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Billionaires and Stealth Politics (Paperback)
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Billionaires and Stealth Politics (Paperback)
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In 2016, when millions of Americans voted for Donald Trump, many
believed his claims that personal wealth would free him from
wealthy donors and allow him to "drain the swamp." But then Trump
appointed several billionaires and multimillionaires to high-level
positions and pursued billionaire-friendly policies, such as
cutting corporate income taxes. Why the change from his fiery
campaign rhetoric and promises to the working class? This should
not be surprising, argue Benjamin I. Page, Jason Seawright, and
Matthew J. Lacombe: As the gap between the wealthiest and the rest
of us has widened, the few who hold one billion dollars or more in
net worth have begun to play a more and more active part in
politics--with serious consequences for democracy in the United
States. Page, Seawright, and Lacombe argue that while political
contributions offer a window onto billionaires' influence,
especially on economic policy, they do not present a full picture
of policy preferences and political actions. That is because on
some of the most important issues, including taxation, immigration,
and Social Security, billionaires have chosen to engage in "stealth
politics." They try hard to influence public policy, making large
contributions to political parties and policy-focused causes,
leading policy-advocacy organizations, holding political
fundraisers, and bundling others' contributions--all while rarely
talking about public policy to the media. This means that their
influence is not only unequal but also largely unaccountable to and
unchallengeable by the American people. Stealth politics makes it
difficult for ordinary citizens to know what billionaires are doing
or mobilize against it. The book closes with remedies citizens can
pursue if they wish to make wealthy Americans more politically
accountable, such as public financing of political campaigns and
easier voting procedures, and notes the broader types of reforms,
such as a more progressive income tax system, that would be needed
to increase political equality and reinvigorate majoritarian
democracy in the United States.
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