[SEKYFAN]

https://www.msn.com/en-us/money/markets/...3fd8&ei=96

Starting around 1980, a third American oligarchy emerged.
Since then, the median wage of the bottom 90 percent has stagnated. The share of the nation’s wealth owned by the richest 400 Americans has quadrupled (from less than 1 percent to 3.5 percent) while the share owned by the entire bottom half of America has dropped to 1.3 percent, according to an analysis by my Berkeley colleagues Emmanuel Saez and Gabriel Zucman.

The richest 1 percent of Americans now has more wealth than the bottom 90 percent combined.
The only other country with similarly high levels of wealth concentration is Russia, another oligarchy.
All this has been accompanied by a dramatic increase in the political power of the super-wealthy and an equally dramatic decline in the political influence of everyone else.


In 2022, Elon Musk spent $44 billion to buy Twitter and turn it into his own personal political megaphone. Then, in 2024, he spent $277 million to get Trump elected, also using Twitter (now X) to amplify pro-Trump, anti-Harris messages.

These were good investments for Musk. Since Election Day, Musk’s fortune has increased by $170 billion. That’s because investors in Tesla and SpaceX have pushed their value into the stratosphere.



This is how oligarchy destroys democracy. As oligarchs fill the coffers of political candidates and deploy platoons of lobbyists and public relations flaks, they buy off democracy. Oligarchs know that politicians won’t bite the hands that feed them.

he oligarchs want lower taxes, which is what Trump, Musk, and other oligarchs are planning — an extension of the 2017 Trump tax cut, with an estimated price tag of at least $5 trillion.