversion of the former public square into a site that elevates extreme right-wing propaganda — and it’s obvious that the malign political influence of a handful of the ultra-rich is much bigger than even those stunningly large donations suggest. Now the Times reports that Musk is giving even more money in an attempt to help Republicans stave off midterm disaster than he gave in 2024 …” (10/13/26)
https://paulkrugman.substack.com/p/elon-musk-shows-us-why-oligarchy