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Sanders Lays Out Plan to Fight Oligarchy as Wealth of Top Billionaires Passes $10 Trillion

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Original article by Jake Johnson republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Elon Musk and the wife of House Speaker Mike Johnson (R-La.) applaud during a House Republican Conference meeting on November 13, 2024 in Washington, D.C. (Photo: Andrew Harnik/Getty Images)

“If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time,” wrote Sen. Bernie Sanders. “Despair is not an option.”

A Bloomberg analysis of billionaire wealth published Tuesday found that the combined fortunes of the 500 richest people on the planet surpassed $10 trillion this year, a finding that came shortly after U.S. Sen. Bernie Sanders issued an urgent call to action to prevent the emergence of “an oligarchic and authoritarian society.”

The new analysis notes that the world’s top 500 billionaires “got vastly richer” this year with the help of “an indomitable rally in U.S. technology stocks.”

Just eight billionaires—Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin—added more than $600 billion to their collective wealth in 2024 and accounted for 43% of the $1.5 trillion increase in net worth among the world’s 500 richest people, according to Bloomberg.

“But it was Musk—the so-called ‘first buddy’ of President-elect Donald Trump after unprecedented support for his reelection campaign—who dominated the world’s wealthiest in 2024,” Bloomberg observed, adding that Trump himself also saw his fortune surge to a record high this year, “boosted by the performance of his majority stake in Trump Media & Technology Group Corp.”

Musk’s use of his enormous fortune to influence the U.S. political system—including via his purchase of one of the world’s largest social media platforms and donations to Trump’s 2024 campaign—amplified existing concerns about the corrosive impact of massive wealth concentration on democracy.

And wealth inequality in the U.S. could soon get worse, with Trump and the incoming Republican-controlled Congress set to pursue another round of tax cuts for the ultra-rich and large corporations.

“They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future.”

In an email to supporters on Monday, Sanders (I-Vt.) called the rapid shift toward oligarchy in the U.S. “the defining issue of our time,” warning that billionaires have come to increasingly dominate not only “our economic life, but the information we consume and our politics as well.”

“A manifestation of the current moment is the rise of Elon Musk, and all that he stands for,” Sanders wrote, pointing to Musk’s outsize influence on the 2024 election and his key role in shaping Trump’s billionaire-dominated Cabinet.

“But it’s not just Musk. Billionaire owners of two major newspapers overrode their editorial boards’ decisions to endorse Kamala Harris, while many others are kissing Trump’s ring by making large donations to his inauguration committee slush fund,” the senator continued. “They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future.”

Progressives, Sanders wrote, have a “radically different vision,” one that prioritizes “an economic system based on the principles of justice,” “a vibrant democracy based on one person, one vote,” and making “healthcare a human right.”

“Even though we are not going to succeed in achieving that vision in the immediate future with Trump as president and Republicans controlling Congress, it is important that vision be maintained and we continue to fight for it,” wrote Sanders.

Since Trump’s victory in the 2024 election, Sanders has focused heavily on the need to organize the working class to combat the threat posed by Musk and other far-right billionaires who have amassed obscene wealth and political power.

In his email on Monday, the senator said he intends to “travel, organize, hold events, and create content that reaches people where they are” in the coming weeks as part of the “struggle to determine where we go from here.”

“Will this effort be easy?” asked Sanders. “No, of course it will not. Can it be done? We have no choice. If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time. Despair is not an option. We are fighting not only for ourselves. We are fighting for our kids and future generations, and for the well-being of the planet.”

Original article by Jake Johnson republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingSanders Lays Out Plan to Fight Oligarchy as Wealth of Top Billionaires Passes $10 Trillion

Bernie Sanders Says Defeating Oligarchy Now Most Urgent Issue

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Original article by Jon Queally republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Bernie Sanders attends during “Bernie Sanders: It’s OK To Be Angry About Capitalism” at Royal Geographical Society on February 22, 2024 in London, England. (Photo by Joe Maher/Getty Images For Fane)

“My friends, you don’t have to be a PhD in political science to understand that this is not democracy. This is not one person, one vote. This is not all of us coming together to decide our future. This is oligarchy.”

Sen. Bernie Sanders of Vermont is escalating his fight against the U.S. oligarchy with a new campaign directed at the nation’s wealthiest individuals—including Elon Musk, Jeff Bezos, and Mark Zuckerberg—who he says are key culprits in a global race to the bottom that is stripping people worldwide of political agency while impoverishing billions so that the rich can amass increasingly obscene levels of wealth.

Announcing a new series that will detail how “billionaire oligarchs” in the U.S. “manipulate the global economy, purchase our elections, avoid paying taxes, and increasingly control our government,” Sanders said in a Friday night video address that it makes him laugh when mainstream pundits talk openly about the nefarious oligarchic structures in other places, but refuse to acknowledge the issue in domestic terms.

“Strangely enough, the term ‘oligarchy’ is very rarely used to describe what’s happening in the United States or in fact, what’s happening around the world,” said Sanders. “But guess what? Oligarchy is a global phenomenon, and it is headquartered right here in the United States.”

