Where the money and power actually flow, measured the same way under every president of both parties.
Something happened around 2008–2012. A bunch of trends that seem unrelated (wealth piling up at the top, money flooding politics, local news collapsing, and Americans turning on each other) all started moving together. That's not a coincidence. Here's the story of how they connect.
Six trends, one window
Each line is scaled to its own range (0 is that measure's low, 100 its high) so six different units (dollars, percentages, a count) can sit on one chart. It shows timing and shape, not size. Hover any year for the real numbers.
How to read it: The shaded band is the convergence window, roughly 2008–2012, where most of these lines bend at once. Several things land in it: the 2008 financial crash, the Citizens United ruling (2010), and the rise of algorithmic feeds (~2011–12). We're not claiming any one of them set off the rest, the honest read is that they overlap, and the curves move together through the window. As newspaper revenue falls, the others climb, the watchdog shrinks while money, attention, and division concentrate. Dotted markers flag moments along the way, Occupy Wall Street (2011), the 2016 vote, COVID, and Dobbs. A few honest caveats: social-media figures before 2012 are estimates and Pew changed methods in 2023; partisan animosity is polled in select years only, so it's shown as points, not a line, and note the 2016 reading was taken at the campaign peak while 2017 is a calmer annual average, which is exactly how a feelings measure can “drop” without anything real changing. The pro-corporate-law count is editorial, a constructed tally (every inclusion is arguable), shown dashed. The cleaner measured companion to that line: ITEP counts $10.6T in tax cuts since 2000, about two-thirds flowing to the richest fifth.
The order it happened in
The chart shows these trends moving together. But in what order? Here's the calendar: the real events, in the sequence they landed. We're showing the order, not claiming each step alone forced the next.
2010
Citizens UnitedMoney
The Supreme Court strikes down limits on independent political spending. Unlimited money can now flow into elections.
2012
The money arrivesMoney
In the first presidential race after the ruling, outside spending more than doubles, to nearly $1.3 billion, and “super PACs” become a permanent fixture.
2013 →
The megaphones change handsMedia
Local newspapers keep dying while the wealthy buy up what's left (Jeff Bezos buys the Washington Post in 2013) and social feeds take over as where people get their news.
2016
The turnDivision
The populist wave crests in the U.S. and Americans' dislike of the other side spikes, the fastest, most extreme case among wealthy democracies.
2017
The payoffMore money
The Tax Cuts and Jobs Act delivers cuts weighted toward the top, the winnings that fund the next round of spending. And it loops.
MEASURED dates and dollar figures: spending totals from OpenSecrets. The ordering is a timeline, not a proof of cause. That's what the “how this could be wrong” note below is for.
That's the preface. The rest is our best explanation of how these tie together: the story we think fits, not the last word. We tell it as a loop: tap through Money → Media → Division → More Money, and it comes right back to the start.
How this could be wrong
We think this is right, but we could be wrong, and here's the honest part: there's no second America to test it on, so no one can prove it the way you'd test a medicine. So here are three ways we could be wrong, and what we found when we checked:
- •Maybe it's not the media. People have real reasons to be angry: pay hasn't kept up in 40 years, and the 2008 crash wiped out savings. That anger is real. We're saying something smaller: the media takes that anger, cranks it up, and points it at your neighbor instead of the people cashing in.
- •Maybe angry people just go looking for it. Some do. But you don't have to go looking: click once, and the app keeps feeding you more, a little angrier each time, and never lets up. It doesn't start the fire so much as pour gas on it.
- •Maybe it happens everywhere anyway. If people in other countries (ones without our flood of political money, with real rules on these apps) turned on each other just as fast, our whole idea falls apart. They didn't. America split apart faster than almost any country like us; a few even calmed back down. (The country-by-country check is in the Division tab.)
One honest heads-up: the best-known studies that say it's not the algorithm were paid for by the tech companies themselves, a little like the old studies, funded by cigarette makers, that found smoking was fine. That doesn't prove them wrong. It's just a reason to read them with a raised eyebrow.
