POLITICS

Pity The Poor Multi-Millionaires And Their Waning Political Influence

03/27/2015 01:00 pm ET | Updated Mar 27, 2015

It probably will come as no surprise to any of you to hear the news that most of you are not making it in America. And one way in which the semi-permanent nature of our not-making-it status has deftly revealed itself is the clear alteration to our political system: It no longer really resembles a citizen-driven democracy, but rather a weird oligarchy in which the would-be leaders of the free world have to schlep around, kissing the rings of dotty billionaires, in the hopes that their favor will propel them forward in their political careers.

Of course, for most Americans, clawing their way down the eroding path of middle-class respectability, there isn't a whole lot of time to pause and stage an aria of self-pitying lamentation. But there is one class of people that apparently do have the luxury of having the time to whine: the not-quite super-rich.

Yes, apparently the political fortunes of the merely astonishingly affluent have taken a nose dive of late, drawing the bottom nine-tenths of the top 1 percent into Thomas Piketty's "r > g" argybargy along with the rest of us. That is, at least from their perspective. They are deeply sad about their diminished political influence, and they are granting interviews to the commoners. Take for example, Terry Neese, a one-time pretty-big-wheel down on the Bush family Ranger ranch, who now tells The Washington Post that she's feeling as if her wealth, no longer able to quite stagger the imagination, doesn't count for much anymore:

At this point in the 2012 presidential race, Terry Neese was in hot demand.

“Gosh, I was hearing from everyone and meeting with everyone,” said Neese, an Oklahoma City entrepreneur and former “Ranger” for President George W. Bush who raised more than $1 million for his reelection.

This year, no potential White House contender has called -- not even Bush’s brother, Jeb. As of early Wednesday, the only contacts she had received were e-mails from staffers for two other likely candidates; both went to her spam folder.

Yes, the indignity of downmarket candidates reaching out through staffers, it is not to be endured. Neese, like many former in-demand toffs, has now become the poor, soot-stained matchgirl, face pressed to the window, looking on as the party to which she was once an invitee now gaily spins without her. And that is not hyperbole. As The Washington Post's Matea Gold and Tom Hamburger explain, at the recent RNC retreat in Boca Raton, would-be presidential candidates passed on flattering the merely very wealthy gathered in attendance, making for the event's version of the VIP room instead:

A number of White House contenders in attendance -- including former Texas governor Rick Perry and Govs. Scott Walker (Wis.), Chris Christie (N.J.) and Bobby Jindal (La.) -- devoted much of their time to private meetings with high rollers, according to people familiar with their schedules. Bush came to Boca Raton after an afternoon super-PAC fundraiser in Miami.

Then on Sunday, the governors made a pilgrimage to Palm Beach for a private Republican Governors Association fundraiser hosted by billionaire industrialist David Koch at his 30,000-square-foot beachfront mansion.

Welcome to class envy, you guys! Don't say you weren't warned. As Annie Lowrey noted in The New York Times last September, recent studies had indicated that while the "total income of the top 1 percent surged nearly 20 percent" in 2012 (as compared to the 1 percent growth experienced by the bottom 99 percent), the incomes of "the very richest, the 0.01 percent, shot up more than 32 percent." And over at Demos, Joseph Hines elaborated further:

That’s just 16,000 Americans that make over ten million dollars a year. And their dominance is strengthening: the share of income controlled by that tiny group of people jumped over a percentage point from 3.7 percent in 2011 to 4.8 percent in 2012. This is the donor class, the same group of people that donate to political campaigns and determine the structure of the market they have so clearly mastered.

As this new, super-exclusive donor class deepens their connection to the policy-making apparatus, their capacity to consolidate their wealth and influence will no doubt continue, in a pattern of rent-seeking and favor-trading designed to ensure high returns on their capital without having to take any of those knotty "risks" that we used to consider a vital ingredient to productive capitalism.

And as this progresses, more and more of the new over/underclass will start to feel like the heroine of this Washington Post story: “Most of the people I talk to are kind of rolling their eyes and saying, ‘You know, we just don’t count anymore,’” says the once influential Neese.

In other news, a number of people in the East Village of Manhattan, paying rents that are prohibitively high for working-class New Yorkers, had their homes explode yesterday.

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Political Figures Who Moved On To Wall Street
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