Post Reports – "Is this the American oligarchy?"

Date: December 17, 2025
Host: Colby Ikowicz
Guest: Beth Reinhart, Investigative Political Reporter
Theme: A deep dive into the unprecedented influence of billionaires on American politics, especially in the wake of the second Trump administration, and the growing concerns that the U.S. is shifting toward an oligarchic system of power.

Episode Overview

This episode investigates how an elite sliver of ultra-wealthy Americans—chiefly billionaires—are exerting massive and increasing influence over U.S. elections and governance. Reporter Beth Reinhart shares her findings, highlights how campaign finance reforms have eroded, and interrogates what the billionaire influx means for American democracy. The discussion centers on whether America is fast becoming an oligarchy, the mechanisms enabling this shift, the impact on policy and representation, and the growing public backlash.

Key Discussion Points & Insights

1. Defining "Oligarch" in the American Context

• [00:33—02:19]

  • Beth Reinhart asks billionaire John Katsimatitis how he'd respond to being called an oligarch.
  • He insists American billionaires are fundamentally different from Russian-style oligarchs, attributing his wealth to hard work, not corruption.
    • Katsimatitis: “An oligarch is ... you make a deal with a crooked guy to become a crook ... A fellow crook.” (01:50)

• Insight:
  While U.S. billionaires may not see themselves as "oligarchs," their ascendant role in politics suggests a semantic shift is taking place, as their influence rivals that seen in countries typically labeled oligarchies.

2. Billionaires’ Visible and Growing Political Power

• [03:16—05:57]

  • Reinhart describes the vivid visibility of billionaires at Trump’s second inauguration—an event symbolic of their proximity to direct power.
  • Seventeen billionaires, including Amazon's Jeff Bezos, Meta’s Mark Zuckerberg, Tesla/SpaceX's Elon Musk, Apple’s Tim Cook, and others, occupied VIP sections—sometimes ahead of governors and foreign dignitaries.
    • Reinhart: “It was amazing... how many billionaires they managed to squeeze into this very elite group... Never to this degree. Never this brazenly.” (04:57)

• Insight:
  The display wasn’t just about money—it signaled a normalization of billionaires’ centrality in American political life.

3. Unprecedented Political Spending by the Ultra-Wealthy

• [06:35—08:22]

  • Reinhart and her team conducted a comprehensive analysis of campaign finance data.
  • Key Statistics:
    • Since 2000, spending by the 100 richest Americans has increased 140-fold.
    • In 2024, these 100 individuals contributed over $1 billion to elections: 7.5% of all federal election spending.
    • "One out of every thirteen dollars spent [in 2024] was donated by a handful of the wealthiest Americans." (07:58)

• Insight:
  Such outsized donations create a class whose financial influence rivals—if not exceeds—that of millions of voters.

4. Which Party Do Billionaires Support?

• [08:33—09:09]

  • While both parties benefit, 80% of contributions from the top 100 wealthiest donors went to Republicans in 2024, especially Trump.
    • Ikowicz: “80%.”
    • Reinhart: “They’re surging toward Republicans and Trump.” (08:47)

• Insight:
  This is attributed to Trump’s promises of tax cuts, deregulation, and an overall friendlier environment toward big business and the ultra-wealthy.

5. Why This Shift? Tech Billionaires & Business Favoritism

• [09:09—11:41]
  • Many billionaires are motivated by tax policy, deregulation, and frustration with being demonized by Democrats.
  • The tech industry, once comfortably Democratic, swung toward Republicans as they faced greater regulatory scrutiny under Biden.
    • Reinhart: “This is a group of very libertarian type thinkers, and they started really gravitating toward Trump and the Republican Party.” (11:17)

6. The Power of Money in Determining Political Outcomes

• [12:01—14:31]

  • High-cost campaigns have created an “arms race” in spending; sophisticated data analysis tools for voter targeting are expensive.
  • Case Study:
    • In 2022, Peter Thiel’s $15M donation to Blake Masters transformed him from novice to Republican Senate primary frontrunner in Arizona.
      • Reinhart: “Money put him on the map... If you have access to a billionaire for funding, that can make a big difference.” (14:10)

• Counterpoint:

