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As our precarious working and living conditions increasingly resemble those of the original Wobblies, the principles and strategy of solidarity unionism and industrial unionism are now more critical than ever.
This summer, the Industrial Workers of the World, or IWW is once again going on tour nationally. Wobblies in multiple cities have organized the Fire Your Boss Tour to, well, show all workers how to fire your boss and to spread the principles of industrial unionism, solidarity unionism, and radical workplace organizing.
The Industrial Workers of the World (IWW) was once feared by capitalists and the state. The IWW, often referred to as the “One Big Union,” represented a fundamentally different vision of working-class power than had existed. At its peak in 1917, the union counted roughly 150,000 members, nearly half a percent of the entire United States’ working class. Half a percent might sound small, but that amounted to 150,000 or more worker-organizers, across industries and across the country, all working to build a revolutionary union. Imagine what that would mean today. If even half a percent of the modern working class were organized around the same vision, it would amount to nearly 1 million worker-organizers fighting together for the same goal.
Today, as workers across the country face renewed repression and new (or old) forms of exploitation, we would not be ill-served to look to the example of the IWW for inspiration. We do not seek to romanticize the past, but the conditions the early IWW confronted then are strikingly familiar today: massive concentration of wealth; rampant inequality; and a divided, collaborationist labor movement. Against this world, the early IWW offered a bold vision, one in which workers organized as a class, across every artificial division imposed on them, and fought capitalism right where it hurt: at work. The IWW’s scale, industrial approach, and insistence on worker-led organizing still offer powerful lessons for worker-organizers seeking to break through the barriers that divide us and unite the working class to build a force capable of real, transformative change.
So, how did the IWW become such a powerful force back in 1917? What drew so many workers to this union and inspired them to organize under its banner?
Workers do not need to wait for permission from employers, courts, or labor boards to act collectively; our power begins at the precise point when we collectively recognize our shared conditions and organize to change them.
First, the IWW was committed to a united working class. While other unions excluded workers based on their skill level, gender, race, ethnicity, or trade, the IWW welcomed all workers. Its grand vision was “an organization formed in such a way that all its members in any one industry, or in all industries if necessary, cease work whenever a strike or lockout is on in any department thereof, thus making an injury to one an injury to all.” The IWW sought to break down the divisions that existed among the working class and unite against our common enemy, the employing class, and it was working. That is precisely why the ruling class feared the IWW.
Second, the IWW was committed to radical democracy and rank-and-file control. Rather than building a union that depended on paid staff, the IWW developed worker-organizers on the shop floor, and all decisions were made by the workers themselves. This model is critical for building a mass movement. It engages large swaths of workers in the struggle; empowers them to take direct, autonomous action; and creates a sustainable model by continuously developing new organizers rather than relying on charismatic leaders or “superhero” organizers. We still see traces of this organizing culture today. The Starbucks Workers United campaign, which was preceded by an IWW Starbucks workers campaign nearly 20 years earlier, has been driven by baristas organizing democratically at the shop level, with workers themselves taking the lead and engaging in collective decision-making rather than relying on external union staff as is still too often the expectation in other unions.
One famous story from 1916 captures this culture of rank-and-file democracy:
In 1916 in Everett, Washington, a passenger ferry loaded with Industrial Workers of the World (IWW) free speech activists attempted to dock. On the dock, the local sheriff, along with armed deputies and armed guards hired by local businesses, attempted to block the ship from docking. According to lore, when the sheriff asked, "Who are your leaders?" the response from the ferry was a shout from everyone aboard, declaring, "We are all leaders here." As folk musician Utah Phillips explains, "That scared the tar out of the ol’ law you know’"
The power of the early IWW did not lie in any single leader who could be arrested, bought off, discredited, or removed. Its power lay in the collective capacity of everyday rank-and-file workers to lead themselves.
Finally, the IWW was committed to working-class dignity in its deepest sense. The Preamble to the Constitution of the IWW (1905) famously declares: “Instead of the conservative motto, 'A fair day’s wage for a fair day’s work,' we must inscribe on our banner the revolutionary watchword, ‘Abolition of the wage system.’ It is the historic mission of the working class to do away with capitalism.” When the IWW said it wants more of the good things in life, they were not just talking about getting the bosses to fork over a bit more cash. The IWW’s goals are bigger than that. We want a better life here and now. This can be contrasted with the trade union movement, which disheartened (and continues to dishearten) workers by making shady backroom deals with bosses.
