Five Ways that Financial Elites are Destroying Democracy

By Les Leopold

Is democracy compatible with a financial system run by billionaires? Maybe not. Here are five ways that high finance is undermining democracy:

1. Billionaires replace one person, one vote.
Ask any American what’s wrong with our country and they will say that money rules politics. And they are correct. It’s obvious that major political donors and lobbyists for the super-rich have more political influence than we do. As the top 1 percent gains more and more of the nation’s income, the 99 percent effectively become disenfranchised. And of course, the Citizens United Supreme Court decision makes it even easier for the rich to buy political power. Lopsided campaign contributions by and for the super-rich are making a mockery out of elections. In 2010, for example, business outspent labor by a factor of 14 to 1.