This piece was prepared in collaboration with Ethan Phelps-Goodman. In the last two decades, finance, insurance, and real estate have... View Article
Continue readingThe Political One Percent of the One Percent
This piece was prepared in collaboration with Ethan Phelps-Goodman. If you think wealth is concentrated in the United States, just wait till you look at the data on campaign spending. In the 2010 election cycle, 26,783 individuals each contributed more than $10,000 to federal political campaigns. Combined, these donors spent $774 million. That's 24.3% of the total from individuals to politicians, parties, PACs, and independent expenditure groups. Together, they would fill only two-thirds of the 41,222 seats at Nationals Park the baseball field two miles from the U.S. Capitol. When it comes to politics, they are The One Percent of the One Percent. A Sunlight Foundation examination of data from the Federal Election Commission and the Center for Responsive Politics reveals a growing dependence of candidates and political parties on the One Percent of the One Percent, resulting in a political system that could be disproportionately influenced by donors in a handful of wealthy enclaves. Our examination also shows that some of the heaviest hitters in the 2010 cycle were ideological givers, suggesting that the influence of the One Percent of the One Percent on federal elections may be one of the obstacles to compromise in Washington.
Continue readingThe who’s who of top political donors
There are almost 27,000 people—or 1/100th of one percent of the United States population—who spent more than $10,000 to influence... View Article
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