The IWW is, was, and will always be a union for and by the working class.
The contemporary IWW is still committed to all of these things, and the grand vision that it set forth in the early 1900s is just as relevant and necessary today as it was then. Its contemporary form is not identical to that of the early 20th century, but the grand vision it set forth remains urgently relevant.
In 1911, Big Bill Haywood, a founding member of the IWW, gave a speech about "the general strike as a weapon of the working class." In response to a question from the audience about political action and what distinguishes the IWW from the AFL, he replied:
The Industrial Workers of the World is an economic organization without affiliation with any political party or any non-political sect. I as an Industrialist say that industrial unionism is the broadest possible political interpretation of the working-class political power, because by organizing the workers industrially you at once enfranchise the women in the shops, you at once give the black men who are disenfranchised politically a voice in the operation of the industries; and the same would extend to every worker. That to my mind is the kind of political action that the working class wants. You must not be content to come to the ballot box on the first Tuesday after the first Monday in November, the ballot box erected by the capitalist class, guarded by capitalist henchmen, and deposit your ballot to be counted by black-handed thugs, and say, “That is political action.” You must protect your ballot with an organization that will enforce the mandates of your class. I want political action that counts. I want a working class that can hold an election every day if they want to.
As Haywood made clear, the IWW did not reject politics so much as it rejected reducing politics to the electoral kind. For the Wobblies, the workplace itself was a political arena. In fact, it was the political arena. It was and remains where workers spend most of their waking hours (and often their sleeping hours). Industrial unionism for the Wobblies was a means of democratizing power where workers actually lived, labored, and were disciplined. Industrial unionism could also extend real political power to workers excluded from or marginalized within formal citizenship. The ballot box is an institution shaped, guarded, and constrained by capitalist power. What mattered, then, was not simply the right to vote, but the collective capacity to enforce working-class demands through organization at the point of production. When Haywood says that he wants a working class that can hold an election every day if they want to, he means that his vision of democracy is not one in which (some) workers get to delegate periodic representation within capitalist institutions, but rather one in which continuous collective power is exercised directly by workers who have wrested control of their workplaces.
For the founding members of the IWW, the fundamental flaw in established labor organizations like the AFL extended far beyond mere conservatism. They argued that the very structure of trade unions was inherently incapable of addressing the monopolistic tendencies of modern capitalism. In the Preamble to the Constitution of the IWW (1905), the founding members of the IWW observed that, as capital became increasingly concentrated into the hands of a few monopolies, the trade union model, focused narrowly on specific skilled crafts, was no more than an obsolete barrier. Faced with the overwhelming power of an employing class that had consolidated industries into vast monopolies, the IWW believed that the AFL's approach of protecting only skilled workers served only to fragment and ultimately weaken the working class.
Consequently, the Wobblies championed a radically different vision of worker power, described by William Trautmann at the 1905 IWW founding convention as one in which workers refused to be "bound by the sacredness or the sanctity of a contract." Instead, the IWW sought to unite all workers, regardless of trade, whether capital and state deemed them skilled or unskilled, into a single, cohesive force capable of achieving true economic justice, and thus social and political justice, through industrial unionism. This vision of industrial unionism relied on what Alice and Staughton Lynd would later describe as solidarity unionism, namely a form of organizing in which workers learn to be in solidarity with each other, rejecting the many divisions imposed on them by employers and the state, in order to directly take collective action to improve their lives. For the Wobblies, the union was not to be a service organization that represented workers from above, but rather the self-organization of workers themselves, capable of forming and enforcing their own demands through various forms of direct action that they would collectively and democratically decide. The point was not simply to win better contracts within capitalism, but to cultivate the everyday practices of true working-class democracy and power that would eventually challenge capitalist authority at its source.
