When President Joe Biden said in a phone call to MSNBC’s Morning Joe recently, “I’m getting so frustrated with the elites… the elites of the party. I don’t care what the millionaires think,” former Labor Secretary Robert Reich wrote that, “It was the first time any modern president has admitted that the elites of the party are the millionaires (and billionaires) who fund it.”

While Biden’s comments were in reference to the movement to oust him from the 2024 Democratic presidential nomination, it was an important admission about who really wields power in our democracy.

We may think of elections in terms of one person, one vote. But, not only do undemocratic structures such as the electoral college dilute our votes, the money that elites flaunt places a hefty thumb on the scales of who represents us. Yet, we hear more about the threat of, say, immigrants than the threat of billionaires, to our democracy.

Billionaires have tried very hard to buy influence and political power. For example, former New York City Mayor Mike Bloomberg donated $20 milliontoward efforts to reelect Biden this year alone. Four years ago, Bloomberg spent a whopping $1 billion in just four months in an attempt to be the 2020 Democratic presidential nominee. In a testament to the fact that we have a modicum of democratic accountability left within the system as it stands, he failed spectacularly, as others have often done. Voters seem to have a distaste for electing the ultra-rich but have yet to disavow the de facto proxies that their money helps elect.

While billionaires remain influential within the Democratic Party, the last election for which spending records exist shows that moneyed elites overwhelmingly prefer the Republican Party. The nation’s 465 wealthiest peoplecollectively donated $881 million to influence the 2022 midterm elections,........

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