Is inequality bad for US democracy? Not according to the US Supreme Court. In the next few weeks America’s apex court is likely to remove what remains of post-Watergate limits on campaign finance.
In 2010 it did away with the biggest restriction by giving corporations the same rights to free speech as people. Now it looks set to scrap ceilings on what individuals can give to candidates and parties. In a less unequal society, the downside would be limited. But in an economy where the top 1 per cent of the population owns more than a third of national wealth, it corrodes the republic from which such riches sprung. People fret about America’s 1 per cent economy. They should worry more about its 1 per cent democracy.
Both ends of the spectrum should be concerned about the rising US oligarchy. Last week several Republican presidential hopefuls trekked to Las Vegas to pay their respects to Sheldon Adelson, the gaming billionaire, who owns casinos in Nevada, Macau and Singapore.