Elon Musk and the wife of House Speaker Mike Johnson (R-La.) applaud during a House Republican Conference meeting on November 13, 2024 in Washington, D.C.
Sanders Lays Out Plan to Fight Oligarchy as Wealth of Top Billionaires Passes $10 Trillion
"If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time," wrote Sen. Bernie Sanders. "Despair is not an option."
A Bloomberg analysis of billionaire wealth published Tuesday found that the combined fortunes of the 500 richest people on the planet surpassed $10 trillion this year, a finding that came shortly after U.S. Sen. Bernie Sanders issued an urgent call to action to prevent the emergence of "an oligarchic and authoritarian society."
The new analysis notes that the world's top 500 billionaires "got vastly richer" this year with the help of "an indomitable rally in U.S. technology stocks."
Just eight billionaires—Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin—added more than $600 billion to their collective wealth in 2024 and accounted for 43% of the $1.5 trillion increase in net worth among the world's 500 richest people, according to Bloomberg.
"But it was Musk—the so-called 'first buddy' of President-elect Donald Trump after unprecedented support for his reelection campaign—who dominated the world's wealthiest in 2024," Bloomberg observed, adding that Trump himself also saw his fortune surge to a record high this year, "boosted by the performance of his majority stake in Trump Media & Technology Group Corp."
Musk's use of his enormous fortune to influence the U.S. political system—including via his purchase of one of the world's largest social media platforms and donations to Trump's 2024 campaign—amplified existing concerns about the corrosive impact of massive wealth concentration on democracy.
And wealth inequality in the U.S. could soon get worse, with Trump and the incoming Republican-controlled Congress set to pursue another round of tax cuts for the ultra-rich and large corporations.
"They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."
In an email to supporters on Monday, Sanders (I-Vt.) called the rapid shift toward oligarchy in the U.S. "the defining issue of our time," warning that billionaires have come to increasingly dominate not only "our economic life, but the information we consume and our politics as well."
"A manifestation of the current moment is the rise of Elon Musk, and all that he stands for," Sanders wrote, pointing to Musk's outsize influence on the 2024 election and his key role in shaping Trump's billionaire-dominated Cabinet.
"But it's not just Musk. Billionaire owners of two major newspapers overrode their editorial boards' decisions to endorse Kamala Harris, while many others are kissing Trump's ring by making large donations to his inauguration committee slush fund," the senator continued. "They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."
Progressives, Sanders wrote, have a "radically different vision," one that prioritizes "an economic system based on the principles of justice," "a vibrant democracy based on one person, one vote," and making "healthcare a human right."
"Even though we are not going to succeed in achieving that vision in the immediate future with Trump as president and Republicans controlling Congress, it is important that vision be maintained and we continue to fight for it," wrote Sanders.
Since Trump's victory in the 2024 election, Sanders has focused heavily on the need to organize the working class to combat the threat posed by Musk and other far-right billionaires who have amassed obscene wealth and political power.
In his email on Monday, the senator said he intends to "travel, organize, hold events, and create content that reaches people where they are" in the coming weeks as part of the "struggle to determine where we go from here."
"Will this effort be easy?" asked Sanders. "No, of course it will not. Can it be done? We have no choice. If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time. Despair is not an option. We are fighting not only for ourselves. We are fighting for our kids and future generations, and for the well-being of the planet."
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
A Bloomberg analysis of billionaire wealth published Tuesday found that the combined fortunes of the 500 richest people on the planet surpassed $10 trillion this year, a finding that came shortly after U.S. Sen. Bernie Sanders issued an urgent call to action to prevent the emergence of "an oligarchic and authoritarian society."
The new analysis notes that the world's top 500 billionaires "got vastly richer" this year with the help of "an indomitable rally in U.S. technology stocks."
Just eight billionaires—Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin—added more than $600 billion to their collective wealth in 2024 and accounted for 43% of the $1.5 trillion increase in net worth among the world's 500 richest people, according to Bloomberg.
"But it was Musk—the so-called 'first buddy' of President-elect Donald Trump after unprecedented support for his reelection campaign—who dominated the world's wealthiest in 2024," Bloomberg observed, adding that Trump himself also saw his fortune surge to a record high this year, "boosted by the performance of his majority stake in Trump Media & Technology Group Corp."
Musk's use of his enormous fortune to influence the U.S. political system—including via his purchase of one of the world's largest social media platforms and donations to Trump's 2024 campaign—amplified existing concerns about the corrosive impact of massive wealth concentration on democracy.
And wealth inequality in the U.S. could soon get worse, with Trump and the incoming Republican-controlled Congress set to pursue another round of tax cuts for the ultra-rich and large corporations.
"They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."
In an email to supporters on Monday, Sanders (I-Vt.) called the rapid shift toward oligarchy in the U.S. "the defining issue of our time," warning that billionaires have come to increasingly dominate not only "our economic life, but the information we consume and our politics as well."
"A manifestation of the current moment is the rise of Elon Musk, and all that he stands for," Sanders wrote, pointing to Musk's outsize influence on the 2024 election and his key role in shaping Trump's billionaire-dominated Cabinet.
"But it's not just Musk. Billionaire owners of two major newspapers overrode their editorial boards' decisions to endorse Kamala Harris, while many others are kissing Trump's ring by making large donations to his inauguration committee slush fund," the senator continued. "They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."
Progressives, Sanders wrote, have a "radically different vision," one that prioritizes "an economic system based on the principles of justice," "a vibrant democracy based on one person, one vote," and making "healthcare a human right."