And every number here has a little tag showing how sure we are. Some we can prove flat-out, like tax cuts making the rich richer. The media part is the one we're least sure of, and we say so right on it.
The rich got a lot richer over the last 40 years, and not by accident. When a crisis hits, regular people lose their homes and savings, and big firms buy those up cheap. The same few firms now control a staggering share of the whole economy.
Where did the wealth go?
Of all wealth held by the top 1%
Up from ~24% in 1990. The bottom half holds about 2.5%. The top 1%'s share of stocks specifically rose from ~40% (2002) to ~50% today.
When companies profit, who gets it?
CEO-to-worker pay
CEOs at big firms earn ~290× a typical worker, up from 21× in 1965.
Do corporations pay their share?
Corporate tax, % of GDP
Corporate tax revenue fell from ~4.2% of GDP in the 1950s to 1.7% today.
Who really owns corporate America now?
$25T
Three asset managers, BlackRock ($12.5T), Vanguard ($9.3T) and State Street ($4.3T), manage over $25 trillion between them and cast roughly 25% of the votes at big U.S. companies. They're the largest shareholder in about 90% of the S&P 500.
Case study: how Wall Street bought the neighborhood after 2008
After the 2008 crash,
3.8 million households lost a home to foreclosure. Investors bought the wreckage: Blackstone spent about
$10 billion assembling
~48,000 single-family homes (2012–2016) into Invitation Homes, then exited around 2019 for roughly
$7 billion in profit, about a 2× return. A 2012 federal program (FHFA's "REO-to-Rental") let big investors bid on bundles of foreclosed homes, and Fannie Mae backed a $1B loan to Invitation Homes in 2017; both wound down in 2018, across administrations of both parties. Regular buyers couldn't compete: most auction homes went for cash, and the typical borrower's credit score climbed from 719 (2007) to 750+.
How many homes does Wall Street own now?
~450,000
Up from essentially zero in 2011. By mid-2022, 32 investors each owned more than 1,000 single-family homes. Nationally that's still ~3% of single-family rentals; the squeeze is local.
Where has it hit hardest?
Share of single-family rentals owned by big investors, concentrated in a handful of Sunbelt metros, not a nationwide takeover.
What did it cost families?
3.8M
Households that lost a home to foreclosure during the 2008 crisis. Today a third of children in poverty live in single-family rentals, and 47% of those rental households include a child.
The archive: deeper charts, tables & case studies, by subject →The places Americans used to get news collapsed. What replaced them was cable news and podcasts intent on making us angry (emotion is good for ratings) and social media where political influencers get paid to stoke division. For young people, social media has become their primary news source.
Who's left to watch your city hall?
70M
Americans now live in a “news desert”: a county with one or zero local news outlets. About 2,200 local papers have closed since 2005.
What happened to local news?
$49B → $16B
Newspaper ad revenue collapsed (2005 → 2014). The number of newspaper journalists fell by half from 2008 to 2020.
Who got rich instead?
Outrage TV
As local reporting died, national cable news stayed hugely profitable. The divisive part of “news” is the profitable part.
Cable news revenue: the networks that thrived on the fight (2022)
While local newspapers collapsed, the big three cable networks pulled ~$6B in revenue in 2022. Fox News alone made more than the other two combined. Emotion sells; the angriest programming is the most profitable.
And the newest megaphone?
$2.4B
Political podcasts and influencers exploded from $69M in 2015. News & politics is now the #1 podcast genre, reaching 158M Americans a month.
Who's funding it?
$75M
The biggest single disclosed slice: Priorities USA, a Democratic super PAC, committed ~$75M to influencer relationships in 2024, and Republicans court creators just as hard. But influencer pay rarely has to be reported, so this is a fraction of the real total.
Who has to disclose it?
No one
No FEC or FTC rule requires paid political influencer content to be labeled: it's indistinguishable from organic, and 40% of young adults get news from TikTok.
