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.
15 Comments
JasonDJ@lemmy.zip · 37 pts · 304d
Where did they find $700b?
WHERE DID THEY FIND $700B?!?!
Hint: that averages out to almost $2000 per American.
notarobot@lemmy.zip · 1 pts · 303d
I'm assuming they didn't. Their finances are probably based on stocks, which are the most bullshit thing ever. Trumpo does something stupid, stocks fall, and millios of dollars just 🌈disapear🌈. Just like that. Where did they go? Nowhere! Duh! But wait, when money magically shows up on a good day that stocks go up, doesn't that affect the economy lime printing more money? To be honest I do not know. But how dare you ask such things. Can't you see that the answer to that question would deeply affect billionaires and all of those people who have never worked a real job in their life and pretend that trading has value?
brahn@piefed.social · 29 pts · 304d
foggy@lemmy.world · 26 pts · 304d
Guys that's only them getting $1.56 each
For every single second since the birth of Jesus Christ
Added to their individual wealths all worth about 100x that amount.
It's only $1.35M per day over 2025 years.
It's no big deal.
thefluffiest@feddit.nl · 14 pts · 304d
Hey US’ians. You’re collectively being taken to the cleaners, and you’re cheering the culprits. End this before the oligarchy has taken everything you hold dear
Dragonstaff@leminal.space · 6 pts · 304d
Sure, buddy. The people cheering for this are on Lemmy. You mean Dear Leader Trump might be lying to me? I'm absolutely shocked! Thanks so much for imparting this vital information.
slaneesh_is_right@lemmy.org · 5 pts · 304d
But billionaires are like celebrities. You need to cheer for them and buy them stuff.
bravesilvernest@lemmy.ml · 13 pts · 304d
Risk? That's the plan, yo.
slaneesh_is_right@lemmy.org · 9 pts · 304d
I bet most americans are super proud to host these parasites.
frunch@lemmy.world · 9 pts · 304d
Does this de-value money? When this much is in such a small amount of hands, what good is it even doing?
BakerBagel@midwest.social · 8 pts · 303d
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.
frunch@lemmy.world · 5 pts · 303d
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.
sin_free_for_00_days@sopuli.xyz · 2 pts · 303d
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.
chuckleslord@lemmy.world · 6 pts · 303d
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.
chilldrivenspade@lemmy.world · 6 pts · 303d
melsaskca@lemmy.ca · 2 pts · 304d
Hopefully several of them will die of natural causes so we can at least obtain those inheritance taxes from those greedy non-societal motherfuckers.
theneverfox@pawb.social · 9 pts · 304d
You're joking, right? Between beg-borrow-die and forever trusts, they use their deaths to take their debts with them while their dragon horde stays untouched