Voting Billionaires

📆This Week’s Topic

Today we are going to talk about billionaires and how they have influenced elections. 16 years ago, the U.S. Supreme Court struck down many restrictions on how much a corporation can donate to a political campaign. This ruling was called Citizens United. Since then, a lot of candidates have relied on very wealthy people to fund their campaign. These donors of campaign funding have exploded in the past few years.

💳 Cause & Effect

The Citizens United Ruling has reshaped our democracy by allowing massive amounts of campaign spending and having no limit. Ever since the Citizens United ruling donations to political campaign funding has increased drastically. In 2024, billionaires donated over $3 billion to campaign funding of Republican campaigns giving them a huge advantage over other parties. The imbalance that these ultra-rich people create is a real problem is this amount of money can cause huge imbalances in campaign performance.

📊 Statistics

The NYT analysis of money from different socioeconomic statuses donating to a campaign found that 300 billionaires with their families contributed almost 20% of campaign funding in total for 2024. Billionaires in the tech space have been by far the biggest contributors to campaigns by 250 of those 300 billionaires were in the tech space.

🔚 Outcome

Billionaires have a lot of control in the economy already so I think we should create some sort of legislation that only allows a certain amount to be donated per person to a campaign. Not only do these things affect the people but this amount of funding put in the political system could cause major corruption in our system. If we don’t do that billionaires could control entire elections at a severe level so the regulations need to be there for these campaigns or else we could have serious problems. I just personally think that every person should contribute the same amount to elections instead of a couple billionaires funding 20% of the total money funded to elections in the U.S. in 2024. For example, we don’t allow a person to vote more times than someone else based on their socioeconomic status, therefore why should we let people who have a lot of money contribute such large amounts so that some parties have a much bigger advantage over a particular election.

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⛱ Voter Effect

Voters are seriously harmed because of corporate campaign funding integrating into the democracy. If a campaign gets funded more than another one it has the ability to market and advertise a lot more then another campaign that may have less money and then can be a big disadvantage to you and whatever party you may belong to. This could make it so the awareness of one parties actions or ideals could be a lot more widespread then a party with less funding.

⏳ Final Summary

In summary, the situations with billionaires and elections are getting out of control and are going south quick. Billionaires alone are contributing to so much of campaign funding that it just gives them a huge advantage in a certain election. We need legislation for this so that each person can only spend a certain amount to a campaign so that billionaires cannot dominate the elections by providing an insane amount of money which boosts a candidate’s chance of being elected simply because of that money. This new law if passed could provide fairness in the elections by prohibiting donating to campaigns after a certain amount of money so that one party doesn’t have a huge imbalance just because 1 person decided they didn’t know what to do with their money.

🙏Thank You & Important Information

Anyway, thank you so much for reading this edition of Friday Finance. I hope you all enjoyed this weeks article and if you have a question just hit reply to this email and I will get back to you as soon as I can. Have a great week and I will see you next week.

Best,

Jacob Gans

Friday Finance