DonGlock26
Diamond Member
- Sep 15, 2024
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"American ‘Oligarchy’ Decried by Biden Gained $1.5 Trillion in His Term
Led by Musk, top 0.1% own biggest share of US wealth on record
Biden term saw across-board gains though inflation offset some
The very richest Americans are among the biggest winners from President Joe Biden’s time in office, despite his farewell address warning of an “oligarchy” and a “tech industrial complex” that threaten US democracy.
The 100 wealthiest Americans got more than $1.5 trillion richer over the last four years, with tech tycoons including Elon Musk, Larry Ellison and Mark Zuckerberg leading the way, according to the Bloomberg Billionaires Index. The top 0.1% gained more than $6 trillion, Federal Reserve estimates through September show.
Biden warned of “a dangerous concentration of power in the hands of a very few ultra wealthy people,” in his speech from the White House on Wednesday. “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead.”
During his term, the super-rich grabbed a bigger share of a growing pie. Stock and housing markets boomed during a post-pandemic rebound that outpaced US peers. It left all the income and wealth groups measured by the Fed at least a little better-off – and American households overall some $36 trillion richer, as of September, than when Biden took office."
The Democrat Party is the party of the elites and not the working class. Biden let inflation and high fuel prices crush the working class, while the elites made record profits. That's why the Democrat Party just got fired by the American Voters.
Led by Musk, top 0.1% own biggest share of US wealth on record
Biden term saw across-board gains though inflation offset some
The very richest Americans are among the biggest winners from President Joe Biden’s time in office, despite his farewell address warning of an “oligarchy” and a “tech industrial complex” that threaten US democracy.
The 100 wealthiest Americans got more than $1.5 trillion richer over the last four years, with tech tycoons including Elon Musk, Larry Ellison and Mark Zuckerberg leading the way, according to the Bloomberg Billionaires Index. The top 0.1% gained more than $6 trillion, Federal Reserve estimates through September show.
Biden warned of “a dangerous concentration of power in the hands of a very few ultra wealthy people,” in his speech from the White House on Wednesday. “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead.”
During his term, the super-rich grabbed a bigger share of a growing pie. Stock and housing markets boomed during a post-pandemic rebound that outpaced US peers. It left all the income and wealth groups measured by the Fed at least a little better-off – and American households overall some $36 trillion richer, as of September, than when Biden took office."
The Democrat Party is the party of the elites and not the working class. Biden let inflation and high fuel prices crush the working class, while the elites made record profits. That's why the Democrat Party just got fired by the American Voters.
