Robert Reich writes:

As an ever-greater portion of the nation’s total wealth goes to the top, it’s hardly surprising that ever more of that wealth is corrupting US politics.

In the 2020 presidential election cycle, more than $14bn went to federal candidates, party committees, and Super Pacs – double the $7bn doled out in the 2016 cycle. Total giving in 2024 is bound to be much higher.

That money is not supporting US democracy. If anything, that money is contributing to rising Trumpism and neofascism.

There is a certain logic to this.

As more and more wealth concentrates at the top, the moneyed interests rationally fear that democratic majorities will take it away through higher taxes, stricter regulations (on everything from trade to climate change), enforcement of anti-monopoly laws, pro-union initiatives and price controls.

So they’re sinking ever more of their wealth into anti-democracy candidates.

Donald Trump is going full fascist these days and gaining the backing of prominent billionaires. [Continue reading…]

CNBC reports:

One of the Republican Party’s most influential families may come off the sidelines to financially support Donald Trump’s latest White House run, after years of distancing themselves from him, according to people familiar with the matter.

Robert Mercer and his daughter, Rebekah, have not yet made a final decision on whether they’ll publicly back Trump, these people said. But the Mercers remain friendly with key players in Trump’s orbit, including former senior counselor Kellyanne Conway, according to some of the people, who spoke on the condition of anonymity to share details of the thinking of the notoriously private Mercer family.

The Mercers gave millions to a super PAC and other efforts to boost Trump in 2016, before very noticeably stepping back around 2018. [Continue reading…]