Campaigns don't just buy ads anymore; they hire the creators
In 2024 both parties built formal influencer operations: the Biden campaign brought creators into the White House and onto the trail (Politico, Jan 2024), and by the fall, campaigns and their allies were paying influencers to post (Washington Post, Oct 2024). Because that pay rarely has to be disclosed, the dollar totals are genuinely unknowable, but the reach isn't. More than a third of 18-to-24-year-olds now get their news primarily from social feeds, where online personalities are rated one of the top two sources of false or misleading information worldwide, tied with politicians themselves (Reuters Institute, Digital News Report 2025, a YouGov survey of 97,000+ people across 48 markets). The money is hidden; the influence is measured.
Who owns the megaphones?
The simplest version of the whole story isn't paying for the media; it's owning it outright. This isn't about one party, it's a pattern on the left and the right. Here's a sampling of who owns what. We just show it; you draw the line.
Who built the template?
Rupert Murdoch
Fox News, the Wall Street Journal, and the New York Post all sit under his family's News Corp and Fox Corp: a conservative media empire built over decades.
MEASURED·Company filings
Who runs X (formerly Twitter)?
Elon Musk
Bought it in 2022 for ~$44B, and owns the ranking algorithm that decides whose posts millions of people see. The cleanest single illustration of the whole idea: one person owns the megaphone and the switch.
MEASURED·Public filings (2022)
Who runs CBS News now?
The Ellisons
The Skydance–Paramount merger closed August 2025, financed with ~$6B from Oracle's Larry Ellison; his son David now runs it and installed a new editor atop CBS News. The same family's Oracle also took a lead stake in TikTok's U.S. operations in December 2025.
Who moved into radio?
George Soros
Soros Fund Management took the controlling stake in Audacy, the nation's 2nd-largest radio company (~230 stations), as it left bankruptcy in 2024. Soros is the left's biggest political donor; the FCC approval sparked a partisan fight, the mirror image of the one over Murdoch.
Who owns MSNBC?
The Roberts family
Brian Roberts' Comcast built MSNBC into the left-leaning counterpart to Fox News. In 2026 he spun it into a new company (Versant, where MSNBC became “MS NOW”), keeping about a third of the voting control.
Who owns The Atlantic?
Laurene Powell Jobs
Steve Jobs' widow has held a majority stake since 2017, through her Emerson Collective. She's one of the Democratic Party's largest donors: the left's answer to the megadonors on the right.
MEASURED·Public reporting (2017)
Who owns the Washington Post?
Jeff Bezos
The Amazon founder, since 2013. In 2024 he killed the paper's already-drafted endorsement of Kamala Harris, days before the election; the Post lost more than 200,000 subscribers in the backlash.
Who owns the LA Times?
Patrick Soon-Shiong
The biotech billionaire, since 2018. He blocked the LA Times' planned 2024 Harris endorsement too; the editorials editor and two board members resigned in protest. Two owners, the same week, the same call.
Is it just them?
Many more
Marc Benioff owns Time; the Adelson family owns the Las Vegas Review-Journal; John Henry owns the Boston Globe. Owners lean both ways; the pattern doesn't.
MEASURED·Public reporting
These are ownership facts, not a verdict. “The wealthy are gaming the system” is a conclusion; we'd rather show you who owns which megaphone and let you decide what it means.
Who it hits hardest
Most concerning, young men are being targeted in online spaces that are oversaturated with extremism: gaming, YouTube, podcasts, group chats. When inundated with this vitriol, in spaces where they aren't alone, they start picking it up. It's not their fault. They've been targeted. Keeping people lonely and angry is a lucrative business model.
How many boys meet this content?
73%
Share of U.S. adolescent boys (11–17) who regularly encounter masculinity-and-manosphere content online.
How alone are they?
1 in 4
Men under 35 who report being lonely (2025). 15% of men report zero close friendships, up from 3% in 1990.
Where does it lead?