  • Money is powerful but not omnipotent; candidates like Zoran Mamdani in NYC bucked billionaire opposition and won. Similarly, Elon Musk’s $20M for a Wisconsin Supreme Court seat ultimately failed due to voter backlash.
    • Reinhart: “Even billionaires have their limits. They’re not gonna always win. But... overall, billionaires are doing very well. They have a seat at the table like never before.” (16:25)

7. Campaign Finance: Regulatory Erosion and Super PACs

• [19:23—22:48]
  • Post-Watergate reforms sought to curb money’s influence, but Supreme Court decisions (most notably, 2010’s Citizens United) and the SpeechNow case effectively blew up spending limits for super PACs.
    • Reinhart: “After SpeechNow, they took away those limits... creating unlimited donations to PACs, which gave way to... ‘Super PACs’.”
  • Result: Candidates have grown progressively more reliant on ultra-wealthy donors for campaign funding.

8. Direct Access and Influence: Billionaire Appointments & Policy Wins

• [23:24—26:25]
  • Trump filled his administration and cabinet with major billionaire donors, appointing figures like Howard Lutnick (Commerce Secretary) and Linda McMahon (Education Secretary).
    • Reinhart: "There’s several of them. Trump doesn’t try to paper over those relationships." (24:49)
  • The financial elite have achieved not merely “access” but direct control over key government levers, with policy wins such as extended tax cuts, deregulation, and weakened oversight agencies (IRS, CFPB) benefiting the wealthy.

9. Pushback and Limitations

• [26:56—28:52]
  • Political and legal pushback exist but are limited in efficacy. Legislative efforts to tax the wealthy or clamp down on donor influence are largely stalled in a Republican-dominated Congress and White House.
  • Senator Bernie Sanders leads a vocal movement to “fight oligarchy,” rallying public support as a counterbalance:
    • Sanders: “People are sick and tired of a handful of billionaires running the United States government.” (28:20)

10. The Future: More Billionaires, More Power?

• [28:52—30:49]

  • Reinhart predicts the trend will accelerate—with trillionaires (not just billionaires) possibly on the horizon, and growing dependence of politicians on this tiny class.
  • Striking Exchange:
    • Reinhart: “Do you think that there’s a small group of people with too much power?”
    • Katsimatitis: “Washington is for sale.” (29:57, 30:07)
    • Reinhart: “Are you allowed to say that?”
    • Katsimatitis: “I’m allowed to say that. Washington is for sale.” (30:05—30:11)

• Insight:
  The American ideal of “one person, one vote” is in tension with a reality where the rich can amplify their voice, potentially eclipsing ordinary voters.

Notable Quotes & Memorable Moments

• “I grew up in Harlem and... worked 70, 80 hours a week for the last 50 years. I deserve it.”
  — John Katsimatitis (00:39)
• “We found that since 2000, spending by the 100 richest people has increased 140 fold.”
  — Beth Reinhart (06:51)
• “Money put him on the map... If you have access to a billionaire for funding, that can make a big difference.”
  — Beth Reinhart (14:10)
• “People are sick and tired of a handful of billionaires running the United States government.”
  — Bernie Sanders at a rally (28:20)
• “Washington is for sale.”
  — John Katsimatitis candidly (30:07)

Timestamps for Key Segments

• What Does It Mean to Be an Oligarch?: 00:33—02:19
• Billionaires at the Inauguration: 03:16—05:57
• Campaign Spending Data Deep Dive: 06:35—08:22
• Republican Surge in Billionaire Funding: 08:33—09:09
• Why Billionaires Back Trump: 09:09—11:41
• Impact of Money on Campaign Outcomes: 12:01—14:31
• Regulatory Changes/Citizens United: 19:23—22:48
• Billionaires in Cabinet & Policy Rewards: 23:24—26:25
• Backlash and Counterexamples: 14:31—16:25; 26:56—28:52
• Is Washington ‘For Sale’?: 29:57—30:15

Conclusion: American Democracy at a Crossroads

Beth Reinhart’s investigation reveals a seismic and escalating shift in American political power toward an ultra-elite class of billionaires—a trend marked by landmark campaign donations, direct access to the White House, visible and unapologetic influence, and corresponding policy rewards. While legal and democratic safeguards exist, they have thus far proven ineffective at checking billionaire power, raising existential concerns for the future of democratic representation and “one person, one vote.”

For listeners interested in the full implications, this episode provides not just revealing numbers, but a nuanced portrait of how modern American politics is being reshaped—not behind closed doors, but increasingly in plain sight.