In his Oval Office farewell address, President Biden warned of a burgeoning oligarchy in America, characterized by extreme wealth and power concentrated in the hands of a few, threatening democracy and equal opportunity. This concentration of power, exacerbated by record corporate lobbying and the influence of billionaires in the recent election, has resulted in a dramatic increase in wealth for the ultra-rich while hindering reform efforts. Biden’s concerns echoed those of Senator Sanders, who has long sounded the alarm about this issue. The incoming Trump administration, packed with corporate figures, further underscores this growing threat to American democracy.
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Nominee Scott Bessent, President-elect Trump’s pick for Treasury Secretary, testified before the Senate Banking Committee, prioritizing the extension of the 2017 Tax Cuts and Jobs Act as the most crucial economic issue. He argues that failing to extend these cuts, which disproportionately benefit the wealthy, would lead to economic calamity. Despite accusations of tax evasion and opposition to raising the minimum wage, Bessent’s confirmation is anticipated. The proposed extension would cost an estimated $4 trillion over a decade, a cost Bessent claims could be offset through other budget cuts.
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Donald Trump’s administration, featuring numerous billionaire appointees with a combined net worth of roughly half a trillion dollars, represents a new era of “plutocracy on steroids.” This unprecedented concentration of wealth, fueled by neoliberal policies and asset booms, contrasts with historical patterns where the wealthy were viewed with suspicion and held societal responsibilities. This new plutocracy, exemplified by the intertwining of power and money, mirrors historical parallels in Russia but differs in the lack of overt coercion to maintain loyalty. Ultimately, this system poses risks, as foreign powers could exploit the administration’s vulnerabilities by targeting the financial interests of its wealthy members.
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In his farewell address, President Biden warned of a growing oligarchy in America, characterized by a dangerous concentration of power among the ultra-wealthy. He stressed the need for the wealthy to pay their fair share in taxes and cautioned against unchecked influence in areas like technology and climate change policy. Biden also highlighted the dangers of misinformation and the erosion of a free press, further fueling concerns about the health of American democracy. His address served as a stark warning as President-elect Trump, who benefited from the support of several wealthy individuals, prepared to assume office.
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Biden, in his farewell address, issued a stark warning about the grave dangers posed by the unchecked power wielded by the wealthy. He painted a picture of a system where immense wealth translates into disproportionate influence, potentially undermining democratic principles and the very fabric of society.
The core of his message centered on the escalating concentration of power in the hands of a few, a trend he described as a growing threat to the nation’s future. He argued that this concentration isn’t merely a matter of economic inequality, but a fundamental challenge to the fairness and equity of the political process.… Continue reading
Senator Ron Wyden criticized President-elect Trump’s proposed “External Revenue Service,” arguing it’s a deceptive tactic to mask massive tax cuts for the wealthy funded by increased taxes on families and small businesses. Trump intends to use tariff revenue, potentially collected by a renamed Treasury Department office, to offset the cost of extending 2017 tax cuts. However, analysis shows that resulting price increases from tariffs would outweigh the tax cuts for most Americans, benefiting only the wealthiest 5%. This proposal follows reports that Trump is considering a national economic emergency declaration to justify widespread tariffs.
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Strong winds, gusting 50-65 mph, are forecast to hit Los Angeles County late Monday through Wednesday, posing a significant risk of rapid fire spread. This resurgence of wind threatens to overwhelm firefighting efforts and endanger communities north of existing fire lines, from Point Dume to Glendale. The projected wind direction suggests a southward and westward push of current blazes. Immediate evacuation compliance is crucial should orders be issued, as lives could depend on swift action.
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Despite a conviction on 34 felony counts, Donald Trump received an unconditional discharge, avoiding fines and jail time. This lenient sentence, following numerous delays and appeals, has fueled criticism that the American justice system operates on a two-tiered system favoring the wealthy and powerful. Several incarcerated individuals interviewed expressed outrage at this disparity, highlighting the stark contrast between Trump’s treatment and their own experiences with the legal system. They see the outcome as reinforcing the perception that wealth and influence can shield individuals from consequences. The case underscores existing concerns about unequal justice in America.
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Analysis by Oxfam GB reveals that the world’s wealthiest 1% have already exhausted their fair share of the 2025 carbon budget within the first ten days of the year, emitting over twice the carbon pollution annually as the poorest 50%. This extreme disparity highlights the disproportionate impact of high-consumption lifestyles on climate change, with the richest benefiting from climate-controlled environments while the poorest bear the brunt of extreme weather events. To align with the 1.5°C warming target, the richest 1% need a 97% emissions reduction by 2030, a stark contrast to the projected 5% decrease. Oxfam urges governments to implement policies that hold the wealthy accountable for their excessive carbon footprint, suggesting increased taxes on luxury, high-emission items like private jets and superyachts.
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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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John Q. Hosedrinker 
Matt Underwood