The following is an excerpt from When Money Talks: The High Price of “Free” Speech and the Selling of Democracy.

Reducing Political Inequality

The wealthiest 0.1 percent of Americans now control a greater portion of our nation’s wealth than at any time since the Great Depression. This growing concentration of wealth in the hands of the few threatens both our economy and our democracy.

Nine times out of ten, the candidate for Congress who raises the most money wins the election. Knowing this, candidates spend their time talking to rich people and asking them for big chunks of money, leaving little time to talk to average people who might only be able to give $25 or $50. In the 2010 election cycle, 26,783 people donated over $10,000 – the total amount these individuals donated represented one-fourth of all the funds raised by candidates, parties, and political committees. Over half of these donors were tied to corporations, and 15 percent were either lobbyists or lawyers. These donors live primarily on the coasts or in such major cities as Chicago and Dallas, yet they […]