~80%
Of 16–17-year-old boys report having consumed Andrew Tate's content (UK data). Isolation plus algorithmic feeds funnel a captive audience toward the most extreme voices.
How fast it happens now, and why it isn't the boys' fault
Radicalization that once took months or years can now take
days, even hours, driven by extremist short-form video (The Soufan Center, Sept 2025). In the West, far-right extremism has risen
250% in five years. The mechanics are ordinary: TikTok, YouTube and X algorithms push steadily more charged content, and online gaming supplies both the isolation and the sense of belonging. One study of 142 young men's real TikTok histories found 44% of the videos carried masculinity themes, with the feed escalating over time. The research frames these young men as
vulnerable and targeted, led down a “red pill” pathway, not born extreme (Journal of Gender Studies, 2023). That's the whole point of the empathy: the business model finds lonely boys and sells them an enemy.
Why the angriest content wins: the business model, plainly
Ad-supported feeds and cable both make money from attention, and outrage holds attention better than anything else. So the incentive isn't to inform you; it's to keep you watching, and the reliably most-engaging content is the content that makes you angry at someone. Local newsrooms that did the un-flashy work of watching power had no such business model, so they died first.
Source: Pew · academic engagement research
Is anyone pulling a brake?
The apps are the same everywhere. The rules aren't, and that's the closest thing we have to a real-world test of whether reining in the feeds actually helps.
The United States
No rules
Under Section 230, platforms get broad legal immunity for what their algorithms push, and no duty to measure or reduce the harm. There's no federal law reining the feeds in.
The European Union
Real rules
The Digital Services Act (full force 2024) makes big platforms measure and cut “systemic risks” (including disinformation and harm to public debate) and open their algorithms to outside auditors. The UK's Online Safety Act adds a duty of care.
Honest caveat: it's too new to prove it works. The DSA only took full effect in 2024, and the EU has just begun opening cases against X, TikTok, and Meta. But it's the clearest test there is: same apps, different rules. If division grows slower where the feeds are reined in, that's the strongest sign the media really is a cause, and a lever that already exists.
Before the 2000 election, these parties didn't even have colors: no red team, no blue team. That election put the map on screen for weeks, and politics started feeling like a sport. Then, during the same window, people actually started watching. Americans didn't just disagree more, they started disliking each other. Not because our beliefs changed that much. We still agree on most things. But we've been sorted into teams.
How much did we turn on each other?
19% → 58%
Share who view the other party “very unfavorably”, roughly tripled from 2000 to 2022. The partisan-warmth gap widened from 58 points (2008) to 89 (2024).
Did our actual views split that much?
No
Most Americans still land near the middle on most issues; the sorting is about identity and animosity more than policy. That's the hopeful part: the disagreement is smaller than the hostility.
Who profits from the fight?
Ratings
The same outrage that drives cable ratings and feed engagement also keeps us divided: division is downstream of a business model, not just our politics.
Is this just America?
If people everywhere turned on each other just as fast, even in countries without our flood of political money, and with real rules on these apps, our whole idea would fall apart. So we checked.
Did every rich democracy split like we did?
No
Economists tracked 12 wealthy democracies over four decades. The U.S. rose fastest of all 12, and of the other 11, 6 actually grew less divided. So “it happens everywhere” doesn't hold up.
Are other countries following us?
~6–8 yrs
America's populist turn hit in 2016. Europe's wave came later: Italy & Sweden 2022, the Netherlands 2023, then France, Austria & Germany 2024–25, as the same social-media dynamics reached them. We look like the leading edge, not the exception.
MEASURED·National election results, 2022–25
So here's the sharper version of our idea: the apps drive division nearly everywhere they spread. America's money machine (campaign cash, lobbying, and now billionaires buying the megaphones outright) supercharges and cashes in on that division. That's why we're the fastest, most extreme case, and why other democracies are following on a lag.
