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'This Is OIigarchy': While Job Market Sinks, Musk Aims to Become First Trillionaire
A report released this week revealed that the top 100 billionaires in the US have a net worth totaling $3.86 trillion.
Sep 05, 2025
The US job market has ground to a near halt, according to data released by the Bureau of Labor Statistics on Friday estimating that the economy produced an average of fewer than 30,000 jobs over the last three months.
However, not every American is feeling economic strain, as The New York Times reported on Friday that the board of electric car maker Tesla has unveiled a proposed compensation package for CEO Elon Musk that could make him the world's first trillionaire.
As the Times wrote, Musk could become worth $1 trillion so long as he boosts Tesla's share value "eightfold over the next decade" and as long as he stays at the company for at least that period.
Musk, who is already the world's richest man with a net worth of over $400 billion, would be left owning 29% of Tesla as part of the package, which the Times noted would be "an extraordinary level of control for a chief executive."
The report did add, however, that it will be very hard for Musk to achieve the full value of the compensation package given the intense competition that has emerged in the electric vehicle market and the damage Musk has inflicted on the Tesla brand with his embrace of far-right politics that have resulted in plunging car sales around the world.
Warren Gunnels, a top adviser to US Sen. Bernie Sanders (I-Vt.), observed on Musk's platform X that the billionaire's massive increase in wealth in the middle of a stalling job market was not a fluke, as several other tech billionaires have also seen their fortunes grow over the last three months.
"In the same 3 months [as the economy averaged under 30,000 jobs created per month]: Musk became $21 billion richer. He’s worth $435 billion," wrote Gunnels.
Gunnels also noted that:
- Oracle founder Larry Ellison became $69 billion richer. He's worth $277 billion.
- Meta CEO Mark Zuckerberg became $19 billion richer. He's worth $257 billion.
- Amazon CEO Jeff Bezos became $22 billion richer. He’s worth $245 billion.
"This is oligarchy," Gunnels concluded.
On Wednesday this week, global wealth intelligence firm Altrata released a new report estimating that the total number of billionaires in the US had increased from 927 in 2020 to 1,135 last year, with a collective net worth totaling $5.7 trillion. The top 100 billionaires in the US had a net worth totaling $3.86 trillion, Altrata estimated, with just three of these billionaires—Musk, Bezos, and Zuckerberg—accounting for nearly $1 trillion in net worth.
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Elon Musk Targets Programs for 'Poorest Children on Earth' While Getting Billions in Federal Contracts
"Elon loves corporate welfare for himself, rugged individualism for the poor," wrote a top adviser for Sen. Bernie Sanders.
Feb 12, 2025
Critics are pointing out the hypocrisy of billionaire Elon Musk's efforts to slash federal spending and personnel when he himself is a major beneficiary of the government's largesse, to the tune of over $10 billion dollars in federal contracts for his various companies over the past five years.
Meanwhile, Musk and representatives at the so-called Department of Government Efficiency—with the blessing of U.S. President Donald Trump—have infiltrated multiple federal agencies in service of carrying out punishing cuts. One DOGE's first victims was the U.S. Agency for International Development (USAID), the single largest provider of humanitarian assistance worldwide.
The hollowing out of USAID—which aid organizations warn will have a "catastrophic impact" on children worldwide—is currently tied up in litigation. Separately, the administration has implemented a near-total freeze on foreign aid spending.
"While Elon Musk, the wealthiest man alive, is illegally denying food for the poorest children on Earth, SpaceX received another $38 million supplemental federal contract yesterday paid for by your taxes," wrote Warren Gunnels, a top adviser to U.S. Sen. Bernie Sanders (I-Vt.), on Wednesday.
"Elon loves corporate welfare for himself, rugged individualism for the poor," he added.
Gunnels post appears to reference reporting from the Lever, which wrote Tuesday that Musk's aerospace firm SpaceX secured "a new 'supplemental' contract dated February 10 [that] adds $7.5 million to SpaceX's NASA work... The overall transaction obligated $38 million to Musk's company, as part of its overall deal with NASA."
Meanwhile, during the first meeting of the House Oversight Subcommittee on Delivering on Government Efficiency on Wednesday, Rep. Greg Casar (D-Texas) made comments in a similar vein.
"Last year, Elon Musk was promised $3 billion from close to 100 contracts with the federal government," said Casar, who went on to say that Musk makes "$8 million a day," referencing his federal contracts, while the average person in this country who receives Social Security has to make ends meet on $65 a day.
