Look up oligarch in a dictionary and you may find it defined as “someone who is extremely rich and powerful, especially a person from Russia who became rich after the end of the former Soviet Union.” Oligarchy is defined as “government by a small group of very powerful people.” Its definition may also include that it exists for corrupt and selfish purposes. In an oligarchy, decisions made by the government are for the benefit of its ruling elite. Not a new idea; even Aristotle warned that “oligarchy has in view the interest of the wealthy.”
In recent years, at least since the collapse of the Soviet Union, the terms “Russian oligarch” and “oligarch” have been nearly synonymous. But oligarchs now include American billionaires, who have come to dictate policy, employment, appointments and appropriations in our federal government.
In her book, American Oligarchs, journalist Andrea Bernstein tells the story of the Trump and Kushner families and how they profited and encouraged corruption, exploitation, secrecy, dark money and intimidation to form two dynasties that merged to maintain their money and power. The intertwined goals of money and power are impossible to separate; one begets the other. “And when we weren’t looking,” Bernstein writes, the oligarchy that washed up on our shores “threatened democracy itself.”
If there are indeed American oligarchs, as Bernstein argues, has our country already become an oligarchy? And if so, is it too late to return to a government by the people, and all the ideals on which our country was founded? To the first question, I would say yes. The current administration, with the acquiescence of Congress, has allowed Donald Trump, along with Elon Musk and his cohorts, to exert their power and influence over Federal departments and agencies in an unprecedented way.
Elon Musk, Marc Zuckerberg, and Jeff Bezos flanked Trump at his swearing-in to his second term as President. Combined, they have an estimated net worth of over half a trillion dollars. The influence behind their respective wealth is enormous. Musk has become a top-level advisor to the president and Trump has tapped twelve other billionaires for his new administration. With its Republican majority, the Senate has voted to confirm these individuals to the president’s cabinet and top agency heads.
The total net worth of the incoming cabinet is nearly $12 billion, compared to only $118 million of President Biden’s cabinet. Linda McMahon (Education), Howard Lutnick (Commerce), Doug Burgum (Interior) and Scott Bessent (Treasury) fall at the top of the current Cabinet picks in their net worth. They aren’t simply the top 1%; they make up the top 0.0001% in the United States. The conflicts of interest of those already confirmed and other nominees are many.
As Biden expressed in his farewell address, "Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead."
But despite the early successes of the new administration in establishing a rule by these select few, I would argue that it is not too late for this trend to change. Oligarchies are inherently unstable in the long run and history has not been kind to the individuals behind them. Current resistance from the left is strong and gaining in visibility. Biden added, “what I believe is the America of our dreams is always closer than we think."
Democrats in Congress are pushing back, and while their ability to effect change as the minority party is limited, their influence on public opinion is not. In a recent Gallup Poll, Trump’s approval rating is at 45%, lower than all other presidents this early in their terms since 1953. Street protests and calls for economic boycotts are increasing, led by groups such as Indivisible and other progressive organizations.
It will be interesting to see whether dictionary definitions of oligarch are revised to remove references to Russians or expand the context to include Americans. I hold faith that we are not aligned with Russia in this sense, that Biden’s cautious optimism will prevail, and that our democracy is not only resilient enough to withstand but will grow stronger as a result of the forces currently aligned against it. I hope the future proves me correct. I dread the alternative.