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Who Is Funding the Democrats Who Say 'We're Capitalists, Not Socialists'? Probably These Billionaire Capitalists
An investigation found that the anti-socialist group Promise to America has ties to a PAC funded by billionaires such as LinkedIn founder Reid Hoffman.
Jul 02, 2026
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.”
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The GOP and the Corporate Dems Can't Red-Bait Their Way Out of a Reckoning
Tuesday's New York primary results are the latest sign that Americans are sick to death of a rigged economy and of billionaires buying their elections.
Jun 26, 2026
On Tuesday night, the establishment wing of the Democratic Party got a message it would prefer to pretend it didn’t hear. In New York, Mamdani-backed progressives swept the congressional primaries, ousting two sitting Democratic congressmen and taking an open seat in a single evening.
Former city comptroller Brad Lander beat Rep. Dan Goldman by more than 30 points. A 32-year-old democratic socialist named Darializa Avila Chevalier knocked off five-term Rep. Adriano Espaillat, the chair of the Congressional Hispanic Caucus, and state Assemblymember Claire Valdez won the seat Nydia Velázquez is vacating. House Minority Leader Hakeem Jeffries (a recipient of dark money and AIPAC money) campaigned hard against all three and watched all three win anyway.
As Sen. Bernie Sanders (I-Vt.) put it afterward, the message is pretty clear: Americans are sick to death of a rigged economy and of billionaires buying their elections.
The corporate press and just about every Republican in the country will tell you these candidates are “socialists,” and they’ll spit the word the way you’d say “arsonist.” A little history clears the fog.
This is what oligarchy looks like, and the people feeling it in their bank accounts, student loans, and their doctors’ offices understand it far better than the idiotic (or bought-off) Democratic National Committee consultants who keep telling Democrats to move to the “center.”
When a young public defender in upper Manhattan or a state assemblywoman in Brooklyn calls herself a democratic socialist today, she isn’t talking about Havana or the old Soviet Politburo (the way Republicans and much of the press want you to think). The three who won in New York ran on Medicare for All, affordable housing, stronger union protections, and an end to US military support for Israel’s assault on Gaza.
Strip away the scare word and what’s left is far more truly and anciently American than frightening: a country where a person who works 40 hours a week, no matter how complicated or how humble that work might be, can afford a home and a car, take the family on a vacation every year, put the kids through school and college, see a doctor without going bankrupt, and retire with dignity.
That’s the entire “radical” program that Republicans, corporate Democrats, and our billionaire oligarchs are so flipped out about.
Americans have wanted those things for a very long time. More than 120 years ago, Teddy Roosevelt stood up and called it the Square Deal: a fair shot for the worker, the consumer, and the “honest businessman” against the trusts and the railroad barons who’d swallowed the economy whole.
Franklin Roosevelt built the scaffolding of it with the New Deal, Lyndon Johnson finished the second story with the Great Society, and for about three decades we actually had it. The middle class in the postwar years grew faster and richer than any middle class in the history of the world. By 1980, it was two-thirds of us with a single paycheck (it’s about 41% now, and takes two paychecks to get there).
I grew up inside that promise. My father came home from the antifa war (aka WWII); got a job in a unionized tool-and-die shop in Michigan; and on that one paycheck he and my mother raised four boys, bought a house, kept a car in the driveway (new every three years), had a pension when he retired that let him travel the world, and never once feared that a hospital bill would take the whole thing down.
Nobody we knew was rich, but almost everybody we knew was secure. That security was the whole point, and it didn’t happen by accident. It happened because the country decided, through its government, to make it happen.
And then it was taken apart on purpose. As I lay out in The Hidden History of American the American Dream, the dismantling of that middle class wasn’t an unfortunate side effect of globalization or robots or some impersonal economic weather. It was a deliberate Republican neoliberal project that began with Ronald Reagan imitating Maggie Thatcher and following Heritage’s A Mandate for Leadership in 1981 and has been carried forward by both parties ever since.