"When Republicans talk about government efficiency in this Congress, they're not looking into billionaires who don't pay their taxes, they're not looking into billionaires who get rich off of government contracts... They're looking at cutting your public schools, they're going straight for your Social Security, they're coming straight for cancer research," he said.
Casar also lambasted a draft budget resolution unveiled by House Republicans on Wednesday that calls for $4.5 trillion in tax breaks that would disproportionately benefit the wealthy, while proposing $2 trillion in cuts to Medicaid, federal nutrition assistance, and other programs.
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Progressives Say GOP's H-1B Visa Feud Distracts From Real Problem: 'Billionaire Robber Barons'
"Billionaires want you to wage a culture war while they win the class war," said one critic.
Dec 29, 2024
Progressive commentators on Saturday weighed in on a dayslong dispute between Republican President-elect Donald Trump's billionaire tech industry backers and far-right MAGA allies over the H-1B guest worker program—saying the program's right-wing supporters and detractors alike aim to distract from the real threat to workers: the billionaire CEOs who exploit both American employees and those who come from abroad.
"Billionaires want you to wage a culture war while they win the class war," said Warren Gunnels, a top adviser to U.S. Sen. Bernie Sanders (I-Vt.), on Friday night.
Gunnels' comments came after Tesla CEO Elon Musk, who spent $277 million to help Trump get elected this year, vowed to go to "war" to protect the H-1B program, which grants temporary visas to highly educated foreign professionals who work in specialized fields such as technology, medicine, and engineering.
Silicon Valley heavily relies on guest workers with H-1B visas, and Tesla, Musk's electric vehicle company, obtained 724 of the visas this year. Musk, a naturalized U.S. citizen who was born in South Africa, has said he also personally benefited from the program.
Musk—who has spoken out against immigration overall—said he would defend the program after far-right activist Laura Loomer criticized Sriram Krishnan, who Trump named as senior policy adviser on artificial intelligence, over his previous support for making it easier for highly educated foreign workers to come to the U.S. Loomer said the policy was "in direct opposition" to the anti-immigration agenda embraced by Trump, who has vowed to oversee a mass deportation operation.
Trump on Saturday expressed support for Musk's position, saying he is "a believer in H-1B," which he moved to limit during his first term.
"The problem is the oligarchs who became billionaires by exploiting workers, suppressing wages, and shipping jobs abroad."
"I have many H-1B visas on my properties," Trump told The New York Post. "I have used it many times. It's a great program."
Labor rights advocates have raised concerns that workers who come to the U.S. with H-1B visas are vulnerable to exploitation by their employers.
Last year, the Economic Policy Institute (EPI) noted in a report that H-1B visas were not being used to "fill genuine labor shortages in skilled occupations without negatively impacting U.S. workers' wages and working conditions." The program's biggest users were companies that laid off thousands of workers in 2022 and 2023.
"The rest of the companies that dominate the program have an outsourcing business model that exploits the program by underpaying skilled migrant workers and offshoring U.S. jobs," wrote Daniel Costa, EPI's director of immigration law and policy research, and Ron Hira, a research associate and job offshoring expert who is also a professor at Howard University.
On the social media platform X on Friday, Hira wrote that "employers favor guest workers because they have fewer rights and less bargaining power."
"[The U.S. Department of Labor] has set the H-1B minimum wages far below market wages," continued Hira. "Employers can and do pay H-1B workers much less than market rates. While H-1B workers can change jobs, they have far fewer employment options and job mobility than U.S. workers. Many call their employment situation 'indentured servitude' because they are effectively bound to their employer. Employers control the visa so they can exercise extraordinary bargaining power over their H-1B workers on wages and working conditions."
In 2023, Hira and Costa called on the Biden administration to close the "outsourcing loophole" in the H-1B program by requiring companies that hire visa holders to file labor condition applications and to ensure the H-1B workers are paid a fair wage—steps that would promote fairer treatment of all workers.
Gunnels pointed out that when Sanders was first elected to the Senate nearly two decades ago, he introduced an amendment that would have "increased the fees companies pay to hire H-1B guest workers to fund scholarships for Americans pursuing degrees in science, engineering, and math"—supporting U.S.-born and foreign workers. The amendment did not become law despite passing 59-35.
The bipartisan budget deal that Musk helped to kill earlier this month included a similar provision, Gunnels said.
Musk said last week that the H-1B visa program is needed because of a "permanent shortage of excellent engineering talent" in the U.S., while Vivek Ramaswamy, a billionaire entrepreneur who Trump has chosen to run his proposed Department of Government Efficiency along with Musk, said U.S. culture "has venerated mediocrity over excellence for way too long" and advised Americans to look to a future with "more math tutoring, fewer sleepovers. More weekend science competitions, fewer Saturday morning cartoons."