Consolidating our power and coming together across entire industries opens up a world of opportunities for what workers can achieve. Our bosses (or our owners, as a co-worker once quipped) already understand this. Capital is always consolidating: Four corporations own a third of all grocery stores in this country, and just 12 corporations own virtually every product and brand on those shelves. The wealth and power accumulated by these corporations is staggering, but the structure is not new. In many ways, the conditions of the 21st century resemble those of the early 20th century, when the IWW emerged in response to monopolies, deskilling, precarious work (what we call gig work is, of course, a new name for an old form of exploitation), and, above all, the concentration of entire industries in the hands of a few powerful capitalists. Then, as now, workers were divided by job, workplace, race, gender, citizenship, whether they were deemed skilled or unskilled, while capital operated across all of those divisions.
If capital organizes industrially, workers must do the same. What if we did the same and organized into a One Big Union? What if we formed cross-workplace organizing committees that brought together workers from different shops within the same industries? It is by building these connections and structures that we will lay the groundwork for industrial solidarity, thereby creating working-class networks that make any one group of workers that much harder to isolate, intimidate, and, ultimately, defeat. Above all, like our Wobbly ancestors, we must begin to practice the basic principle of solidarity unionism: that workers do not need to wait for permission from employers, courts, or labor boards to act collectively; our power begins at the precise point when we collectively recognize our shared conditions and organize to change them.
From another perspective, while wealth inequality is at an all-time high, government repression against activists is at an all-time high as well. That too is another key similarity between our time and that of the early Wobblies. From Prairieland to the FBI raids in Minnesota and Michigan, the government is once again trying to quash dissent; building a militant, industrially organized labor movement is one of the most effective ways to fight back against these attacks. We have to build the power necessary to defend ourselves as a class. Imagine if when the FBI or ICE came to Minneapolis, the entire country came to a screeching halt and we actually shut shit down. Imagine if we went on the offensive instead of always reacting. That is what is possible through revolutionary, industrial unionism.
The Fire Your Boss Tour marks the first coordinated national organizing event by Wobblies in recent history. In Portland, Oregon; Seattle, Washington; Sacramento, California; Denver, Colorado; Burlington, Vermont; Boston, Massachusetts; Chicago, Illinois; Ypsilanti, Michigan; New York City; and potentially additional cities, Wobblies will once again preach the Wobbly Gospel of industrial unionism, solidarity unionism, and revolutionary unionism. Unlike a traditional speaking tour, where a few "experts" deliver speeches nationwide, this is a decentralized initiative in which local IWW branches organize their own events while collectively coordinating the tour. Depending on the city, events during the tour include workshops on workplace organizing, discussions on organizing strategy, and sessions where workers can share experiences.
Most importantly, each stop on the tour is an opportunity to connect with fellow workers in your region who are committed to building a stronger labor movement. As our precarious working and living conditions increasingly resemble those of the original Wobblies, the principles and strategy of solidarity unionism and industrial unionism are now more critical than ever. Workers of the World, Unite (and RSVP to the tour)!
“In November, California voters will at last have a chance to make billionaires pay their fair share," said the coalition behind the proposal.
It's official: The proposed California Billionaire Tax Act, which last week was certified for November's election, has a ballot designation—Proposition 40.
"The people of California now have the opportunity to decide what kind of future they want,” Service Employees International Union-United Healthcare Workers West (SEIU-UHW) vice president Debru Carthan said on Thursday.
“Proposition 40 asks a simple question: At a time when hospitals are reducing services, working families are being squeezed, and essential services are under attack, should a few hundred billionaires contribute their fair share to protect the state that helped make their extraordinary wealth possible?" Carthan asked. "We believe Californians will answer with a resounding yes."
Drafted by SEIU-UHW, Prop 40 would impose a one-time 5% levy on people worth $1 billion or more, to be paid in annual installments of 1% over five years.
It’s official! The billionaire tax will be on the ballot as Prop 40. This November, Vote YES on Prop 40 to ensure billionaires pay their fair share to keep hospitals and ERs open. #BillionaireTaxNow
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— Billionaire Tax Now (@billionairetaxnow.bsky.social) June 30, 2026 at 1:31 PM
The bil would require the state to spend 90% of revenue from the tax on healthcare and the rest on food assistance and public education. Proponents say the tax would raise roughly $100 billion in revenue. Critics argue that it could drive wealthy residents and investment from California and stall economic growth.
