15 Years After Citizens United: Big Money’s Grip on Our Democracy
October 2, 2025
Fifteen years after the Supreme Court’s Citizens United decision unleashed unlimited election spending, American democracy is showing clear signs of strain. Just 100 billionaire donors poured a record $2.6 billion into the 2024 elections, making up nearly 20 percent of total spending. As ultra-wealthy interests gain power, public trust in government has cratered. Roosevelt’s latest report draws on new research demonstrating how corporate actors benefited from Citizens United to the detriment of Americans’ faith in democracy.
Pro-Corporate Policy Shifts and Democratic Erosion in the States
- Pro-business policies: Citizens United created a natural experiment: In states that threw out independent expenditure laws after the ruling, lawmakers cut corporate tax rates by 4 to 8 percent and passed business-friendly tort laws, while unrelated policies (for example, gun control) saw no change.
- Shifts in representation: In states forced to remove bans on independent spending, outside money surged by about double the increase seen elsewhere. GOP state legislative and gubernatorial candidates’ electoral success jumped by 4 to 11 percentage points, shifting state governments to the Right despite there being no corresponding shift in voter ideology.
- Weakened democratic institutions: States whose campaign spending laws were overturned by Citizens United enacted more extreme gerrymandering and intensified barriers to voting than states that did not have such laws overturned by the ruling.
The Rise of Oligarchic Politics
- Big money, few donors: Since 2010, billionaire election spending has increased over 160-fold, the vast majority through means that were once closed by laws prior to Citizens United. Meanwhile, a tiny donor class dominates: The top 10 families contributed $1.1 billion over the past decade, and the top 1 percent of donors provided 96 percent of all super PAC funds in 2018. Donors have used this new influence to sway downballot races to achieve their preferred political or legal outcomes.
- One donor vs. millions: In 2024, a single billionaire contributed over $290 million to outside-spending groups—roughly equivalent to the combined donations of 3 million small donors.
Loss of Public Trust and Democratic Legitimacy
- Democracy in decline: Public satisfaction with US democracy has plunged to record lows. At the same time, as the Economist Intelligence Unit describes, the nation is now rated a “flawed democracy.” Corruption and big-money influence top the public’s political concerns: According to a recent poll by Pew Research Center, 80 percent of Americans believe donors have too much sway in Congress, while 70 percent say constituents have too little.
- Appearance of corruption: Ninety-two percent of Americans polled in 2021 also agree that Congress prioritizes the interests of big outside spenders, passing laws that benefit those donors. This pervasive “government-for-sale” perception directly challenges the Supreme Court’s claim that unlimited independent spending poses no risk of an appearance of corruption.
How to Restore a Democratic Balance
Citizens United showed us the results of a natural experiment on what unlimited campaign spending does to democracy: corporate-first politics, concentrated political spending by the wealthiest, and a loss of confidence in democracy. Policymakers must seize this moment to advance reforms and renew America’s democratic promise.
- Overturn Citizens United: Pursue a constitutional amendment or Supreme Court ruling to reverse Citizens United and restore the ability to set limits on election spending.
- Publicly finance elections: Implement robust public funding (grants, matching, or vouchers) for all campaigns to reduce reliance on big donors and make campaign finance more transparent and equitable.
- Incentivize small-donor campaigns: Encourage candidates to reject super PAC and “dark-money” support. Studies show that voters reward candidates who call out an opponent’s billionaire-funded outside spending—in recent races, underdogs prevailed in part by making their rival’s super PAC money a public issue.
- Build an anti-oligarchy coalition: Link political and economic reforms. A wealth tax to diminish top-donor influence, along with strong voting rights protections, anti-gerrymandering laws, and empowered unions can rebalance power toward ordinary citizens.