Krystal Ball, co-host of the online news show "Breaking Points," said the feud between Trump's MAGA allies and his Big Tech supporters promoted two distinct lies.
" Trumpism pushes the lie that if you are struggling it's because of immigrants and trans people," said Ball. "Elon and Vivek are pushing the traditional GOP lie that if you are struggling it's your own fucking fault. The truth is if you are struggling it's likely because of billionaire robber barons like Trump, Elon, and Vivek, who rig the rules to screw regular people."
Former Ohio state Sen. Nina Turner added that American corporations, not workers, have a "culture problem."
"This is about corporations squeezing every last penny out of anyone and anything they can," said Turner. "This framing that American workers have a 'culture problem' and aren't 'motivated' is quite telling, given where it's coming from: billionaire CEOs. What does 'motivated' mean? To them, it seems that it means the threat of being sent back overseas."
Contrary to the dueling GOP narratives on display in recent days, the problem facing American workers is "not the H-1B guest worker from India or the tomato picker from Guatemala," said Gunnels. "The problem is the oligarchs who became billionaires by exploiting workers, suppressing wages, and shipping jobs abroad."
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'Sick Joke': Progressives Roundly Reject Idea of Rahm Emanuel as DNC Chair
"No amount of rebranding can change the fact that Rahm Emanuel's political career has been an abject failure—neoliberal centrism is exactly the wrong direction for the Democratic Party," said one critic.
Nov 15, 2024
Progressives were left fuming and flummoxed over reporting Friday that Rahm Emanuel is considering running for chair of the Democratic National Committee, with many leftists wondering whether the party has learned anything from its loss of the White House, Senate, and, arguably, the country's working-class voters.
Axios first reported that Emanuel—President Joe Biden's ambassador to Japan and a former congressman, Chicago mayor, and chief of staff to former President Barack Obama—is mulling whether to seek the top DNC post. Current DNC chair Jamie Harrison, who was elected to the post in 2021, is unlikely to seek a new term, which would begin in March.
Emanuel has some powerful backers among the war-and-Wall Street wing that has dominated the Democratic party for decades.
"If they said, 'Well, what should we do? Who should lead the party?' I would take Ambassador Rahm Emanuel, and I would bring him back from Japan, and I would appoint him chairman of the Democratic National Committee," prominent political consultant David Axelrod, who ran both of Obama's successful presidential campaigns, said Wednesday on his podcast.
Axelrod followed up the next day with a post on X, the social platform formerly known as Twitter, in which he wrote of Emanuel, "Dude knows how to fight and win."
Reaction came fast and furious, with Jonathan Cohn, policy director at the group Progressive Massachusetts, asking on the social network Bluesky, "How is this not a sick joke?"
Center for International Policy executive vice president Matt Duss, a former foreign policy adviser to Sen. Bernie Sanders (I-Vt.) writing on X that "if you assembled a team of top scientists and told them to come up with a plan to ensure that the Democratic Party continues to lose working-class voters, I doubt they could do better than 'Make Rahm Emanuel head of the DNC.'"
Comedian, author, and podcaster Kate Willett
said on X: "If I had to pick one individual who set the stage for what seems like it may be decades of Trumpism, it's Rahm Emanuel. Imagine if Obama had saved peoples' homes in 2008 and put the bankers in jail? Truly fixed healthcare? Rahm worked diligently to make sure that didn't happen."
Miles Kampf-Lassin, the senior editor at the progressive website
In These Times, wrote, "I've said it before and can't believe I have to say it again: No amount of rebranding can change the fact that Rahm Emanuel's political career has been an abject failure—neoliberal centrism is exactly the wrong direction for the Democratic Party."
Hafiz Rashid argued Friday in a
New Republic article that, if he wins the post, Emanuel could be "the worst possible DNC chair."
"The fact that Emanuel has been disconnected from local and state politics for years... seems unlikely to help," Rashid asserted. "Democrats are currently expected to tap someone with expertise at the grassroots level and an understanding of how Democrats are winning elections now—two things Emanuel sorely lacks."
Apparently questioning the strategic wisdom of Vice President Kamala Harris' failed Democratic presidential run, Warren Gunnels, a staff director for Sanders,
said on X, "Ruling Elite: Let's get Dick Cheney's endorsement and anoint Rahm Emanuel as DNC Chair."
"One word," he added. "No."
