Oxfam’s new report, “Takers Not Makers,” reveals that billionaire wealth surged by $2 trillion in 2024, a rate three times faster than in 2023, reaching a daily accumulation of $5.7 billion. This dramatic increase, driven largely by rising stock values and property prices, now projects the emergence of at least five trillionaires within a decade. Simultaneously, the number of people living in extreme poverty remains stubbornly high near 3.6 billion, highlighting a stark contrast between the extreme wealth accumulation at the top and persistent poverty for a significant portion of the global population. Oxfam advocates for bold policy changes, including higher taxes on the super-rich, to address this widening inequality gap.
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Oxfam’s latest inequality report reveals the world’s billionaires earned an average of $3.2 million daily in 2023, with the top ten exceeding $150 million daily. This extreme wealth accumulation, totaling a $3 trillion increase globally, far outpaces the growth of average incomes and highlights the widening gap between the rich and poor. The report, released during the World Economic Forum in Davos, criticizes the disproportionate influence of wealthy nations in global financial institutions and argues that historical colonialism continues to fuel this inequality. Oxfam advocates for wealth taxes as a means to address this disparity, suggesting even a small tax on the ultra-wealthy could significantly benefit the public.
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Acting Secretary of Labor Julie Su expressed deep concern that a second Trump administration, advised by billionaires like Elon Musk, would dismantle numerous pro-worker policies enacted under President Biden. These policies include crucial protections for workers facing extreme heat, expanded overtime pay, and increased enforcement of labor laws resulting in over $1 billion recovered for wage theft victims. Su highlighted the Biden administration’s successes in infrastructure investment, union support, and worker safety regulations, contrasting them with the potential rollback of these achievements under a Trump presidency. She emphasized the importance of a strong Labor Department to protect vulnerable workers and enforce existing labor laws.
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In a final Oval Office address, President Biden defended his four-year term, highlighting legislative achievements in infrastructure and clean energy while warning of a burgeoning American oligarchy. He expressed concern over the growing influence of wealthy tech entrepreneurs and the spread of misinformation, likening the situation to a “tech industrial complex.” Biden urged accountability for social media platforms and reiterated calls for term limits for Supreme Court justices and ethics reforms for Congress. He concluded by expressing pride in his accomplishments and his enduring faith in American democracy.
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The recent surge in Bitcoin’s value and Wall Street’s optimistic forecasts for 2025 paint a picture of booming wealth for the super-rich, contrasting sharply with an 18 percent increase in homelessness. Trump’s economic policies, particularly threatened tariffs, are expected to disproportionately benefit large corporations with resources for lobbying and navigating complex exemption processes, leaving small businesses struggling with increased costs and uncertainty. This widening class divide exacerbates existing economic inequalities, with the biggest businesses poised to exploit the situation while smaller enterprises face significant challenges. Economists predict that while business confidence may rise, hiring and investment may not reflect this optimism.
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Following his election victory, Donald Trump has largely abandoned his campaign promises to address working-class economic concerns, such as grocery and gas prices. His focus has shifted to unrealistic and distracting foreign policy goals, including reclaiming the Panama Canal and purchasing Greenland, while simultaneously planning drastic cuts to federal programs that disproportionately benefit his base. These cuts, driven by his administration’s focus on tax cuts for the wealthy, will likely negatively impact the very people who voted for him. Ultimately, Trump’s post-election actions demonstrate a disregard for his previous commitments and a lack of understanding of the complexities of global economics and political systems.
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December’s jobs report revealed a robust 256,000 job increase and a decrease in unemployment, defying expectations and bolstering President Biden’s claims of a strong economy. This unexpected surge in growth, occurring despite high interest rates, lessens the likelihood of further rate cuts by the Federal Reserve, potentially impacting consumers and businesses. While the economy shows strength with low unemployment and GDP growth exceeding 3 percent in four of the last five quarters, inflation remains above the Fed’s target, and high interest rates persist. Consequently, President Biden leaves office handing a generally strong, albeit complex, economic legacy to his successor.
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Global wealth inequality dramatically increased in 2024, with the United States leading the surge. The world’s 500 richest individuals gained a combined $1.5 trillion, with a significant portion accruing after the election of Donald Trump, whose net worth nearly doubled. This extreme wealth concentration, particularly among 15 American billionaires exceeding $100 billion, is prompting a re-evaluation of “ultra-high-net-worth” thresholds. Proposed tax cuts by the Republican-led Congress threaten to exacerbate this inequality by further benefiting the wealthiest Americans, while providing minimal relief to lower-income households.
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Despite a history of anti-immigrant rhetoric, President-elect Trump has reversed his stance on the H-1B visa program, prioritizing the needs of wealthy corporations over his base. This policy shift, coupled with planned cuts to social safety nets, reveals a two-tiered approach favoring the rich through tax cuts and tariff exemptions while potentially harming the poor and working class. This prioritization of corporate interests is evident in Trump’s willingness to grant tariff exclusions to companies willing to curry favor, mirroring past behavior. The resulting policy will likely exacerbate economic inequality, benefiting the wealthy at the expense of the vulnerable.
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The election of Donald Trump portends a worsening climate crisis, exacerbating existing challenges. Already, unacknowledged climate risks are causing a massive undervaluation of American properties, reaching trillions of dollars in losses and creating an uninsurable housing market in many areas. This will trigger mass displacement and economic hardship, particularly impacting vulnerable communities. A Trump administration, however, views this not as a problem, but as an exploitable opportunity for predatory industries and political profiteering, jeopardizing any effective climate response.
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John Q. Hosedrinker