Opinion: U.S. Has Become a Plutocracy, and Trump’s Influence Only Deepens It

We need to admit that the United States is no longer a democracy for all its people—it’s become a plutocracy. Power rests increasingly in the hands of the wealthy elite, whose influence over policies, elections, and the economy has only grown. For those who voted for Donald Trump in hopes of turning this around, the hard truth is that his rise to power has only served to deepen that imbalance.

Income inequality in America is outrageous. The wealthiest 1% now hold nearly 35% of national wealth, with the top 10% controlling 70%, according to the Federal Reserve. That leaves just 30% for everyone else. This reality isn’t a fluke; it’s a system designed to favor those at the top, with politicians in both major parties often beholden to the purse strings of wealthy donors.

The issue of money in politics started long before Trump entered the picture. It began with the Supreme Court’s 1976 decision in Buckley v. Valeo, which declared that spending on political campaigns is a form of free speech. This ruling removed certain limits on spending, allowing wealthy individuals to influence elections more heavily. By 2010, Citizens United v. FEC took things a step further, allowing corporations and unions to spend unlimited funds on campaigns, effectively giving big money a louder voice in our political system than the average American can ever hope to have. Without fundamental changes in campaign finance laws, including a reversal of Citizens United, there’s little hope for truly fair representation (Brennan Center for Justice).

Supporters of trickle-down economics argue that tax breaks for the wealthy will eventually benefit everyone. But the data doesn’t back that up. Studies repeatedly show that the wealthiest individuals and corporations tend to save or reinvest these breaks in ways that do little to boost job creation or raise wages. In fact, the Congressional Research Service has shown that lowering top tax rates contributes more to income inequality than to economic growth. The promises of trickle-down economics don’t hold up.

Many conservatives may say they don’t necessarily like Trump’s rhetoric, but they still vote for him based on economic policies. Yet this viewpoint is not only shortsighted, it’s dangerous. Ignoring Trump’s toxic rhetoric—racism, misogyny, and xenophobia—isn’t harmless. By disregarding these attitudes, voters enable a culture of hate and division, giving extremist groups a platform and fueling intolerance (Center for Strategic and International Studies).

Trump’s promises to represent “the forgotten man and woman” have rung hollow. His tax cuts overwhelmingly benefited corporations and the wealthiest individuals, and now, he’s reportedly considering appointing Elon Musk and other billionaires to high-level roles in his administration. Musk, a celebrated tech innovator, may seem like a strong choice to some, but his wealth and influence reflect the interests of the elite class. This isn’t “draining the swamp”; it’s populating it with the ultra-wealthy.

The truth is, we can’t undo the election, and there’s little we can do in the short term to mitigate the harm that may follow in the next two years until the Senate races take place. But it’s time we take action to change this system. We need campaign finance reform to take money out of politics and give power back to the people.

Without these changes, the plutocratic hold on American politics will only strengthen. True democracy should represent all Americans—not just those with the money to buy influence. It’s time to push back, reform campaign finance, and ensure that the voice of the average citizen counts again.