Paul Krugman: “For those who need a refresher, Citizens United was a 2010 ruling by a narrow majority on the Supreme Court that effectively removed all restrictions on political spending by wealthy individuals and corporations. Such spending must be undertaken by nominally independent organizations, but in practice so-called Super PACs coordinate closely with candidates and parties. The result of the ruling, which you can see in the chart, was an explosion of political spending by billionaires as well as industry lobbying groups. Citizens United is what enabled both Elon Musk and the crypto industry to play huge roles in the 2024 election.”
“Some of the rise in billionaire spending can be explained by growth in the number of billionaires — but not much. The number of U.S. billionaires rose 85 percent between 2010 and 2023, from 404 to 748. But billionaires’ share of political contributions rose by 1700 percent.”
“In short, we are in the midst of an unprecedented power grab by America’s oligarchs. This power grab is arguably the most important fact about contemporary U.S. politics. In many ways MAGA is just a symptom.”
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