In the 2020 presidential election cycle, more than $14 billion went to federal candidates, party committees, and Super PACS double the $7 billion doled out in the 2016 cycle.
Total giving in 2024 is bound to be much higher.
Most of that money is not supporting American democracy. Increasingly, it is supporting Donald Trump and his anti-democracy allies.
There is a certain logic to this.
As more and more wealth accumulates at the top, the moneyed interests 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.
On Veterans Day, Trump pledged to "root out the communists, Marxists, fascists and the radical left thugs that live like vermin within the confines of our country," whom he accused of doing anything "to destroy America and to destroy the American dream."(Notably, he read these words from a teleprompter, meaning that they were intentional rather than part of another impromptu Trump rant.)
Days before, Trump claimed that undocumented immigrants were "poisoning the blood of our country." The New York Times reports that he's planning to round up millions of undocumented immigrants and detain them in sprawling camps while they wait to be expelled.
Trump has publicly vowed to appoint a special prosecutor to "go after" President Joe Biden and his family, and has told advisers and friends that he wants the Justice Department to investigate officials who have criticized his time in office.
This is, quite simply, full-throated neofascism.
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