The very richest Americans are among the biggest winners from 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 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.

  • In his farewell address, Biden warned of “a dangerous concentration of power in the hands of a very few ultra wealthy people” and said “an oligarchy is taking shape in America.”

  • The top 0.1% gained more than $6 trillion during the Biden years, Federal Reserve estimates show, though the share of households in the 90-99.9% bracket fell.

  • Biden ran for office promising to boost taxes on the wealthy and close loopholes but most of his proposals weren’t adopted by Congress—including an idea to tax the unrealized gains of billionaires.

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by PrestigiousCat969

11 comments

  1. Funny, Russia and China don’t have this problem. Yeah, they have billionaires, but China lifted 800M people out of poverty over 30+ years while the USA increased homelessness by 23% in just one year.

    China actually executes members of the Oligarchy who commit extreme fraud.

    In the USA, they are sent to a prison with a golf course to relax in comfort for 3 of their 10 year prison term before being pardoned by the latest crook to occupy the White House.

  2. It’s unfortunate that both parties still believe trickle down economics is the best path forward for the people of this country.

    I will say it looks the bottom half of the country did pretty well (relatively, still horrible they own 2.4% of the wealth) the last 4 years, but still disappointing where we are.

    And i do blame Biden for at least not trying to get a tax bill passed to get rid of Trump tax breaks for the wealthy, but admittedly there would’ve been no way to get through the 60 vote filibuster in the senate.

    Maybe one day we will get politicians in leadership positions who care about the lower and middle class more than the rich and stock market.

  4. Hard to see “concentration of wealth” without percentages

  5. Decreasing wealth inequality takes decades, as it requires you to implement aggressive progressive taxes on inheritance and wealth. In general the US capital gains tax is screwed, if you inherit it, you don’t pay anything ever basically

  6. Cool, a graph of the stock market and home equity combined

  9. It should be percentage of the total. This is basically a worthless graph for what it’s trying to show.

  10. Just wait until daddy Trump’s admin removes the estate tax. In the next two years you’ll see every single uber wealthy family pass it all down, completely tax free to the next generation. It’ll be the single greatest transfer of wealth in world history and will lock up an incredible amount of money for 50 years.

  11. Gay a totally unhelpful graph. White yes it’s readable, it would be much more impactful if it had a percentage of the total value as the y axis so we could see the shrinking middle class. Visually this looks like the middle class folks in blue have most of the wealth.

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