Prop 40 supporters include the Teamsters union and progressive groups like the California Democratic Socialists of America (DSA) and Our Revolution, as well as individual progressives like Sen. Bernie Sanders (I-Vt.), Rep. Ro Khanna (D-Calif.), and Democratic congressional candidate Connie Chan, who is running to replace retiring longtime San Francisco Congresswoman Nancy Pelosi.
The measure is opposed by Republicans, business groups, the Democratic Party, and even some progressives, including Chan's opponent, state Sen. Scott Wiener (D-11).
Prop 40's most prominent Democratic opponent is California Gov. Gavin Newsom, whom critics accuse of trying to bamboozle voters with his recently unveiled plan for a national billionaire income tax. Some observers skeptical of the presumed 2028 presidential hopeful contend that his support for an income tax is rooted in knowledge that very rich people actually have relatively little income when compared with their investments and other assets.
Some progressive groups opposing Prop 40—including the California Teachers Association (CTA) and Planned Parenthood Affiliates of California—point out that it is a one-off tax on wealth, not income. CTA is backing a separate ballot measure, the Children’s Education and Health Care Protection Act, which would permanently extend Proposition 55, California’s existing high-income-earner tax, which is set to expire in 2030.
In response to Thursday's ballot designation, Billionaire Tax Now said in a statement that "the measure qualified for the ballot after supporters submitted more than 1.6 million signatures from Californians across the state—nearly twice the number required to qualify—making it one of the strongest citizen-led ballot qualification efforts in California history."
"Voters consistently support the billionaire tax by large, double-digit margins," the coalition continued. "For healthcare workers who have dedicated their lives to caring for patients, today’s news isn’t just welcome, it’s critical. With no other viable alternatives proposed by Gov. Newsom, the billionaire tax is the only available option to stop a cascade of hospital and clinic closures spurred by massive federal cuts in HR 1, known as President [Donald] Trump’s so-called 'Big, Beautiful Bill.'"
"In November," Billionaire Tax Now added, "California voters will at last have a chance to make billionaires pay their fair share to help prevent widespread hospital closures, through a commonsense ballot initiative that places a one-time 5% tax on the wealth of approximately 200 billionaires who reside in the Golden State."
Billionaires—and soon trillionaires as well—are spending hundreds of millions of dollars to influence our elections while working Americans struggle to afford food, housing, and healthcare; it’s clearer than ever that those two facts are connected.
The red emergency light is flashing on America’s democracy dashboard, like a damaged aircraft teetering toward a mountain. Elon Musk becoming the planet’s first trillionaire should make us tremble for the future of self-governing republics. It’s as if we’re bringing back modern pharaohs to dominate our societies.
Musk’s SpaceX company recently went public with a (probably inflated) market capitalization of $2 trillion. SpaceX’s IPO increased Musk’s net worth by an estimated $188 billion, and the stock’s first-day surge subsequently pushed his fortune to roughly $1.1 trillion, according to Forbes.
The concern here isn’t with wealth per se. It’s the tremendous power of concentrated wealth to distort markets, politics, and society. When you have Musk’s level of wealth, you’re no longer just buying another mansion or private jet (of which he already has several). You’re buying a media outlet, a senator, and maybe, in the case of Musk, elevating a president.
Musk has no inhibitions about deploying the power of his considerable wealth. He bought Twitter, one of the public squares of our time, and transformed it into X, a partisan and disinformation platform rife with hate speech and extremism.
We need to get serious about curbing this billionaire influence and supporting regular people—starting with a wealth tax.
In the 2024 election cycle, he donated $291 million to President Donald Trump and Republican candidates, according to Open Secrets. As Michael Mechanic wrote in Mother Jones, “Musk expended 0.1% of his wealth in the process and got far more in return.” Mechanic notes “The Trump administration promptly shelved dozens of investigations into Musk’s companies.”
Musk was rewarded with a rogue government agency—the so-called Department of Government Efficiency (DOGE), named for a crypto meme coin Musk invested in—to advance a self-interested data grab and chainsawing away at government capacity. Public Citizen found that 70% of the agencies that were targeted by DOGE had conflicts of interest for Musk’s businesses. For example, Musk directed DOGE to dismantle the Consumer Financial Protection Bureau, which would have overseen X’s move to become a payment processor.
More dire still, DOGE cuts to USAID and other humanitarian aid programs have contributed to an estimated 750,000 lost lives. The projected deaths from these cuts run into the millions.