While rarely discussed in the corporate press or by most elected officials, argues Sanders, the reality is that a “small number of incredibly wealthy billionaires own and control much of the global economy. Period. End of discussion. And increasingly they own and control our government through a corrupt campaign finance system.”

Since the the victory of President-elect Donald Trump in November, Sanders has been increasingly outspoken about his frustrations over the failure of the Democratic Party to adequately confront the contradictions presented by a party that purports to represent the interests of the working class yet remains so beholden to corporate interests and the wealthy that lavish it with campaign contributions.

In a missive to supporters last month, Sanders bemoaned how “just 150 billionaire families spent nearly $2 billion to get their candidates elected” in this year’s elections, which included giving to both major political parties. Such a reality, he said, must be challenged.

As part of his new effort announced Friday, Sanders’ office said the two-time Democratic presidential candidate would be hosting a series of discussions with the leading experts on various topics related to the form and function of U.S. oligarchy and expose the incoming Trump administration’s “ties to the billionaire class,” including their efforts to further erode democracy, gut regulations, enrich themselves, and undermine the common good.

“In my view,” said Sanders, “this issue of oligarchy is the most important issue facing our country and world because it touches on everything else.” He said the climate crisis, healthcare, worker protections, and the fight against poverty are all adversely effected by the power of the wealthy elites who control the economy and the political sphere.

“My friends, you don’t have to be a PhD in political science to understand that this is not democracy,” he said. “This is not one person, one vote. This is not all of us coming together to decide our future. This is oligarchy.”

Original article by Jon Queally republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingBernie Sanders Says Defeating Oligarchy Now Most Urgent Issue

Tech Billionaires Get in Line to Support Trump Inauguration Fund

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Original article by Eloise Goldsmith republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

OpenAI CEO Sam Altman attends a session of the World Economic Forum (WEF) meeting in Davos on January 18, 2024. (Photo by Fabrice Coffrini/AFP via Getty Images)

“President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead,” said OpenAI CEO Sam Altman.

OpenAI CEO Sam Altman became the latest tech titan to make an explicit overture to U.S. President-elect Donald Trump when he confirmed Friday that he intends to make a $1 million to Trump’s inauguration fund.

The news comes after Meta confirmed Wednesday that it has donated $1 million to the fund, and it was reported Thursday that Amazon intends to make a $1 million donation. The Washington Post characterized Altman’s move as “the latest attempt to gain favor from a leading technology executive in an industry that has long been a target of Trump’s vitriol.”

Altman said in a statement that was sent to multiple outlets that “President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead.”

The donation from Meta follows a trip by Meta CEO and founder Mark Zuckerberg down to Trump’s Mar-a-Lago Club to meet with the president-elect last month. Jeff Bezos, Amazon’s executive chairman, is slated to head to Florida to meet with Trump at Mar-a-Lago next week, according to The Wall Street Journal.

Zuckerberg and Trump have not always been on the best of terms—Meta temporarily booted Trump from Instagram and Facebook following his comments regarding the January 6 insurrection, and Trump threatened Zuckerberg with lifetime incarceration if Trump perceived that Zuckerberg was interfering in the 2024 election—but Zuckerberg made entreaties to the then-candidate this past summer when he described Trump’s response to his assassination attempt as “badass.”

Zuckerberg and Meta refrained from donating to Trump’s inauguration fund in 2017, and to President Joe Biden’s inauguration fund in 2021, according to The Wall Street Journal.

In response to the news that Meta donated to Trump’s inauguration fund this time, the watchdog group Public Citizen wrote: “Shocker! Another tech bro billionaire trying to buy his way into Trump’s good graces. Zuckerberg donated $1 million to Trump’s inaugural fund. $1 million to the man who threatened Zuckerberg with life in prison. Grow a spine.”

Journalists Mehdi Hasan described the move as “bending both knees to Trump.”

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Bezos also chafed against Trump during his first presidency. Trump has repeatedly criticized The Washington Post, which is owned by Bezos, for its coverage of him. In legal proceedings, Amazon also accused Trump of swaying the bidding process when the Pentagon chose Microsoft over Amazon for a lucrative contract because of Trump’s disdain for Bezos. However, in a move that was viewed as a signal to Trump, Bezos blocked the Post from endorsing Vice President Kamala Harris just before last month’s election.

Margaret O’Mara, a history professor at the University of Washington who focuses on the high-tech economy, said during an interview with NPR the fact that support for Trump isn’t happening quietly “is something new.”

“It’s just a recognition that there’s not much to be gained in outspoken opposition, but perhaps there is something to be gained by being very clear about your support and hope that Trump does well,” she said.

Original article by Eloise Goldsmith republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue ReadingTech Billionaires Get in Line to Support Trump Inauguration Fund

Wealth of World’s Richest Has Doubled Over Past Decade

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Original article by Julia Conley republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Amazion founder Jeff Bezos participates in a discussion during a Milestone Celebration dinner September 13, 2018 in Washington, D.C. (Photo: Alex Wong/Getty Images)

The total wealth of billionaires increased by 121% from 2015-24.