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Converging on White House, Progressives Tell Biden to Cancel Mountain Valley Pipeline
The president "can stop MVP just like he stopped Keystone XL" and "can reclaim his climate legacy by stopping all new fossil fuel projects."
Jun 08, 2023
Progressives descended upon the White House on Thursday to demand that U.S. President Joe Biden use his executive authority to cancel the Mountain Valley Pipeline and declare a climate emergency to expedite the end of the fossil fuel era.
Approval of the Mountain Valley Pipeline (MVP) was fast-tracked last week via the debt ceiling agreement that Biden, eschewing his options for unilateral action, forged with House Republicans who took the global economy hostage. The fracked gas development in Appalachia—pushed hard by the GOP and Sen. Joe Manchin (D-W.Va.), a coal profiteer and Congress' top recipient of Big Oil money—is one of several fossil fuel projects that Biden has the power to stop.
While Biden was inside the White House talking with right-wing United Kingdom Prime Minister Rishi Sunak, hundreds of people gathered outside to remind the president that "he can stop MVP just like he stopped Keystone XL." The rally was organized by People vs. Fossil Fuels, a coalition of more than 1,200 organizations. It marks the start of multiple days of action nationwide.
Many people wore masks due to the hazardous air quality in Washington, D.C. The East Coast's smoke-filled skies are a direct result of climate change-intensified wildfires now spiraling out of control in Canada—a fact that observers were keen to point to as evidence for why Biden should revoke the permits needed to complete MVP and other planet-heating fossil fuel projects.
When asked by a reporter Wednesday if the coalition planned to cancel Thursday's protest as a public health precaution, Fossil Free Media director Jamie Henn said, "No, this is exactly why we have to take these sorts of actions." On Thursday, he added that "we're not going to sit idle as the world burns."
A separate rally scheduled for Thursday in New York City had to be canceled, however, because the record-setting air pollution blanketing the country's most populous metropolitan area in an apocalyptic orange haze poses too great a risk.
"We're fighting for a future," West Virginia resident Maury Johnson said during the demonstration in the nation's capital. "Not one that's filled with smoke."
Climate justice advocates were joined outside the White House by Rep. Rashida Tlaib (D-Mich.). Noting that MVP has nothing to do with raising the nation's debt limit—an arbitrary and arguably unconstitutional cap on federal borrowing the GOP has weaponized to impose its agenda on multiple occasions—the progressive lawmaker denounced the inclusion of the project's approval in the debt ceiling deal.
As The Guardian reported Thursday, "The Mountain Valley Pipeline project has been enmeshed in legal challenges for years due to opposition from grassroots groups and landowners but the deal passed by Congress to raise the U.S. debt ceiling, signed by Biden over the weekend, singles out the pipeline as being 'required in the national interest' and therefore should be allowed to proceed, shielded from any future judicial review."
The approval of MVP comes just months after Biden greenlighted ConocoPhillips' massive Willow oil drilling project in the Alaskan Arctic. Additionally, despite possessing the executive authority to cancel nearly two dozen proposed fracked gas export projects that threaten to generate heat-trapping emissions equivalent to roughly 400 new coal-fired power plants, the Biden administration has moved to increase fracked gas export capacity, especially in the U.S. Gulf Coast, since Russia invaded Ukraine last February. The president has also rubber-stamped more permits for fossil fuel extraction on public lands and waters than his White House predecessor.
The Biden administration has done all of those things despite mounting evidence of the climate emergency's worsening toll and ample warnings from scientists about the incompatibility of expanding fossil fuels and preserving a livable planet. United Nations Secretary-General António Guterres recently told Biden and other wealthy country officials in no uncertain terms that their current climate policies amount to a civilizational "death sentence."
People vs. Fossil Fuels has argued that the president "can reclaim his climate legacy by stopping all new fossil fuel projects."
Thursday's rally outside the White House marks the beginning of what the coalition called "a stampede of distributed actions across the country" from June 8-11.
Participants have four main demands for Biden:
- End new fossil fuel projects, including Willow and the Alaska LNG project;
- Phase out ongoing oil and gas drilling on public lands;
- Declare a climate emergency; and
- Make renewable energy technology more available for homes and transportation.
As another alliance of progressive advocacy groups has explained: "The president has a long list of actions that he could take or instruct his agencies to take, ranging from stopping fossil fuel infrastructure approvals to instructing the [U.S. Environmental Protection Agency] to issue a stringent pollution prevention rule for the oil and gas sector. Declaring a climate emergency under the National Emergencies Act would unlock additional statutory powers, including the ability to halt crude oil exports and directing funds to build resilient, distributed renewable energy."
