Extreme Wealth Is Bad for Everyone

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Billionaires seems to have been sparked by West’s belief that rich people, newly empowered to use their money in politics, are now more likely than usual to determine political outcomes. This may be true, but so far the evidence—and evidence here is really just a handful of anecdotes—suggests that rich people, when they seek to influence political outcomes, often are wasting their money. Michael Bloomberg was able to use his billions to make himself mayor of New York City (which seems to have worked out pretty well for New York City), but Meg Whitman piled $144 million of her own money in the streets of California and set it on fire in her failed attempt to become governor. Mitt Romney might actually have been a stronger candidate if he had less money, or at least had been less completely defined by his money. For all the angst caused by the Koch Brothers and Sheldon Adelson and their efforts to unseat Barack Obama, they only demonstrated how much money could be spent on a political campaign while exerting no meaningful effect upon it.

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