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Saturday, October 10, 2015

Just 158 Families Provided Nearly Half of Campaign Cash

In case you were wondering, yes, wealth from the energy and finance industries does dominate campaign spending early in campaigns, and flows mostly to Republicans:

Just 158 families have provided nearly half of the early money for efforts to capture the White House, NY Times: They are overwhelmingly white, rich, older and male, in a nation that is being remade by the young, by women, and by black and brown voters..., they reside in ... exclusive neighborhoods dotting a handful of cities and towns. And in an economy that has minted billionaires in a dizzying array of industries, most made their fortunes in just two: finance and energy.
Now they are deploying their vast wealth in the political arena, providing almost half of all the seed money raised to support Democratic and Republican presidential candidates. Just 158 families, along with companies they own or control, contributed $176 million in the first phase of the campaign... Not since before Watergate have so few people and businesses provided so much early money in a campaign, most of it through channels legalized by the Supreme Court’s Citizens United decision five years ago. ...
...the families investing the most in presidential politics overwhelmingly lean right ... contributing tens of millions of dollars to support Republican candidates who have pledged to pare regulations; cut taxes on income, capital gains and inheritances; and shrink entitlement programs. While such measures would help protect their own wealth, the donors describe their embrace of them more broadly, as the surest means of promoting economic growth and preserving a system that would allow others to prosper, too. ...
Most of the families are clustered around just nine cities. ...
Tend to Be Self-Made ...
A number of the families are tied to networks of ideological donors ...

    Posted by on Saturday, October 10, 2015 at 02:10 PM in Economics, Politics | Permalink  Comments (41)


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