'Just 150 Billionaire Families Spent Nearly $2 Billion' On Elections – Bernie Sanders Says We Live In An Oligarchy. Here's What He Proposes

It turns out the ultra-wealthy aren’t just buying luxury yachts or exclusive islands but also spending big to influence elections. According to Bernie Sanders, just 150 billionaire families spent almost $2 billion in the 2024 elections. Sanders argues this isn’t a democracy anymore – it’s an oligarchy, where a tiny handful of extremely wealthy individuals and families wield massive power over the direction of the country.

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“Billionaires in the U.S. are .0005% of the population, yet accounted for 18% of 2024 electoral spending,” says the Vermont Senator. That much influence concentrated in so few hands is a serious problem for him. It means that the voices of billionaires and corporate interests, who get to make the decisions, are drowning out those of regular people.

"This is not democracy. It is an oligarchy," Sanders tweeted. According to The Washington Post, the 50 biggest donors spent $2.5 billion this election cycle to shape policy, pick candidates and, in effect, decide what the future of America looks like. The superrich aren't just playing a part in politics – they dominate it.

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The biggest donors on both sides illustrate this stark reality. On the Republican side, billionaires like Elon Musk and Timothy Mellon contributed hundreds of millions to support Donald Trump and other conservative candidates. According to a recent Federal Election Commission filing, Musk alone spent over $277 million through his super PAC, America PAC, which was instrumental in Trump’s campaign. 

On the Democratic side, Michael Bloomberg and George Soros were among the largest contributors, with Bloomberg and Soros spending over $47 million and $60 million, respectively, to support Kamala Harris’ campaign and other Democratic causes. These wealthy individuals and their organizations played pivotal roles in shaping the election outcomes, highlighting the massive influence concentrated in the hands of just a few.

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So, what can be done about it? Sanders is unequivocal in his belief that the Supreme Court’s Citizens United ruling must be overturned. The controversial 2010 Citizens United decision lifted numerous campaign finance laws, enabling corporations, super PACs and outside organizations to spend an unlimited amount of money on elections. Sanders and many others believe this ruling has shifted power dramatically toward those who can afford to buy influence.

Instead, Sanders advocates for public funding for elections. His idea is to replace the current system with one that encourages small donations, making elections about the best ideas, not the deepest pockets. If they received public support, candidates would no longer rely on billionaire contributors to spread their policies. Instead, They could focus more on the issues facing regular people who cast ballots.

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