The tools were straightforward. Going back to Taft-Hartley in 1947 and the spread of “right-to-work-for-less” laws, Republicans and their corporate funders handed states and giant companies the power to strangle unions, and a worker without a union is a worker without leverage.
They froze the federal minimum wage at $7.25 an hour, where it has sat untouched since 2009. America’s oligarchs fought, decade after decade, to keep the United States the only wealthy nation on Earth without national healthcare, herding us instead into the arms of insurance conglomerates and hospital and physician monopolies, more and more of them now owned by private equity firms that treat a sick patient as a line item to be squeezed.
The result, as the nonpartisan RAND Corporation recently calculated, is that roughly $79 trillion has been pumped upward from the bottom 90% of Americans into the money bins of the morbidly rich top 1% since Reagan, and the middle class has sunk below 50% of us and is hanging on—now requiring two paychecks—by its fingernails.
In that same span the share of national income going to the bottom 90% fell from about two-thirds to less than half, we’ve watched the largest upward transfer of wealth in the history of the American republic all the way back to George Washington, and every dollar of it was a choice some oligarch or his wholly-owned politician made.
The one fully socialized, fully government-run healthcare system we do have in this country, the Veterans Administration, works so well (it has the highest happiness-approval rating of any other healthcare system in America) precisely because it isn’t run for profit, which is exactly why the Republicans are now busy gutting it.
And during the George W. Bush years they took a run at Medicare itself, creating the Medicare Advantage scam through the 2003 Medicare Modernization Act and handing hundreds of billions of taxpayer dollars to private insurers to “manage” the care of our parents and grandparents.
We can see now how that’s going. A federal watchdog reported this month that the biggest for-profit insurers are denying pre-approval for post-hospital care at rates between 51-80%, with more than a third of those denials reversed the moment somebody appeals, which tells you the care should have been approved in the first place.
A Senate investigation found those same insurers overcharged taxpayers by $83 billion in a single year while denying sick seniors the rehabilitation they were promised. But the health insurance industry oligarchs made out like bandits; several are now billionaires or worth hundreds of millions.
And now the administration is importing that very same denial machinery into traditional Medicare through a “test” program in six states that literally pays contractors a bounty for every claim they refuse.
This is what oligarchy looks like, and the people feeling it in their bank accounts, student loans, and their doctors’ offices understand it far better than the idiotic (or bought-off) Democratic National Committee consultants who keep telling Democrats to move to the “center.”
Forty-five years of this has produced a country where, thanks to the Supreme Court’s corrupt Citizens United decision, with on-the-take Justice Clarence Thomas the deciding vote, billionaires can legally own politicians outright. And that’s exactly what they’re doing: Just look at the billions that flowed to President Donald Trump and the GOP in 2024 and ask yourself who that government really works for.
Oligarchy, as history teaches and as I write about at length in The Hidden History of American Oligarchy, is never a stable form of government. It’s a transitional stage because sooner or later ordinary people figure out they’ve been stripped of any real say, and they rebel.
When that moment comes—and, frankly, it’s here now in America—the oligarchs and the politicians they own face exactly two choices:
- They can pull back and let the people back in, the way America’s elites grudgingly did in the face of the Republican Great Depression when they swallowed the New Deal in the 1930s.
- Or they can stomp the middle class rebellion flat with an iron fist via police, the courts, and lawsuits against the media and those who speak out, the way Vladimir Putin did in Russia in the early 2000s.
Donald Trump and the lickspittles who work for him have very plainly chosen the iron fist.
His Department of Justice (DOJ) is prosecuting anti-Immigration and Customs Enforcement protesters in Minnesota on conspiracy charges while the federal agents who shot and killed two American citizens during that same operation walk free, and a jury in Texas just handed protesters 50-100 years in prison on “terrorism” charges.
His DOJ even tried to drag Washington Post and Wall Street Journal reporters before a grand jury to force them to burn their sources, backing off only after the papers fought back in sealed court filings, an effort that can be reissued the instant he wants it back.
