U.S. ELECTIONS: A BILLIONAIRES’ CIRCUS

In America, which was once called “The Land of Opportunity,” the only way to land in the top of the political field is for those paved with the most money. 

JB Pritzker, an heir to the Hyatt hotel chain with an estimated personal net worth of $3.6 billion, is fighting for his political career in Illinois as two other billionaires enter the fray with their candidates for governor.

Pritzker, a Democrat, is watching a Republican primary that includes two candidates with the financial backing that allows them to spend a near limitless amount to be elected.

Darren Bailey, who is backed by former President Donald Trump, has benefited from $9 million in donations from Richard Uihlein, a major Republican donor, according to Bloomberg. Richard Irvin, a black Republican candidate, benefited from $50 million from Ken Griffin, the hedge fund billionaire. A recent poll found that Bailey is leading Irvin by 15 percent.

The Financial Times reported that Pritzker has already spent $125 million of his own fortune to fund his campaign. Bloomberg pointed out that Pritzker helped improve the state’s fiscal outlook but he faces pressure from voters due to rising crime and the departures of major companies from the city, like Boeing, Caterpillar, and Griffin’s Citadel.

The FT, citing OpenSecrets, reported that the race could be the most expensive gubernatorial race ever.

The paper wrote that the race may also be a “litmus test” on how individual donors can “wield influence” by cutting enormous checks for their preferred candidate. These billionaires once had to funnel their money through political action committees, but a 2010 Supreme Court ruling ended that requirement.

The Trends Journal has reported on how the BIGS in the U.S. control the electoral system. (See “U.S. ELECTIONS: DUH-MOCK-RACY. BIG MONEY RULES.”)

The report said Pritzker is no stranger to spending millions on his campaign. He spent $171 million on his 2018 election victory, the report said.

Griffin, who is worth $26.3 billion, and Pritzker have been adversaries and the hedge fund billionaire said he is “all in” to defeat the governor, Politico reported. 

TREND FORECAST: As we reported on 20 April 2021, the “WALL ST. GANG SPENT $3B ON 2020 ELECTION CAMPAIGNS.”  In this case, Republicans got 47 percent of the dough and Democrats, which play the “liberal” line, pulled in 53 percent of the money. 

Plain and simple, without big money behind a candidate running for office, the chances of beating one of the two party mobsters is slim and none. (See “POLS EMBRACE CRYPTO CAMPAIGN FUNDING” and “HOW BIG TECH MAINTAINS ITS MONOPOLY.”)