Oxfam warns Trump policies risk driving inequality to new heights – but Democrats have also exacerbated wealth gap
The collective wealth of the top 10 US billionaires has soared by $698bn in the past year, according to a new report from Oxfam America published on Monday on the growing wealth divide.
The report warns that Trump administration policies risk driving US inequality to new heights, but points out that both Republican and Democratic administrations have exacerbated the US’s growing wealth gap.
Using Federal Reserve data from 1989 to 2022, researchers also calculated that the top 1% of households gained 101 times more wealth than the median household during that time span and 987 times the wealth of a household at the bottom 20th percentile of income. This translated to a gain of $8.35m per household for the top 1% of households, compared with $83,000 for the average household during that 33-year period.
Does this de-value money? When this much is in such a small amount of hands, what good is it even doing?
Yes. It does. You can see it in the increasing inflation rate. Their fake dollars impact our real ones. As they hoard more wealth, cumulative wealth becomes more worthless.
It does literally no good as they just stuff what they can offshore to avoid any taxes. They do nothing for the economy other than to drain resources.
My ex tried to argue with me that her grandfather buying another 8 figure yacht created jobs for the yacht builders, so see, trickle-down works.
Which is literally what they’re doing with AI. Massive water consumption, not to mention the massive amounts of power and silicon/tech involved. If one wanted to burn through our resources at record speed for no reason other than burning through our resources at record speed, it would seem as though they discovered a pretty efficient contender with AI.