Oxfam’s recent report, “Unequal: The Rise of a New American Oligarchy,” highlights the growing social inequality in the U.S., revealing that the wealth of the 10 richest American billionaires increased by about $700 billion in a year, a 40% rise. While documenting this rise in wealth—especially since 2020—the report attributes part of the blame to the Trump administration’s austerity measures and pro-corporate policies. It notes that wealth concentration is an ongoing trend spanning decades, supported by both political parties.
Specifically, the report indicates that the top 0.1% now controls six times the wealth of the bottom 64 million households and compares current disparities to the extreme inequality of the Gilded Age. It criticizes Trump’s policies for exacerbating these inequalities while also noting that Biden’s administration has not significantly reversed this trend, with wealth among the financial elite continuing to surge.
The report suggests that the root of these issues lies in capitalism itself, rather than just policy choices. It argues for a transformation towards socialism, emphasizing that the financial elite’s wealth is tied to their control of corporations and economic systems. The Socialist Equality Party advocates for the expropriation of oligarchic wealth and push for a restructuring of economic life to meet human needs.
Overall, the article portrays a critical view of the political status quo and signals a shift in public sentiment toward socialism, particularly among younger generations, amid rising opposition to entrenched inequality and oligarchic rule in America.
