After spending half a century in politics, former president Joseph R. Biden bid farewell in an Oval Office address on Jan. 15 warning that “an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy.”
As I’ve watched events in this country unfold in the weeks following, I’ll take Biden’s statement a step further and claim that what’s undeniably taking shape in America is a plutocracy: a country or society governed by the wealthy.
This became alarmingly evident when tech billionaire Elon Musk, the richest man on the planet who gave nearly $300 million to President Trump’s campaign, marched into the White House, unchecked and unelected, to head Trump’s Department of Government Efficiency.
At the 74th inauguration, Trump’s exclusive front row seats were reserved for powerful Tech CEOs who happen to be the world’s richest men. Seats so close to the president are usually reserved for the president’s family, past presidents and other honored guests.
Next to Musk ($379 Bn) sat Meta CEO Mark Zuckerberg ($249 Bn), Amazon CEO Jeff Bezos ($246 Bn) and Google CEO Sundar Pichai (1.31 Bn). That seems ironic, especially for a president who feebly claims to champion the working class.
Of political appointments announced by the Trump administration, 26 appointees exceed $100 million in personal fortunes; 12 are billionaires. His appointees, most of which are now confirmed, have a combined net worth of close to half a trillion dollars.
Sure, plutocratic practices have existed in America since its founding. In the gilded age, robber barons gripped our economy with an iron fist. Monopolies such as Standard Oil and Carnegie Steel entirely controlled our market. The structure of the U.S. tax system has always favored the wealthy.
However, the difference between now and then is that there is no longer any need for plutocrats to weave their influence through lobbyists and hold conversations behind closed doors. The age of political subterfuge is over. In the new Trump administration, the ultra-wealthy personally occupy positions of power. They are inside the walls of our government rather than influencing from outside.
It’s happening right in front of our faces, and Trump is taking a laugh at the masses he’s manipulated. We’re transitioning toward plutocratic, Christian nationalism; dark times ensue.
If you are like I was up until recently, feeling blanketed by our government and its system of checks and balances, convinced that money alone couldn’t topple a government designed and hardwired to resist the assumption of a king, then I warn you to be wary.
Super Political Action Committees allow billionaires to pour unlimited amounts into campaigns, drowning out the voices of ordinary Americans. Dark money groups mask the identities of their donors, preventing voters from knowing who’s trying to influence them. Races for a congressional seat regularly attract tens of millions in spending.
With Musk heading DOGE, he will receive as much as $8 million per day from taxpayers through the federal government for his contracts, said Rep. Greg Casar. Meanwhile, the average person in America who leans on social security is surviving on just $65 a day. There are indisputable conflicts of interest within these powerful figures occupying our government — Musk wouldn’t sniff near politics if there wasn’t personal financial gain attached to it.
Today’s plutocrats possess a different form of wealth compared to the aristocrats of the past. The fortune of Trump’s circle is generated and stored in financial markets; their net worth relies on the trust others place in their power, and he’s manipulating that trust in frightening ways. It’s moving effortlessly and can secure citizenship, protection, and influence almost anywhere.
The power of the few is drowning out the voice of the many, and if we don’t act now, democracy as we know it will slip away. This isn’t a conspiracy or a distant problem — it’s one that will shape your future and impact our generation. The decisions made today will affect your opportunities, your freedom, and the very system you’ll have to live under.
