More than anything else, Tuesday’s midterm elections will really show us what “power” means in this country.
Is it held by the wealthier-than-ever elites throwing mountains of money into the midterms to protect the status quo?
Or will it be power to the people — those who want to curb President Donald Trump and his overreach, or even those who are fed up with the whole system and want to upend the establishment?
Voters are being asked to make sacrifices — for their Social Security benefits, their healthcare and their daily living costs — as politicians have avoided the tough spending decisions.
We have never seen more money in politics in this country, and we have never before seen big money have more influence on policy in our lifetime. In the 16 years since Citizens United was decided, we’ve seen new records in spending with every election, and this one is no different. Ad spending this year is expected to total more than the last presidential election; as of mid-October, the top 50 donors had poured in $2.4 billion in 2026.
But one person has outspent the rest: Elon Musk, the richest man in the world and the single largest donor to political campaigns in America, who’s thrown his unprecedented financial weight behind Republicans. Imagine what this race might have looked like if he hadn’t spent almost half a billion dollars? What would have happened to Ken Paxton’s run for Senate in Texas without Musk’s financial backing?
Last summer’s Supreme Court decision to strike down limits on campaign spending by political parties on candidates is likely to put even more money into politics. Companies are now paying less in taxes, while reporting record profits. Corporate tax revenue under Trump has fallen by as much as $70 billion, or 15%. That’s down more than 25% since President Joe Biden’s last year in office because of Republican tax cuts, many of which benefit tech and artificial intelligence companies. Yes, the very ones raking in profits — and making repeated trips to the White House.
All this means that ordinary voters are left holding the bag. We’re facing an almost $2 trillion deficit. That’s almost Covid-19 level, and we aren’t in a pandemic or even a recession. The U.S. has to borrow in order to pay for the military and social services, and increasingly to cover interest on that very debt.
Meanwhile, voters are being asked to make sacrifices — for their Social Security benefits, their healthcare and their daily living costs — as politicians have avoided the tough spending decisions (but not the easy tax cuts). This places a burden on future generations. And it’s a big part of why people are angry and upset with incumbents.
It’s why many are turning away from status quo “normie” candidates and looking to democratic socialists or more progressive candidates on the left, like New York City Mayor Zohran Mamdani or senatorial candidates Abdul El-Sayed and Troy Jackson — or more extreme candidates on the right, such as Texas congressional candidate Jace Yarbrough or Colorado gubernatorial candidate Victor Marx.
We can’t know for certain what the votes will say on Election Day. But one thing is for certain: This rising inequality is reshaping both politics and power.
More Americans than ever are saying they do not identify as either a Democrat or a Republican; rather, they are sick and tired of a system they feel is not working for them.
It’s not partisan to want to be able to afford housing and healthcare, to be able to save for retirement, to know that Social Security will be there or to provide for your kids and achieve the American dream.
But in our current climate of extreme partisanship, political promises can fall flat. The changes we need to make are big. We need our representatives to swing for the fences. We need political leaders to work together and to be honest about what it will take.
When the richest among us have easy access to those in power thanks to their donations, voters have to make it clear that that doesn’t give them a pass on accountability — or a share of the responsibility.
Charlie Herman contributed to this piece.
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