The blueprint for all of it, Project 2025, is the latest plan to drag America back to the dog-eat-dog, mostly poor and powerless country we were before Franklin D. Roosevelt, when the middle class was a sliver rather than a majority and the rich owned everything and made most of the decisions.
What the overpaid corporate Democratic Party consultants miss, and what Trump’s own pollsters figured out years ago, is the shape of the actual American electorate.
Political scientists who map voters find that the single largest bloc of white voters is neither “conservative” nor “liberal,” but both. As Trump’s former PR guy Anthony Scaramucci told us all a few months ago:
Trump told me something once that I haven’t forgotten. He said, "You Wall Street guys are imbeciles. You’re socially liberal and fiscally conservative. You know what MY base is? Socially conservative and fiscally liberal.”
A meaningful share of white voters (probably a bit over half, looking at Trump’s two successful elections) carry real prejudice—hate—against either non-whites, queer people, or both, which is precisely why Republicans run almost entirely on trans panic and on demonizing Black “welfare queens” and brown immigrants, because those are about the only issues left on which they’re aligned with that bloc.
On the economics, though, as Scaramucci and Trump noted, that same white voting bloc wants the FDR-Truman-Eisenhower-JFK-LBJ-Nixon-Ford-Carter-era middle class back, the secure one we had before Reagan started tearing it all down in 1981.
That’s why Republicans have to scream “socialism” at any candidate whose actual platform is “rent you can afford” and “a doctor you can see when you need to without going broke.” They can’t argue the economics (and their billionaire donors won’t let them even if they wanted to), so they change the subject to fear.
But the American people aren’t buying the GOP’s oligarchic bullshit anymore. The GOP got crushed in last year’s off-year elections on the simple issue of affordability—which I read as blowback against oligarchy—and Tuesday in New York the floor under corporate Dems who’re still singing the Reaganomics song gave way again.
And it isn’t only New York. Progressives took a House primary in Pennsylvania last month, swept races across Los Angeles and the District of Columbia, and on Tuesday night knocked off four incumbent state legislators in New York alone, while Bernie Sanders kept drawing the biggest crowds of his life on what he calls his Fighting Oligarchy Tour.
So we’re watching two parties move in opposite directions at once.
What these voters keep saying they want is fighters against neoliberalism, fascism, and a return to the New Deal and Great Society.
The Democratic base is trying hard to pull its party back toward its FDR and LBJ roots, away from the Clinton-era deals with Wall Street and the Davos set, away from Barack Obama’s bargain with the insurance giants, away from the bipartisan habit of bankrolling distant wars, including the weapons still flowing to Israel’s assault on Gaza, because people here can’t make rent, go to college, or see a specialist without a three-month wait and a homelessness-threatening bill.
Opposition to that war inside the Democratic coalition has gone lopsided, and the base has noticed that its leaders—mired in big money—missed the moral question entirely. What these voters keep saying they want is fighters against neoliberalism, fascism, and a return to the New Deal and Great Society.
The Republican Party, meanwhile, is bowing and scraping lower and lower to Trump, Project 2025, and their neofascist agenda.
Just look at the last two days: On Tuesday the Senate found the spine to pass a war powers resolution reining him in on Iran, and by Wednesday night, after Trump reportedly screamed at Sen. Bill Cassidy (R-La.) in a closed-door lunch, the Senate turned right around and reversed itself when Cassidy lost his spine and flipped his vote and Sen. Rand Paul (R-Ky.) ducked into a cowardly “present.”
November will tell us which direction the majority of Americans actually want to go, assuming Trump’s many efforts to rig the outcome don’t all succeed (and I’ll get into those efforts in detail in a future piece).
For now, though, we all should understand what these primaries and the wins that are shocking the Schumer-Jeffries crowd actually represent.
After 45 years in the wilderness, Americans are reaching back for the Square Deal that Teddy Roosevelt promised and the New Deal and Great Society that FDR and LBJ delivered, and no amount of red-baiting about Havana is going to talk them out of it.
We’ve been here before, and now at the end of the third of these 80-year cycles, Democrats must choose to kick the oligarchs out and let the people back in. We’ve done it before, and we can do it again, this time with Zoomers leading the way.
