Who Is Funding the Democrats Who Say 'We're Capitalists, Not Socialists'? Probably These Billionaire Capitalists

More than a dozen corporate Democrats last week responded to upstart progressive wins in primaries by pledging their support to a political manifesto called "Promise to America," which emphasizes support for capitalism, law enforcement, and "fiscal discipline."

A Thursday report published by Sludge about the Promise to America found that it "is closely tied to the Welcome Party, a group whose PAC has received more than half of its individual contributions from billionaires."

According to Sludge, the Promise to America appeared in public for the first time last month at Welcome Party's annual WelcomeFest conference, where it was signed by Reps. Tom Suozzi (D-NY) and Adam Gray (D-Calif.).

Other prominent Democrats who have signed the pledge include Reps. Josh Gottheimer (D-NJ), Vincente Gonzalez (D-Texas), and Don Davis (D-NC).

Although Sludge uncovered no evidence that Welcome Party is financially supporting the Promise to America, the manifesto's presence at the group's conference was notable given that billionaire donations account for more than 60% of the $10.8 million in donations that it has received over the last five years.

Major donors to the PAC include LinkedIn founder Reid Hoffman, who has donated a total of $1.8 million, and former 21st Century Fox CEO James Murdoch, who with his wife Kathryn has donated $2.5 million.

Other notable billionaires who have contributed to WelcomePAC include Bain Capital co-founder Joshua Bekenstein, former New York City Mayor Michael Bloomberg, and several members of the Walton family.

Sludge's investigation also found that "more billionaires may have donated to the Welcome Party’s two 'dark money' nonprofit arms, which do not disclose their donors publicly."

The Promise to America manifesto has drawn heavy criticism from progressives.

In a recent interview with political commentator Santita Jackson, Rep. Alexandria Ocasio-Cortez (D-NY) said that the corporate Democrats' pledge was a reactive document that lacked policy solutions to the problems facing Americans.

"Okay fine, if you’re against [democratic socialists], that’s okay. But what do you believe?" said Ocasio-Cortez. "And that I think is the core of the weaknesses from that wing at this moment. There’s no affirmative vision really coming from most places in the Democratic Party with the exception of democratic socialism."

Rep. Ro Khanna (D-Calif.) last week also challenged the corporate wing of the party in a speech on the floor of the US House of Representatives in which he defended the vision being laid out by progressive insurgents.

“The progressive movement is winning across the country, from the heart of New York to Michigan to Maine,” Khanna said. “The people are saying no to foreign wars and they’re saying no to genocide in Gaza. They’re saying no to the unfair and lopsided economy that has allowed a few people to hoard extreme wealth and power, and they’re saying yes to Medicare for All.”