‘In the year 2022, three multibillionaires own more wealth than the bottom half of American society – 160 million Americans. This is unsustainable. While the working class falls further behind, multibillionaires like Elon Musk, Jeff Bezos and Richard Branson are off taking joyrides on rocket ships to outer space, buying $500m super-yachts and living in mansions with 25 bathrooms.’ (Bernie Sanders is a US senator from Vermont and the chairman of the Senate budget committee)
Bernie Sanders opinion piece in The Guardian: Let’s be clear. The most important economic and political issues facing this country are the extraordinary levels of income and wealth inequality, the rapidly growing concentration of ownership, the long-term decline of the American middle class and the evolution of this country into oligarchy.
We know how important these issues are because our ruling class works overtime to prevent them from being seriously discussed. They are barely mentioned in the halls of Congress, where most members are dependent on the campaign contributions of the wealthy and their Super Pacs. They are not much discussed in the corporate media, in which a handful of conglomerates determine what we see, hear and discuss.
So what’s going on?
We now have more income and wealth inequality than at any time in the last hundred years. In the year 2022, three multibillionaires own more wealth than the bottom half of American society – 160 million Americans. Today, 45% of all new income goes to the top 1%, and CEOs of large corporations make a record-breaking 350 times what their workers earn.
Meanwhile, as the very rich become much richer, working families continue to struggle. Unbelievably, despite huge increases in worker productivity, wages (accounting for real inflation) are lower today than they were almost 50 years ago. When I was a kid growing up, most families were able to be supported by one breadwinner. Now an overwhelming majority of households need two paychecks to survive. More here.
Honorary contributors to DesPardes: Adil Khan, Ajaz Ahmed, Anwar Abbas, Arif Mirza, Aziz Ahmed, Bawar Tawfik, Dr. Razzak Ladha, Dr. Syed M. Ali, G. R. Baloch, Hasham Saddique, Jamil Usman, Jawed Ahmed, Ishaq Saqi, Khalid Sharif, Majid Ahmed, Masroor Ali, Md. Ahmed, Md. Najibullah, Mustafa Jivanjee, Nusrat Jamshed, Shahbaz Ali, Shahid Hamza, Shahid Nayeem, Syed Ali Ammaar Jafrey, Syed Hamza Gilani, Mushtaq Siddiqui, Shaheer Alam, Syed Hasan Javed, Syed M. Ali, Tahir Sohail, Usman Nazir