If any of this matters to you, don’t just nod and scroll. Call your senators and representative through the Capitol switchboard at 202-224-3121 and tell them where you stand on healthcare, on the minimum wage and free college, and on the right to protest.
Make sure you and everyone you know is registered and ready to vote in 2026 at vote.org, and find out who’s on your state and local ballot at openstates.org, because the people rigging the game are counting on you staying home.
And if this piece helped you see the pattern a little more clearly, share it, forward it, post it, and consider subscribing at hartmannreport.com so we can keep doing this work together.
Democracy, as Bernie used to say every Friday for 11 years on my radio program, isn’t a spectator sport, and the next three years are, I believe (if we all work hard enough), going to prove it.
Tag, you’re it!
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'Dire for Democracy': Economist Explains How Trillionaires Are Threats to Human Freedom
"It is time to break decisively with the perverse logic in which retirees, the poor, or immigrants are expected to balance the budget, while the rich are to be allowed to live tax-free in their own parallel society. "
Jun 16, 2026
SpaceX CEO Elon Musk became the world's first trillionaire last week, and now a prominent economist is warning that his unprecedented wealth poses a grave threat to human freedom in the US and across the globe.
In a column published by The Guardian on Tuesday, Paris School of Economics professor Gabriel Zucman argued that Musk's enormous fortune is fundamentally at odds with a democratic system of governance because it gives him "the power to stifle competition, the power to shape public discourse, the power to influence policymaking, the power to buy elections, the power to stall social progress," and much else.
Zucman noted that wealth concentration is even greater now than it was during the original Gilded Age, as the top 0.00001% now have fortunes large enough to "buy 14% of everything produced in a given year in the US."
The economist added that while Musk—whose infamous destruction of the US Agency for International Development is projected to kill millions of people in the coming years—makes a particularly compelling villain, trillionaires would be a major problem for democracy even if they were of a more benevolent variety.
"No one should want to live in a society where one single individual can be worth $1 trillion, no matter their personal virtues," Zucman emphasized. "Such levels invariably skew power, distort markets, and sap our democratic ideals."
The best solution to this crisis, Zucman said, is to "create an unavoidable minimum tax on their wealth" that will "make it impossible for the super-rich to pay less tax than middle-class workers—a matter of basic equality before the law."
"It is time to break decisively with the perverse logic in which retirees, the poor, or immigrants are expected to balance the budget," Zucman concluded, "while the rich are to be allowed to live tax-free in their own parallel society. There cannot be a law more lenient for the rich and powerful than for the rest of us. If ever there was a time to act, it is now."
Zucman's thoughts on extreme wealth and democracy were echoed by Nobel Prize-winning economist Paul Krugman, who on Tuesday published an essay on his Substack page where he likened President Donald Trump's White House cage-fighting matches to the kinds of spectacles put on by Roman emperors before noting ominous similarities between the US today and the Roman Empire.
"While the causes of the decline of republican government and Rome’s eventual transition to one-man rule were doubtless complex," Krugman wrote, "there is broad consensus among historians that a key factor was the emergence of extreme inequality. A handful of men became incredibly wealthy from the spoils of Rome’s eastern conquests, and their wealth and power eventually became too great for the rules of constitutional, republican government to contain. Sound uncomfortably familiar?"
Gautam Mukunda, a professor at the Yale School of Management, similarly warned that Musk's newly minted trillionaire status was bad news for American self-governance.
In a Monday column published by Bloomberg, Mukunda pointed to the vast sums of money being spent by billionaires in US elections, which he noted "dwarf what candidates can raise themselves."
And like Krugman, Mukunda saw disturbing parallels between the US today and Ancient Rome.
"Marcus Crassus was the richest man in ancient Rome," he explained. "So rich that, by Plutarch’s account, he thought no man truly wealthy unless he could pay an army from his own purse. He spent that fortune bankrolling Julius Caesar and building the triumvirate that sidelined the Senate and, in fact if not in name, overthrew the republic."
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