"Even though we are not going to succeed in achieving that vision in the immediate future with Trump as president and Republicans controlling Congress, it is important that vision be maintained and we continue to fight for it," wrote Sanders.
Since Trump's victory in the 2024 election, Sanders has focused heavily on the need to organize the working class to combat the threat posed by Musk and other far-right billionaires who have amassed obscene wealth and political power.
In his email on Monday, the senator said he intends to "travel, organize, hold events, and create content that reaches people where they are" in the coming weeks as part of the "struggle to determine where we go from here."
"Will this effort be easy?" asked Sanders. "No, of course it will not. Can it be done? We have no choice. If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time. Despair is not an option. We are fighting not only for ourselves. We are fighting for our kids and future generations, and for the well-being of the planet."
- Opinion | Pass Wyden’s Billionaire Income Tax Bill to Close Unfair Loopholes | Common Dreams ›
- Opinion | We Must Keep a Progressive Vision of the Future Alive in the Trump Era | Common Dreams ›
- Bernie Sanders Warns of US Government of, by, and for the 'Billionaire Class' | Common Dreams ›
- 'Extremely Dangerous Time': Sanders Warns of Oligarchs' War on Working Class | Common Dreams ›
- AOC to Join Western Stops of Sanders 'Fighting Oligarchy' Tour | Common Dreams ›
- Opinion | This Is What Authoritarianism Looks Like—and How We Fight Back | Common Dreams ›
- 'Enough Is Enough': Sanders, Khanna Propose Billionaires Tax to Raise $4.4 Trillion | Common Dreams ›
A Bloomberg analysis of billionaire wealth published Tuesday found that the combined fortunes of the 500 richest people on the planet surpassed $10 trillion this year, a finding that came shortly after U.S. Sen. Bernie Sanders issued an urgent call to action to prevent the emergence of "an oligarchic and authoritarian society."
The new analysis notes that the world's top 500 billionaires "got vastly richer" this year with the help of "an indomitable rally in U.S. technology stocks."
Just eight billionaires—Elon Musk, Mark Zuckerberg, Jensen Huang, Larry Ellison, Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin—added more than $600 billion to their collective wealth in 2024 and accounted for 43% of the $1.5 trillion increase in net worth among the world's 500 richest people, according to Bloomberg.
"But it was Musk—the so-called 'first buddy' of President-elect Donald Trump after unprecedented support for his reelection campaign—who dominated the world's wealthiest in 2024," Bloomberg observed, adding that Trump himself also saw his fortune surge to a record high this year, "boosted by the performance of his majority stake in Trump Media & Technology Group Corp."
Musk's use of his enormous fortune to influence the U.S. political system—including via his purchase of one of the world's largest social media platforms and donations to Trump's 2024 campaign—amplified existing concerns about the corrosive impact of massive wealth concentration on democracy.
And wealth inequality in the U.S. could soon get worse, with Trump and the incoming Republican-controlled Congress set to pursue another round of tax cuts for the ultra-rich and large corporations.
"They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."
In an email to supporters on Monday, Sanders (I-Vt.) called the rapid shift toward oligarchy in the U.S. "the defining issue of our time," warning that billionaires have come to increasingly dominate not only "our economic life, but the information we consume and our politics as well."
"A manifestation of the current moment is the rise of Elon Musk, and all that he stands for," Sanders wrote, pointing to Musk's outsize influence on the 2024 election and his key role in shaping Trump's billionaire-dominated Cabinet.
"But it's not just Musk. Billionaire owners of two major newspapers overrode their editorial boards' decisions to endorse Kamala Harris, while many others are kissing Trump's ring by making large donations to his inauguration committee slush fund," the senator continued. "They do not believe in democracy—the right of ordinary people to control their own futures. They firmly believe that the rich and powerful should determine the future."
Progressives, Sanders wrote, have a "radically different vision," one that prioritizes "an economic system based on the principles of justice," "a vibrant democracy based on one person, one vote," and making "healthcare a human right."
"Even though we are not going to succeed in achieving that vision in the immediate future with Trump as president and Republicans controlling Congress, it is important that vision be maintained and we continue to fight for it," wrote Sanders.
Since Trump's victory in the 2024 election, Sanders has focused heavily on the need to organize the working class to combat the threat posed by Musk and other far-right billionaires who have amassed obscene wealth and political power.
In his email on Monday, the senator said he intends to "travel, organize, hold events, and create content that reaches people where they are" in the coming weeks as part of the "struggle to determine where we go from here."
"Will this effort be easy?" asked Sanders. "No, of course it will not. Can it be done? We have no choice. If there was ever a moment when progressives needed to communicate our vision to the people of our country, this is that time. Despair is not an option. We are fighting not only for ourselves. We are fighting for our kids and future generations, and for the well-being of the planet."
- Opinion | Pass Wyden’s Billionaire Income Tax Bill to Close Unfair Loopholes | Common Dreams ›
- Opinion | We Must Keep a Progressive Vision of the Future Alive in the Trump Era | Common Dreams ›
- Bernie Sanders Warns of US Government of, by, and for the 'Billionaire Class' | Common Dreams ›
- 'Extremely Dangerous Time': Sanders Warns of Oligarchs' War on Working Class | Common Dreams ›
- AOC to Join Western Stops of Sanders 'Fighting Oligarchy' Tour | Common Dreams ›
- Opinion | This Is What Authoritarianism Looks Like—and How We Fight Back | Common Dreams ›
- 'Enough Is Enough': Sanders, Khanna Propose Billionaires Tax to Raise $4.4 Trillion | Common Dreams ›