In a statement this week, Zero Hour organizing director Magnolia Mead said that "young people are angry and fed up with watching President Biden cave to the fossil fuel industry time and time again."
"We need an immediate transition to renewable energy to slow the climate crisis, and that's impossible while our president is still approving massive fossil fuel expansion," said Mead. "If President Biden cares at all for future generations and frontline communities, he must choose to end the era of fossil fuels."
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Progressives Say Submitting to GOP Ransom on Debt Ceiling 'Nothing to Brag About'
"Here's the news media's takeaway on the debt ceiling deal: Yay! Bipartisanship works! Here's the reality: GOP radicals held the economy hostage, Democrats paid the ransom, and bipartisanship is badly broken."
Jun 03, 2023
President Joe Biden delivered his first televised address from the Oval Office on Friday night to applaud the final result of legislative negotiations between his administration and Republicans in Congress who took the U.S. economy hostage over the debt ceiling, but progressive critics found the victory lap hard to take given the details of the deal and the devastating impacts they will have.
"It was critical to reach an agreement and it's very good news for the American people," Biden said during his remarks from the White House. "No one got everything they wanted but the American people got what they needed. We averted an economic crisis and an economic collapse."
But what Biden called a "big win for our economy and the American people," progressives—who argue the entire debt ceiling law is unconstitutional because it violates the 14th amendment and warned since last year that Republicans would orchestrate a crisis to protect wealthy tax dodgers and corporations while imposing fresh cuts on key social programs—should be seen for what it is: a kick in the face to the planet, democracy, and the material needs of poor and working-class Americans.
" Wall Street and corporate interests may be enthusiastic about this bill, but I believe it moves us in exactly the wrong direction." —Sen. Bernie Sanders
Warren Gunnels, majority staff director for the Senate Health, Education, Labor and Pensions (HELP) Committee chaired by Sen. Bernie Sanders (I-Vt.), said on social media Friday, the final legislation—which Biden is expected to sign into law Saturday—should be seen as "a big win for the donor class and a big loss for the 99%."
"It's nothing to brag about," Gunnels added.
"Not everyone got what they wanted?" Nina Turner, former Ohio State Senator and congressional candidate, asked rhetorically. "The 1% and the military-industrial complex got exactly what they wanted."
As Common Dreams reported, Lockheed Martin CEO James Taiclet this week said Biden signing the agreement into law would be "as good an outcome as our industry or our company could ask for at this point," noting that it calls for "3% growth for two years in defense where other areas of the budget are being reduced."
Journalist and author Mark Jacobs suggested that much of the coverage in the corporate press has been friendly to Biden's framing of the legislative result, but that this should be challenged.
"Here's the news media's takeaway on the debt ceiling deal: Yay! Bipartisanship works!" said Jacobs. "Here's the reality: GOP radicals held the economy hostage, Democrats paid the ransom, and bipartisanship is badly broken."
In addition to across-the-board spending caps for non-defense discretionary spending—which economists note is a real-world cut, given inflation, to key programs that serve tens of millions working class individuals and families—the deal greenlit permitting reforms for oil and gas projects desired by the fossil fuel industry and will force fast-track approval of the controversial Mountain Valley Pipeline that frontline communities in West Virginia, Virginia, and elsewhere have opposed for years.
Katie Bergh and Dottie Rosebaum, policy analysts with the Center on Budget and Policy Priorities, detailed this week how changes to the Supplemental Nutrition Assistance Program (SNAP) contained in the deal championed by Biden and Speaker of the House Kevin McCarthy "would put almost 750,000 older adults aged 50-54 at risk of losing food assistance through an expansion of the existing, failed SNAP work-reporting requirement."
"The older adults who lose access to SNAP would lose about $8 per person per day in benefits," explained Bergh and Rosenbaum. "These individuals often have very low incomes, and the loss of SNAP will push most of those affected into or deeper into poverty."
At the same time, the deal championed as a "big win" included large cuts to the IRS budget that a CBO analysis this week showed will actually cost the federal government over $40 billion in lost revenue and increase the deficit—the opposite result of what the GOP claims regarding the budget but very much in line with helping wealthy tax dodgers and corporations pay less each year.
In a Friday op-ed explaining his opposition to the legislation, Sen. Sanders said the only thing good to say about the bill was that it was not worse—which it certainly could have been.
"At a time when this country is rapidly moving toward Oligarchy, with more wealth and income inequality than we've ever experienced, I could not in good conscience vote for a bill that cuts programs for the most vulnerable while refusing to ask billionaires to pay a penny more in taxes," Sanders wrote. "Wall Street and corporate interests may be enthusiastic about this bill, but I believe it moves us in exactly the wrong direction."
