The United States Of Oligarchy. Steve Williamson and Karen McClelland welcome frequent contributor Mik Jordahl to discuss oligarchy. Jordahl begins by offering a definition of oligarchy which he says means “rule by the few” in which political power is concentrated in the economic elites.
Interestingly, Williamson found that, when he asked AI about oligarchy and Donald Trump, the AI responded that it couldn’t talk about that yet. “AI is afraid to comment about current policy,” he says. Jordahl adds, “There are a few oligarchs behind that.”
Williamson continues to note the growing influence of billionaires in the media, politics and social media platforms. “Modern oligarchy systems form around tech wealth and resource wealth that stretch social influence,” he says, “Oligarchy is not usually something that happens with a big bang.”
Indeed, the United States has transformed over time. As Jordahl states, “The bottom 50 percent has stagnated. It’s share of the wealth of the United States since 1989 has diminished over time…the share of the super wealthy has shot way, way up. In 1990, there were 66 Americans qualified as billionaires. In 2025 there are over 900 billionaires in the United States. This is something we’ve chosen through policy, through tax rates.”