An Oligarchy of Old People

It has been reported that American gerontocracy is striking not for secrecy but for its openness: elders are elected, not enthroned. Donald Trump will soon be an octogenarian, and the last occupant of the White House, Joe Biden, allegedly stayed in the race longer than some thought wise. The median senator is 65. Chuck Grassley is 92 and has not ruled out another run. Politics, it seems, is getting creaky — and that creak has a lot of momentum behind it.

The Numbers

The Atlantic reports a dramatic shift in who holds the country's wealth. In 1989 Americans over 55 owned 56 percent of household wealth; today they hold about 74 percent. Younger people have been squeezed: the under-40 share fell from roughly 12 percent to 6.6 percent. Demographics matter — seniors are 18 percent of the population now, up from 13 percent in 1990 — but age cohorts have also pulled ahead at the household level. Among those 75 and older, household net worth was only slightly above average in 1983; by 2022 it was 55 percent higher. It has been reported that half of all money donated to political campaigns comes from people 66 and older.

Why It Matters

When the money is gray, policy often follows. Primary voters — who frequently decide nominations — skew older (median 59 versus 52 in general elections), and the donors behind campaigns tilt even older still. Who sets the agenda? Who wins tax fights, housing battles, debates over Social Security and Medicare? The Atlantic's tally feels less like an abstract trend than a tug-of-war over the future: the color of money is now gray, and younger generations are watching the levers of power slip further out of reach. That’s the emotional heart of the story — not just numbers on a page, but a generational bargain gone sideways.

Sources: theatlantic.com, Hacker News