"The fact of the matter is that this bill was totally unnecessary," Sanders concluded in his op-ed. "The President has the authority and the ability to eliminate the debt ceiling today by invoking the 14th Amendment. I look forward to the day when he exercises this authority and puts an end, once and for all, to the outrageous actions of the extreme right-wing to hold our entire economy hostage in order to protect their corporate sponsors."
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Manchin-Romney Attack on Social Security Is 'Last Thing We Need': Sanders
The Vermont Independent called for expanding popular federal programs rather than allowing a bipartisan commission to propose devastating cuts.
Jan 21, 2023
Progressive Sen. Bernie Sanders on Saturday slammed right-wing Democratic Sen. Joe Manchin's widely panned proposal to explore slashing Social Security benefits as part of a debt ceiling pact with Republicans.
During a Wednesday interview with Fox Business at the ruling class' annual gathering in Davos for the World Economic Forum, Manchin (W.Va.) suggested that members of both major U.S. political parties "work together" on solving the nation's so-called "debt problem." Although Manchin didn't explicitly demand cuts to Social Security and expressed opposition to GOP calls for privatization, he singled out the program for intervention, saying that Congress "should be able to solidify it."
Given that Republicans are currently threatening to tank the global economy unless Democrats agree to reduce social spending, Manchin's unilateral call for appeasement has set off alarm bells.
What's especially concerning to progressives is that the corporate-backed lawmaker is the co-author, alongside Sen. Mitt Romney (R-Utah), of the TRUST Act, a bill that would enable Congress to create bipartisan "rescue" committees for the nation's trust fund programs—including Social Security and Medicare—and give the panels 180 days to develop "legislation that restores solvency and otherwise improves each." Measures put forth by the bipartisan committees would be fast-tracked for floor votes in both chambers of Congress, with no amendments allowed.
Not only is Social Security legally incapable of adding to the federal deficit, but budget analysts have shown that the program is financially sound, requiring just a small increase in payroll tax revenue to ensure full benefits beyond 2035.
"The last thing we need is another commission to propose cuts to Social Security and Medicare," Sanders (I-Vt.) tweeted Saturday.
"The disastrous Bowles-Simpson 'fiscal commission' came very close to passing Congress some ten years ago. Bernie led the fight against it. It was a bad idea then, it is an even worse idea now."
"The last time we had one, it proposed cutting Social Security benefits for middle-class seniors by up to 35% and cutting tax rates for billionaires," Sanders added, referring to the notorious 2010 Bowles-Simpson Commission, on which Manchin and Romney's bill is based.
Former Clinton White House Chief of Staff Erskine Bowles and former Republican Sen. Alan Simpson (Wyo.), the Obama-appointed chairs of that commission, both endorsed the TRUST Act in 2021, calling it "important and vital."
Historically informed critics, by contrast, have condemned Manchin and Romney's legislation as "a Trojan horse to cut seniors' benefits."
Sanders' staff director Warren Gunnels provided additional historical context on Saturday, linking to a 2012 essay in which the senator explained that in addition to seeking to cut wealthy households' tax rates and current retirees' Social Security benefits, the panel also proposed raising the retirement age to 69 years, slashing veterans' benefits, increasing interest rates on student loans, and eliminating 450,000 federal jobs, among other harmful measures.
On Wednesday, Manchin asserted that his and Romney's bill could be used to secure a debt ceiling deal with House Republicans, many of whom have vowed to not lift the country's borrowing cap—an arbitrary and arguably unconstitutional figure set by Congress—unless Democrats agree to shred vital social programs.
The U.S. government's outstanding debt officially hit the statutory limit of $31.4 trillion on Thursday, at which point the Treasury Department started repurposing federal funds.
Treasury Secretary Janet Yellen told congressional leaders last week that "the use of extraordinary measures enables the government to meet its obligations for only a limited amount of time," possibly through early June. She implored Congress to "act in a timely manner to increase or suspend the debt limit," warning that "failure to meet the government's obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability."
Notably, Capitol Hill's deficit hawks do not support reducing the Pentagon's ever-expanding budget or hiking taxes on the rich to increase revenue. On the contrary, the first bill unveiled by House Republicans in the 118th Congress seeks to rescind most of the Inflation Reduction Act's roughly $80 billion funding boost for the Internal Revenue Service—a move that would help wealthy households evade taxes and add an estimated $114 billion to the federal deficit.
