The Richest 0.01 Percent of Americans Gave 42 Percent of Political Donations in 2012

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Forget the top one percent, the top 0.01 percent of Americans gave nearly 42 percent of all political donation dollars in the 2012 election cycle. Just over 30,000 individuals contributed nearly half of all money. It is no coincidence that this proportion has increased steadily as economic inequality has increased. In 1990 when I was born, the figure was just under 13 percent. If we expanded the scope to the full one percent, you can be damn sure they gave the overwhelming majority of dollars in recent years.

Candidates devote 80 percent of their time to begging rich people for money. Any extremist Republican can get a billionaire sugar daddy. The world's eighth richest man can summon the entire Republican primary field to kiss his ring. Millionaires are now complaining about being ignored in favor of billionaires. The average member of Congress is a millionaire.

It should come as no surprise that policymakers look after the ultra-wealthy instead of the rest of us. This trend of increasing economic and political inequality shows no sign of abating. Inequality is incompatible with democracy and it has created a plutocracy. Republicans like Marco Rubio are even proposing abolishing capital gains taxes in an all-out assault on those who actually earn their income.

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Government of the rich, by the rich, for the rich, brought to you by the Supreme Court. Honest Abe must be spinning in his grave over what his party has become.

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