The New Yorker Radio Hour: America’s Oligarch Problem Hosted by David Remnick
Episode Release Date: June 24, 2025

Introduction: The Emergence of an American Oligarchy

In the June 24, 2025 episode of The New Yorker Radio Hour, host David Remnick delves into a pressing and often overlooked issue in contemporary American society: the rise of oligarchy. Through an insightful conversation with New Yorker's Evan Osnos, the episode explores how the concentration of wealth and power among a small elite is reshaping the political and economic landscape of the United States.

Trump’s Tax Bill and Wealth Redistribution

The episode opens with a discussion on Donald Trump's significant tax legislation, highlighting its impact on wealth distribution in America. Remnick states:

“In Donald Trump's big beautiful bill, it's estimated that 57 million households could see their tax bills go up or remain flat, while the top 5% of earners will have their taxes cut by more than $1.5 trillion.” (00:13)

This move has been labeled as the "largest transfer of wealth from the poor and middle classes to the rich in a single law in U.S. history," underscoring the administration's favoritism towards the wealthy.

Defining Oligarchy in the American Context

Evan Osnos provides a foundational understanding of oligarchy, referencing Aristotle's definition:

“Oligarchy is when government is in the hands of men with property.” (01:54)

Osnos argues that the current U.S. government exemplifies this definition, especially in light of the unprecedented financial influence exerted by billionaires. He notes the exponential increase in political contributions from the wealthy, stating:

“In the 2024 election, [billionaires] contributed 200 times as much as in 2004. So $3 billion.” (02:32)

The Rise of Billionaire Influence in Politics

The conversation shifts to the unprecedented access and power granted to billionaires within the Trump administration. Osnos highlights figures like Elon Musk and David Sachs, emphasizing their roles in shaping government policy to favor their economic interests. He explains:

“...has given over control of the government not only to Elon Musk, but to people like David Sachs, who is the crypto and AI czar... and is quite openly talking about creating channels of access that really make a mockery of any of the laws that were intended to try to prevent influence in government.” (03:53)

Internal Divisions Within the Republican Party

Remnick and Osnos explore the growing rift within the Republican Party between populists and the oligarchic class. Osnos provides historical context and contemporary implications:

“...what we see today is the musks who imagine themselves in the commanding heights of this new economy... and [populist] people like Bannon who are able and quite deft at using populist power to also turn parts of the population against each other.” (06:02)

This split suggests a potential instability within the party, as differing visions for the future of America compete for dominance.

Public Perception and the Illusion of Choice

Addressing the public's complicity, Osnos references a poll where 59% of Americans believe billionaires are making the country less fair, yet nearly the same percentage aspires to become billionaires themselves. He mentions Dave Chappelle’s critique:

“Donald Trump admits that he takes advantage of the system. He knows how the system works.” (03:21)

This dichotomy reveals a deep-seated ambivalence among the populace, where the lure of personal wealth overshadows concerns about systemic inequality.

Corruption and the Sovereignty of Fortune

Osnos draws parallels between contemporary America and historical contexts where immense wealth equates to political sovereignty. He cites Louis Brandeis:

“...when fortunes become so large that they become essentially sovereign, and they are immune at that point to the ordinary pressures and controls of politics.” (12:26)

This sovereignty is illustrated through examples like Trump’s inauguration fund and subsequent policy shifts favoring major donors, raising questions about the integrity of democratic institutions.

Insights from “The Haves and the Have Yachts”

Evan Osnos’s new book, The Haves and the Have Yachts: Dispatches on the Ultra Rich, serves as a central reference point for the discussion. Using the metaphor of yachts, Osnos illustrates the superficial and competitive nature of the ultra-rich subculture:

“This is pathetic. It's juvenile in many cases... the single most dominant fact about a yacht is what's known as length overall loa.” (14:24)

Through anecdotes and observations, Osnos paints a picture of how wealth fosters environments that prioritize display and competition over genuine social responsibility.

Conclusion: Implications for Democracy and Future Prospects

The episode concludes with a reflection on the fragile balance between wealth and democratic governance. Osnos warns that:

“history tells us that when we keep the balance between money and democracy in some reasonable proportion, that's when the United States is at its strongest.” (13:45)

He emphasizes the need for reforms that rein in excessive financial influence to preserve the integrity and fairness of American democracy.

Final Thoughts

The New Yorker Radio Hour episode “America’s Oligarch Problem” offers a compelling examination of how concentrated wealth is undermining democratic principles in the United States. Through incisive analysis and poignant insights from Evan Osnos, the episode challenges listeners to consider the profound implications of an oligarchic shift and calls for a reevaluation of the relationship between money and power in American politics.

Notable Quotes with Timestamps:

• David Remnick: “In Donald Trump's big beautiful bill, it's estimated that 57 million households could see their tax bills go up or remain flat, while the top 5% of earners will have their taxes cut by more than $1.5 trillion.” (00:13)

• Evan Osnos: “Oligarchy is when government is in the hands of men with property.” (01:54)

• Evan Osnos: “In the 2024 election, [billionaires] contributed 200 times as much as in 2004. So $3 billion.” (02:32)

• Evan Osnos: “Elon Musk... is quite openly talking about creating channels of access that really make a mockery of any of the laws that were intended to try to prevent influence in government.” (03:53)

• Evan Osnos: “When fortunes become so large that they become essentially sovereign, and they are immune at that point to the ordinary pressures and controls of politics.” (12:26)

• Evan Osnos: “This is pathetic. It's juvenile in many cases... the single most dominant fact about a yacht is what's known as length overall loa.” (14:24)

For more insights and detailed reporting, explore Evan Osnos’s book The Haves and the Have Yachts and subscribe to The New Yorker.