A 2011 debt ceiling standoff enabled the GOP to impose austerity and also resulted in a historic downgrading of the U.S. government's credit rating, but the country has never defaulted on its debt. Economists warn that doing so would likely trigger chaos in financial markets, leading to millions of job losses and the erasure of $15 trillion in wealth.
Knowing that a painful recession is at stake, "many leading Republican lawmakers are demanding that their new House majority use the debt limit as leverage to force the Biden administration to accept sweeping spending cuts that Democrats oppose, creating an impasse with no clear resolution at hand," the Washington Post reported last week.
Manchin claims to have spoken "briefly" with House Speaker Kevin McCarthy (R-Calif.) about the TRUST Act. Asked about the White House's opposition to attaching any policy concessions to a debt ceiling agreement, Manchin said he believes the Biden administration will change its tune and negotiate with Republicans.
Alex Lawson, the executive director of Social Security Works, told Common Dreams earlier this week that President Joe Biden should "reiterate his commitment to only signing a clean debt limit increase, and specifically rule out a closed-door commission designed to cut Social Security."
Lawson's sentiment was echoed Saturday by Gunnels, who wrote on social media: "I'm old enough to remember that the disastrous Bowles-Simpson 'fiscal commission' came very close to passing Congress some ten years ago. Bernie led the fight against it. It was a bad idea then, it is an even worse idea now."
Rather than allowing a bipartisan commission to propose devastating cuts, Sanders argued, "we must instead expand Social Security."
Surveys have shown that U.S. voters are strongly opposed to cutting or privatizing Social Security and want Congress to expand the program. Last year, Sanders and Sen. Elizabeth Warren (D-Mass.) led the introduction of the Social Security Expansion Act, which would lift the cap on income that is subject to the Social Security payroll tax and boost the program's annual benefits by $2,400.
According to Data for Progress, 76% of likely voters—including 83% of Democrats, 73% of Republicans, and 73% of independents—support imposing, for the first time, payroll taxes on individuals with annual incomes above $400,000 per year to fund an expansion of Social Security benefits. Currently, annual earnings above $160,200 are not subject to the Social Security payroll tax.
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Dr. Oz Derided Over Ad Attacking Fetterman's Support for 'Free Healthcare'
"What's radical," responded a top aide to Sen. Bernie Sanders, "is 338,000 Americans dying during the pandemic because they could not afford for-profit healthcare."
Aug 16, 2022
Republican U.S. Senate hopeful and ultra-millionaire Mehmet Oz attempted Monday to cast his Democratic opponent, Pennsylvania Lt. Gov. John Fetterman, as "the most radical candidate in the country" by citing his support for "free healthcare," a line of attack that was met with widespread derision on social media.
Dr. Oz, a former television personality who is trailing the key Senate contest by double digits, delivered the attack through a crudely animated ad showing Rep. Alexandria Ocasio-Cortez (D-N.Y.) emerging from Fetterman's skull holding a sign that reads, "Free healthcare for everyone!"
"Socialized medicine?" the narrator scoffs. "Where did he get these crazy ideas?"
The ad, which has previously aired on television, answers the question with an animation of Sen. Bernie Sanders (I-Vt.), who has polled as the most popular politician in the United States.
Watch:
"Honestly had to double check that this wasn't a parody account," Robert Maguire, research director at Citizens for Responsibility and Ethics in Washington, tweeted in response to the clip, which includes a slew of other attacks on Fetterman's policy agenda, some of them highly misleading.
Warren Gunnels, Sanders' staff director, added that "67% of the American people support providing Medicare to every American, including 69% of independents and 87% of Democrats."
"What's radical," Gunnels added, "is 338,000 Americans dying during the pandemic because they could not afford for-profit healthcare."
Gunnels was referencing a peer-reviewed study published in June showing that more than 338,000 U.S. coronavirus deaths could have been prevented if the country had a single-payer healthcare system that guaranteed comprehensive coverage for all.
Fetterman has long expressed support for Medicare for All and promised, if needed, to cast the decisive Senate vote in support of single-payer legislation, a position that led for-profit healthcare interests to attack him during the Democratic primary. On his campaign website, Fetterman states his view that "healthcare is a fundamental human right--just like housing, food, and education."
Oz, by contrast, has pledged to "expand access to private sector plans expanded by President Trump," an apparent reference to the former president's executive order bolstering privately run Medicare Advantage plans that are notorious for overcharging the government and denying patients medically necessary care.
Oz has also vowed to take on healthcare industry "lobbyists and powerful special interests," not mentioning that he has benefited from Big Pharma cash.