The lag, election by election: when Europe's populist wave actually landed
Roughly six to eight years after the U.S. turn in 2016:
Italy (Meloni, Sept 2022) and
Sweden (Sweden Democrats as kingmaker, 2022); the
Netherlands (Wilders/PVV won the most seats, Nov 2023); then
France (National Rally surged in the 2024 EU and legislative votes),
Austria (FPÖ first place, Sept 2024), and
Germany (AfD second, Feb 2025). A note on honesty: populist vote share and mutual dislike are two different things, but the timing lines up with the same platforms reaching each country.
Source: National election results, 2022–2025
We agree on far more than we're told.
There are 112 policies most Democrats and most Republicans already want. The hostility is real, but it's largely manufactured, and it's covering up a lot of common ground.
See what we actually agree on →These parties didn't even have colors until 2000: here's how red and blue got fixed
For decades, TV networks used red and blue interchangeably, on election night 1980, NBC lit Reagan's states blue and Carter's red. There was no fixed "red team" or "blue team." Then the 2000 Bush–Gore recount dragged on for 36 days, and with the same map frozen on screen for weeks, the networks effectively
banded together on one scheme: red for Republicans, blue for Democrats. Anchor Tim Russert helped popularize "red states" and "blue states," and it stuck. The team colors we now take as eternal are about 25 years old, born from a disputed election that turned the map into a scoreboard.
Here's how the loop closes, the short version. Divided, distracted people are easier to work around. Wealthy interests pour money into politics: lobbying, dark money, and unlimited campaign spending made legal in 2010. In return they get policy and government contracts paid for with your tax dollars. Then they pay almost nothing in taxes on the profits. You end up subsidizing the people taking from you, and the cycle starts over.
How much money floods our elections?
$4.5B
Outside spending in 2024, up from $143M in 2008: a 31× jump after Citizens United (2010) legalized unlimited outside money. In June 2026 the Court struck the cap on party committees' coordinated spending too (NRSC v. FEC, 6–3).
How much to work the halls?
$4.4B
Federal lobbying hit a record $4.4B in 2024, up from ~$1.6B in 2000. 95 of the top 100 spenders are business.
What did the tax cuts add up to?
$10.6T
Cumulative federal tax cuts across the Bush, Obama and Trump years, through 2025, with nearly $2 trillion of it going to the richest 1%.
A dollar in, a fortune back, pennies in tax
Correlation, not proven causeThe clearest version of the loop is defense. The five biggest contractors spend on lobbying and donations, win enormous federal contracts, and pay strikingly little tax on the profit.
$1
…in lobbying + donations
What the defense giants put in.
$1,540
…back in federal contracts & support
Return per $1 they spent influencing Washington (post-9/11 estimate).
$771B
Pentagon contracts, 2020–24
To the top five: Lockheed, RTX, Boeing, General Dynamics, Northrop.
−1.8%
Boeing's effective tax rate
2008–2010: a negative rate; it collected refunds while booking billions in profit.
Sources: Quincy Institute (Profits of War) · Center for Media & Democracy · ITEP / Citizens for Tax Justice
The Part Nobody ExplainsMost political money is invisible, so every number here is a floor, not the total.
Here's the thing almost no one explains: a “nonprofit”, technically a 501(c)(4) “social welfare” group, is allowed to spend money on politics and never has to say who gave it that money. It can run ads. It can pay influencers. And it leaves no trail back to the donor. That's what “dark money” means: the spending is real, but the source is hidden by law.
In 2024 it hit a record $1.9 billion, nearly double 2020. So treat every dollar figure on this page as a floor: the part someone was required to report. The real total is bigger, and by design, no one, not voters, not reporters, not regulators, can see all of it.
MeasuredSource: Brennan Center, “Dark Money Hit a Record High of $1.9 Billion in 2024” ↗
Does your vote matter as much as a donor's? The contested research
Researchers found that when the wealthy and most voters disagree, the wealthy usually win; average voters' preferences had "near-zero" independent influence. It's contested: other scholars find ordinary voters do better than that. Read it as a strong signal, not the last word.
Mostly structural trends, they rise under both parties. Tap any source to open it.