Gerontocracy has always thrived in undemocratic places'Communist people's republics, Gulf monarchies'where only death could pry power from the ruling elders. American gerontocracy is exceptional for being freely elected. Donald Trump will soon be an octogenarian, and is president in part because the preceding octogenarian, Joe Biden, did not want to admit his senescence. The median senator is 65, and the oldest, 92-year-old Chuck Grassley, has not ruled out running for reelection in 2028. The typical general-election voter is a spry 52, but in primary elections, which decide the majority of political contests, that number rises to 59. Half of all the money donated to political campaigns comes from Americans age 66 and older. Although political gerontocracy has operated overtly, the rising economic power of the elderly has escaped much notice. Over the past 40 or so years, American wealth has grown ever more concentrated among the oldest generations. In 1989, Americans over age 55...
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