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'No Means Testing. Do It for Everyone': Biden Urged to Go Big on Student Debt Cancellation
"Student loan debt is already means-tested by design: the rich have no student debt," said the Debt Collective. "We need to cancel all student loan debt."
Apr 29, 2022
Progressive lawmakers, advocates, and deeply indebted Americans ramped up their calls Friday for President Joe Biden to cancel all outstanding federal student loan debt amid reports that his administration is considering income limits and other restrictions on eligibility for any potential relief.
"If we can bail out banks that destroyed the economy because of their illegal activity, we can cancel all student debt."
The Wall Street Journal reported Thursday that Biden's advisers are weighing a number of means tests including "an income threshold" and a provision "limiting forgiveness to undergraduate loans" with the stated goal of ensuring that the "bulk of the benefits go to lower-to-middle-income borrowers."
Speaking to reporters on Thursday, Biden himself said he is "not considering $50,000 debt reduction"--a signal that he remains unwilling to go beyond his initial promise of $10,000 in forgiveness per borrower.
But campaigners, led by the Debt Collective, argued that limiting relief to $10,000 and adding means testing to the equation would unnecessarily deny benefits to millions of people across the United States who are being crushed by student debt. Borrowers in the U.S. currently hold over $1.8 trillion combined in student debt, which has increased by 91% over the past decade.
"For millions of borrowers, many of whom owe six figures, 10k or 50k of relief barely provides a dent in the amount of debt they hold," the Debt Collective, the nation's first debtors' union, writes in a new petition. "For many, it won't touch a cent of their monthly payments. If Biden were to cancel 10K for all 45 million borrowers--we'd still have a massive student debt crisis on our hands."
"Student loan debt is already means-tested by design: the rich have no student debt," the petition continues. "And the government's ongoing issues with their failing relief programs show those don't work, either. We need to cancel all student loan debt."
The Biden administration has extended a moratorium on student debt repayments and interest four times, with the latest set to expire on August 31--just ahead of the critical November midterms. The moratorium has been in place since the beginning of the coronavirus pandemic.
While progressives have welcomed the extensions--particularly given that half of all U.S. student loan borrowers say they would not currently be able to afford a single monthly payment--they've argued that merely delaying the moratorium's eventual end without canceling any debt does nothing to provide lasting relief.
"Think big or go home. Cancel all of it."
Earlier this week, Biden told the Congressional Hispanic Caucus in a private meeting that he is considering unilaterally forgiving at least some student loan debt--comments that advocates cautiously praised while vowing to keep up the pressure.
But the White House quickly made clear that Biden is still not yet on board with total student debt cancellation or even $50,000 in forgiveness via executive action, a step top Democrats including Sen. Elizabeth Warren (D-Mass.) and Senate Majority Leader Chuck Schumer (D-N.Y.) have urged him to take.
During a briefing on Thursday, Press Secretary Jen Psaki confirmed that Biden is examining "how to provide additional relief to many Americans who... still have student loans."
Asked whether any such relief would be means-tested, Psaki replied, "That's certainly something he would be looking at."
But the specific means tests that Biden is reportedly considering would exclude many "nurses, teachers, public defenders, social workers, and anyone who went to grad school," Jane Fox, a public defender with the Legal Aid Society, noted, referring specifically to the Journal's report on the proposed undergrad-only restriction.
"Oh and then also throw everyone who went to a college that cost more than $10,000 under the bus," Fox added.
Warren Gunnels, staff director for Sen. Bernie Sanders (I-Vt.), argued on Twitter late Thursday that it doesn't make political sense for Biden to cancel a small portion of student loan debt, as "Republicans will attack forgiving $10,000 in student debt as voraciously as if Biden canceled all student debt while demoralizing tens of millions who will still be drowning in it."
On Wednesday, a group of Republican senators introduced legislation that would bar the president from canceling student loan debt through executive action--inadvertently admitting that Biden has the authority to do so.
"Think big or go home," Gunnels wrote. "Cancel all of it."
Rep. Pramila Jayapal (D-Wash.), chair of the Congressional Progressive Caucus, echoed Gunnels on Friday, writing, "One person holds the power to cancel student debt for 45 million Americans."
"Get it done, President Biden," the Washington Democrat added.
Jayapal was among a number of progressive lawmakers who attended a rally near the White House earlier this week in support of total student debt cancellation.
In his remarks at the demonstration, Sanders--the chair of the Senate Budget Committee--characterized the student debt issue as "a fight over national priorities."
"If we can bail out banks that destroyed the economy because of their illegal activity," Sanders said, "we can cancel all student debt."
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