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Political parties

The Party of the Rich: A Myth Debunked by the Facts

Strategic Insights

— 2 min read

The media's mischaracterization of Republicans as the "party of the rich" has been fueled by a decades-long propaganda effort by Democrats. However, a closer examination of the facts reveals that both parties have received generous contributions from corporate America, and many Democratic politicians are themselves extremely wealthy. Despite their rhetoric, Democrats have not been averse to accepting donations from big business, and their own wealthy donors have contributed substantial sums to their campaigns.

Key Takeaways:

  • The top 10 candidates for U.S. Senate in fundraising for the 2006 campaign season were all Democrats, with Hillary Rodham Clinton of New York raising $15.4 million, followed closely by Bill Nelson of Florida with $5.4 million, and Maria Cantwell of Washington with $5.1 million.
  • A list of top corporate political action committee (PAC) donors to Democrats for the 2006 campaign season featured many of the same blue-chip companies that were giving to Republicans, including United Parcel Service ($226,173), AT&T ($199,000), and Northrop Grumman ($198,500).
  • The largest chunks of PAC money for Hillary Clinton's campaign came from organized labor ($141,170), law groups ($71,087), and single-issue advocates ($66,918), but she also collected substantial sums from the health care industry ($62,900), finance and insurance interests ($59,000), and defense ($19,000).
  • Democrats who smear Republicans as the party of the greedy rich have to overlook more than just a few big-money Democratic donors, including financier George Soros ($23.4 million), insurance mogul Peter Lewis ($23 million), and Hollywood playboy Stephen Bing ($13.9 million).
  • The "blue" states that voted for John Kerry in 2004 are far richer than the "red" states that voted for George W. Bush, with an average per-capita income of $36,327 compared to $30,275.
  • Democratic politicians themselves are often stupendously wealthy, with John Kerry and his wife having a net worth exceeding $700 million but paying only 15% of their income in taxes.
  • House Democratic leader Nancy Pelosi and her husband have invested in upscale projects that damaged the environment, despite their claims to support "affordable housing" and "the environment."

Statistics:

  • Hillary Rodham Clinton raised $15.4 million in contributions for the 2006 campaign season, making her the top fundraiser among all Senate candidates.
  • Bill Nelson of Florida raised $5.4 million in contributions, ranking fourth among Senate candidates.
  • Maria Cantwell of Washington raised $5.1 million in contributions, ranking fifth among Senate candidates.
  • The top 527 donors to Democratic causes in 2004 included financier George Soros ($23.4 million), insurance mogul Peter Lewis ($23 million), and Hollywood playboy Stephen Bing ($13.9 million).
  • The average per-capita income in the "blue" states that voted for John Kerry in 2004 was $36,327, compared to $30,275 in the "red" states that voted for George W. Bush.
  • John Kerry and his wife had a net worth exceeding $700 million in 2004.
  • The Democratic candidates in the 2004 presidential election raised a total of $518 million, compared to George W. Bush's $375 million.

Sources:

  • Federal Election Commission records for the 2006 campaign season
  • Washington Times article by Lynn Vincent and Robert Stacy McCain, January 2006
  • National Review Online, "The Bush Myth," by Jerry Bowyer, 2004
  • Peter Schweizer's book "Do as I Say (Not as I Do): Profiles in Liberal Hypocrisy," 2005
  • IRS data on income tax rates for individuals earning $200,000 per year
  • Census Bureau data on per-capita income in different states
  • Bureau of Economic Analysis data on economic growth in different states

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