How billionaires took over U.S. elections
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 4 December 2024
⏱️ 29 minutes
🧾️ Download transcript
Summary
Billionaire families contributed roughly 18% of all money raised during the 2024 election cycle. And many of those mega donors are being tapped for high-level positions in the incoming Donald Trump administration. This begs the question: Is the U.S. government controlled by the ultra rich? David Sirota, founder and editor in chief of The Lever, said he believes the U.S. resembles an oligarchy. On the show today, Sirota explains how the erosion of campaign finance regulations has created a culture in which big money in politics is normalized.
Then, we’ll get into China’s latest move in the ongoing chip trade war with the United States. Plus, what’s the correct way to pronounce “pecan”?
Here’s everything we talked about today:
- “Election 2024: How Billionaire Avengers Destroyed Democracy” from The Lever
- “What’s different about billionaire donor Elon Musk’s relationship with Trump” from Vox
- “How billionaires are influencing the 2024 U.S. election” from Axios
- “Battle of the billionaires: the mega rich spending to swing the US election” from Financial Times
- “Remember that study saying America is an oligarchy? 3 rebuttals say it’s wrong.” from Vox
- “China bans export of critical minerals to US as trade tensions escalate” from Reuters
- “SpaceX Weighs Tender Offer Raising Valuation to $350 Billion” from Bloomberg
- “Yes We Pecan, with Martha Stewart” from NPR
It’s Giving Tuesday! Your donation will be matched today when you support Marketplace.
Transcript
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| 0:00.0 | Hello, everyone, I'm Kimberly Adams. |
| 0:08.1 | Welcome back to Make Me Smart, where none of us is as smart as all of us. |
| 0:11.7 | I'm Kyle Rizdahl, Tuesday, 3 December today, and we are talking on this Tuesday show about big money in American politics. |
| 0:18.6 | Billionaire families, we are told, contributed something like 18% of all the money raised during the 2024 election cycle. |
| 0:26.0 | And a lot of those mega donors are, oh, by the way, check the news, lining up for or getting jobs in the upcoming Trump administration. |
| 0:34.4 | It all feels very oligarchical, you know. |
| 0:38.3 | So we wanted to know more about how we got to this point and where we go from here and whether, like, is that too much? |
| 0:46.6 | Is it too much to call it an oligarchy or something else? |
| 0:48.9 | So here, to make us smart about this is David Sorota. |
| 0:51.9 | He is the founder and editor-in-chief of the investigative |
| 0:54.7 | news outlet, The Leaver, and his podcast series, Master Plan, digs into how big money in politics |
| 1:01.1 | has become more and more unrestricted over the past 50 years. Welcome to the show, David. |
| 1:08.1 | Thank you. Thanks so much for having me. |
| 1:10.5 | Before we get to like the definition of oligarchy and everything like that, |
| 1:14.8 | wealthy people have always had power in American politics, |
| 1:19.6 | in politics everywhere in the world. |
| 1:22.1 | Was there anything actually different about this election when it comes to the influence of the rich? |
| 1:27.3 | I think there was in that the billionaire class was not just funding the election. |
| 1:34.5 | And American elections have become, in many cases, certainly after Citizens United, |
| 1:39.5 | they feel more like auctions than elections. |
| 1:41.5 | But in this particular election, the billionaire class, |
| 1:45.9 | they were central characters in the election itself. In other words, they weren't just funding it |
... |
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