The founding generation’s fear of demagogues is well known. Alexander Hamilton insisted on the problem in Federalist No. 1: “Of those men who have overturned the liberties of republics, the greatest number have begun their career by paying an obsequious court to the people; commencing demagogues, and ending tyrants.” The Founders’ concern was really two fears combined: fear of an unscrupulous leader and fear of an unreflective people. What is less well known is that they also feared a third source of power that could damage their grand experiment in popular government: extraordinarily rich Americans whose aims did not align with democracy. With America’s most prominent billionaires lining up to pay homage to Donald Trump at his inauguration, and in particular with the power granted to Elon Musk to make the government more “efficient,” the country is witnessing these three fears come together: a demagogue who unites the self-interested rich with the politically ignorant.
As a first step to protect against this sort of alliance, America’s republican political institutions rejected the built-in privileges of aristocracy. Thomas Jefferson, then a member of the Virginia House of Delegates, wrote legislation that abolished primogeniture and entail—property laws inherited from monarchical and aristocratic England that advantaged “an aristocracy founded on wealth and birth,” entrenching a sense of social and political privilege.
Similarly, Gouverneur Morris, the Founder who drafted the actual text of the Constitution, worried at the Constitutional Convention that “the schemes of the rich” would take advantage of the passions of the people, resulting in “a violent aristocracy, or a more violent despotism.” Morris insisted that the “rich will strive to establish their dominion,” and even considered designing a Senate populated by the established and propertied to balance the more democratic and popular House. The two classes, he reasoned, reflected in two different institutions, would contain each other. Although the Constitution did not embrace institutional class divisions, it did formally prohibit the granting of titles of nobility as a hedge against rule by the few. Yet even in a wholly republican and popular government, fears that concentrated wealth would enable the rich to have a predominant position in political life persisted.
The remedy, many Founders believed, was a broad economic distribution among the middle class, avoiding established classes of both rich and poor and the conflict that inescapably came along with it. Defending the Constitution in “Federalist No. 10,” Madison acknowledged that “the various and unequal distribution of property” is the most durable source of political conflict, but argued that a large republic would inevitably include a great diversity of property and economic interests. Conflict within a dynamic political economy would be between different and diverse property interests, which would fluctuate and change based on different issues, making a permanent wealthy class less likely. Noah Webster echoed this thinking in a lesser-known defense of the Constitution and the logic it rested on. A political and educational thinker famous for his monumental American Dictionary of the English Language, Webster wrote forcefully on his belief that democracy depended on the middle class and could not survive highly concentrated wealth: “an equality of property … constantly operating to destroy combinations of powerful families, is the very soul of a republic.” Webster observed that, historically speaking, “the power of the people has increased in an exact proportion to their acquisitions of property,” but when wealthy people centralize power, “liberty expires” and republican government tends toward oligarchy.
If the problem of wealth in politics has been present from the beginning, it has been particularly acute since the Supreme Court’s opinion in Citizens United in 2010, which unleashed an unprecedented flood of money into our politics, to both parties. Yet the generic problem of money in elections doesn’t capture what is happening right now: The country faces an alliance of self-interested would-be oligarchs and a president who has little commitment to constitutional democracy. Their interests are not the public’s, and their power is immense.
Elon Musk is the most obvious instance of this. He has been appointed by Trump to head the Department of Government Efficiency, where he aims to cut $500 billion in government spending and reorganize the federal bureaucracy. DOGE’s remit is to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies. Government can always be made more efficient. Yet Musk, whose companies have billions of dollars in government subsidies and contracts, seems to be engaged in “a bureaucratic coup.” He gained access to the Treasury’s payment system and halted operations at USAID; he is reportedly behind the attempted “buyout” of government employees, and his team has perhaps unlawfully accessed government employees’ private information. And despite the enormous conflicts of interest posed by his other businesses, he has not relinquished them even while wielding extraordinary governmental power (very much like Trump). The setup could allow Musk, again like Trump, to profit from his connections and potentially steer the government toward his financial interests and away from competitors’.
Beyond Musk, Trump has named a number of ultra-wealthy allies to his Cabinet, including the secretaries of the Treasury, commerce, and education. Jeff Bezos and Mark Zuckerberg have also signaled their support, with their respective companies donating to Trump’s inauguration and making business accommodations that seem aimed to please Trump. At the top of Trump’s agenda in the new Congress is extending his 2017 tax cuts, which will largely benefit the very well-off.
Trump openly rejected the basic rules of the constitutional order by refusing to acknowledge that he lost the 2020 presidential election, scheming to remain in office, pardoning those who aided him in his effort to overturn the Constitution, and promising political retribution on those who tried to hold him accountable. His wealthy backers are either indifferent to this threat or eager to indulge it, thinking they are beyond rules.
This combination is the embodiment of Hamilton’s warning in “Federalist No. 71” that the people are continually beset by “the wiles of parasites and sycophants, by the snares of the ambitious, the avaricious, the desperate, by the artifices of men who possess their confidence more than they deserve it.” A demagogue with contempt for the Constitution, colluding with many of the wealthiest Americans on the promise that their wealth will be translated into political power and favors is just the sort of alliance that the Founders warned would corrupt popular government: that “the people,” in Madison’s phrase, “would be misled by the artful misrepresentations of interested men.”
Writing to Jefferson, John Adams foresaw many of today’s problems: The people would inevitably confuse the rich and well-born for the wise and virtuous. If Jefferson contemplated the rise of a “natural aristocracy,” Adams reminded him that mankind had long admired the rich simply because they were rich, confusing their wealth for wisdom. Yet wealth is no guarantor of wisdom or virtue. A combination of the rich and the ignorant, Adams noted, could empower a demagogue at the expense of democracy.
Americans too often think they are exceptional, that history somehow does not apply to them. Adams disabused us of this notion from the beginning. There “is no special providence for Americans”; we are no different than other nations. We, too, might end our republican experiment by trusting in a demagogue urged on by our emerging oligarchs.
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