Michigan Sen. Elissa Slotkin has expressed concerns about the growing use of the term “oligarchy” among Democrats, believing it lacks impact outside coastal areas. In contrast, Sen. Bernie Sanders has garnered significant support at his anti-oligarchy rallies, suggesting that Americans are more aware than Slotkin thinks.
The article explores whether America is becoming an oligarchy, which Lee Drutman from Vox defines as a few wealthy individuals using their resources to influence government for their own benefit. He cites examples of billionaires like Elon Musk and Donald Trump, who have leveraged wealth for political gain, often favoring the interests of a small group.
Evan Osnos from The New Yorker highlights the personal benefits the ultra-rich gain from such influence, asserting that Trump’s actions have exemplified this trend. Data indicates that a significant portion of wealth concentration in the U.S. has benefitted an extremely small subset of families, notably just 19 households, representing a stark concentration at the top of the wealth hierarchy.
Drutman’s analysis reveals that while wealth has increased for the top one percent, the wealth share for the next nine percent has declined. Over recent decades, the concentration of wealth has increasingly favored the top 0.1 percent and, more distinctly, the top 0.01 percent, with a substantial share now held by an elite group of just 19 families.
The conclusion drawn is that the concentration of wealth increasingly aligns with the definition of oligarchy, highlighting a worrying trend in American economic inequality.
