We’re not in a new Gilded Age in America: inequality is now far worse | Casey Michel
Summary
The article explains that wealth inequality in the United States today is much worse than during the historical Gilded Age. It shows that modern billionaires have far more wealth and influence, especially in politics and campaign financing, than their early 20th-century counterparts.Key Facts
- The Gilded Age was a period in US history marked by extreme wealth held by a few men who influenced politics and industry.
- Rockefeller, a top Gilded Age tycoon, was worth about $30 billion in today’s money, while Elon Musk is worth around $950 billion.
- The richest 0.00001% of Americans today control more than twice the share of US wealth than the richest people did during the Gilded Age.
- Money today can be used to influence politics more than ever, partly because of the 2010 Citizens United Supreme Court decision.
- Modern campaign financing allows billionaires like Musk to spend hundreds of millions to support political and financial goals.
- Laws like the Tillman Act once limited corporate money in politics but have less impact today.
- Offshore accounts, anonymous companies, and secret trusts help the wealthy hide their money from authorities and the public.
- Nearly $2 billion in “dark money” was involved in recent US elections, which is untraceable and anonymous.
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