Driven largely by the accumulation of massive wealth by the richest people in the United States, the Swiss wealth manager UBS said Thursday the assets of billionaires around the world more than doubled over the past decade.

Between 2015-24, the total wealth of billionaires increased by 121%, from $6.3 trillion to $14 trillion.

Meanwhile, the MSCI AC World Index of global equities, which measures the performance of more than 3,000 stocks from both developed and emerging markets, rose by 73%.

The planet’s total gross domestic product is about $105.4 trillion, with a population of just over 8 billion, underscoring the extreme concentration of wealth among the very richest people.

The number of billionaires rose from 1,757 to 2,682 over the past decade, while the wealthiest people in the world boasted significant gains over just the past year.

Billionaires’ wealth jumped by about 17% in 2024, with the accumulation of wealth among the richest people in the U.S. offsetting a decline in China.

U.S. billionaires amassed wealth gains that were 27.6% higher than the previous year, accumulating a total of $5.8 trillion—more than 40% of international billionaire wealth.

The tax cuts pushed through by President-elect Donald Trump and the Republican Party in 2017 are still in effect in the U.S. Tax policy analysts have found that the law was skewed to the rich, with households in the top 1% of incomes expecting to receive an average tax cut of more than $60,000 in 2025 compared to an average tax cut of less than $500 for people in the bottom 60%.

As Common Dreams reported this week, the top 12 U.S. billionaires now control $2 trillion. The wealth of the four richest people in the U.S.—Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison, and Meta CEO Mark Zuckerberg—has hit $1 trillion.

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“These four men were worth $74 billion 12 short years ago,” said Americans for Tax Fairness. “Tax billionaires.”

At the G20 Summit last month, world leaders agreed to “engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed.”

Original article by Julia Conley republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Keir Starmer warns against following the https://onaquietday.org blog.
Keir Starmer warns against following the https://onaquietday.org blog.
Continue ReadingWealth of World’s Richest Has Doubled Over Past Decade

‘Unsettling New Milestone’: Top 12 US Billionaires Now Control $2 Trillion in Wealth

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Original article by Eloise Goldsmith republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Jensen Huang of Nvidia speaks about the future of artificial intelligence and its effect on energy consumption and production at the Bipartisan Policy Center on September 27, 2024 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)

“The oligarchic dozen is richer than ever, and they are endowed with extreme material power that can be used to pursue narrow political interests at the expense of democratic majorities,” according to the author of a new analysis.

Just 12 U.S. billionaires now have a collective net worth of over $2 trillion—a figure that amounts to a little less than a third of total federal spending in 2023—according to an analysis out Tuesday from Inequality.org, a project of the Institute for Policy Studies (IPS).

The $2 trillion number is also twice the amount of wealth that the top 12 US billionaires held in 2020, according to researchers at IPS, a progressive organization.

The full list of 12 billionaires includes Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, Elon Musk, Steve Ballmer, Larry Ellison, Larry Page, Sergey Brin, Jim Walton, Rob Walton, and Jensen Huang.

“This is an unsettling new milestone for wealth concentration in the United States. The oligarchic dozen is richer than ever, and they are endowed with extreme material power that can be used to pursue narrow political interests at the expense of democratic majorities,” wrote the author of the analysis, Omar Ocampo, a researcher at IPS.

New to the “oligarchic dozen” is Jensen Huang, the co-founder and CEO of the tech company Nvidia. Nvidia, which became the most valuable publicly traded company this year, has seen its profits jump thanks to the world’s ravenous appetite for the artificial intelligence chips that the firm produces. According to the analysis, Huang’s personal wealth “has skyrocketed from $4.7 billion in 2020 to $122.4 billion—a mind-boggling 2,504 percent increase—over the last four years.”

Each of the billionaires on the list “owns or is a controlling shareholder of a business that is investing billions of dollars in artificial intelligence,” according to Ocampo, which raises concerns about their respective carbon footprints.

Fueling AI is energy intensive, and AI data centers in the U.S. are largely powered by fossil fuels, meaning their proliferation poses a threat to the environment and a transition to a green economy.

Ocampo also discusses the political reach of the billionaires on the list. Elon Musk and Jeff Bezos, who respectively own X and The Washington Post, “have both purchased large media platforms, which has granted them the ability to set the terms of public debate with the hopes of influencing public opinion in their favor.”

Musk specifically has established himself as a major power broker within the GOP. The billionaire spent hundreds of millions helping to re-elect Donald Trump and is now poised to play a major role in the president-elect’s administration, helping oversee a new advisory committee tasked with slashing government spending.

As of early December, Trump had tapped an “unprecedented” total of seven reported billionaires for key positions in his administration, according to a separate piece of analysis by Inequality.org.

“We see the effects of this growing concentration of wealth and economic inequality everywhere—plutocratic influence on our politics, wealth transfers from the bottom to the top, and the acceleration of climate breakdown,” Ocampo wrote on Tuesday.

Original article by Eloise Goldsmith republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0).

Continue Reading‘Unsettling New Milestone’: Top 12 US Billionaires Now Control $2 Trillion in Wealth