Musk was further rewarded with lucrative government contracts for SpaceX, Starlink, and other Musk-companies. In early 2025, The New York Times reported on a boost in multi-billion-dollar contracts for Musk’s companies as the Trump administration took power.
That was Musk as a “mere” centi-billionaire. What other power might Musk be able to wield as the world’s first trillionaire?
But it’s not just Musk. America’s 16 centi-billionaires (including Musk) have a combined wealth of $4 trillion. And the 977 billionaires on the Forbes US wealth list now own a combined $9.24 trillion, according to analysis by Americans for Tax Fairness.
This isn’t a partisan concern. Whether it’s liberals like George Soros and Tom Steyer or right-wingers like Musk and Peter Thiel, this concentration of power and influence should trigger the flashing red light. It’s never a good thing for anyone to have the power of modern-day pharaohs. Musk was the top political donor in 2024, but five other billionaire households gave over $100 million to candidates.
Billionaires—and soon trillionaires as well—are spending hundreds of millions of dollars to influence our elections while working Americans struggle to afford food, housing, and healthcare. It’s clearer than ever that those two facts are connected. We need to get serious about curbing this billionaire influence and supporting regular people—starting with a wealth tax.
Oxfam observes Musk could give $100 to every person on Earth and remain one of the 10 richest people on the planet. A 10% wealth tax on Musk’s fortune alone, they estimate, could end global extreme poverty and lift 800 million people above the extreme poverty line. Imagine the revenue and investment possibilities of a global wealth tax on all billionaires.
The planet’s first trillionaire is not a sign of economic health. It’s an indicator of extreme inequality and the dangers of concentrated power.
"It is time to break decisively with the perverse logic in which retirees, the poor, or immigrants are expected to balance the budget, while the rich are to be allowed to live tax-free in their own parallel society. "
SpaceX CEO Elon Musk became the world's first trillionaire last week, and now a prominent economist is warning that his unprecedented wealth poses a grave threat to human freedom in the US and across the globe.
In a column published by The Guardian on Tuesday, Paris School of Economics professor Gabriel Zucman argued that Musk's enormous fortune is fundamentally at odds with a democratic system of governance because it gives him "the power to stifle competition, the power to shape public discourse, the power to influence policymaking, the power to buy elections, the power to stall social progress," and much else.
Zucman noted that wealth concentration is even greater now than it was during the original Gilded Age, as the top 0.00001% now have fortunes large enough to "buy 14% of everything produced in a given year in the US."
The economist added that while Musk—whose infamous destruction of the US Agency for International Development is projected to kill millions of people in the coming years—makes a particularly compelling villain, trillionaires would be a major problem for democracy even if they were of a more benevolent variety.
"No one should want to live in a society where one single individual can be worth $1 trillion, no matter their personal virtues," Zucman emphasized. "Such levels invariably skew power, distort markets, and sap our democratic ideals."
The best solution to this crisis, Zucman said, is to "create an unavoidable minimum tax on their wealth" that will "make it impossible for the super-rich to pay less tax than middle-class workers—a matter of basic equality before the law."
"It is time to break decisively with the perverse logic in which retirees, the poor, or immigrants are expected to balance the budget," Zucman concluded, "while the rich are to be allowed to live tax-free in their own parallel society. There cannot be a law more lenient for the rich and powerful than for the rest of us. If ever there was a time to act, it is now."
Zucman's thoughts on extreme wealth and democracy were echoed by Nobel Prize-winning economist Paul Krugman, who on Tuesday published an essay on his Substack page where he likened President Donald Trump's White House cage-fighting matches to the kinds of spectacles put on by Roman emperors before noting ominous similarities between the US today and the Roman Empire.
"While the causes of the decline of republican government and Rome’s eventual transition to one-man rule were doubtless complex," Krugman wrote, "there is broad consensus among historians that a key factor was the emergence of extreme inequality. A handful of men became incredibly wealthy from the spoils of Rome’s eastern conquests, and their wealth and power eventually became too great for the rules of constitutional, republican government to contain. Sound uncomfortably familiar?"
Gautam Mukunda, a professor at the Yale School of Management, similarly warned that Musk's newly minted trillionaire status was bad news for American self-governance.
In a Monday column published by Bloomberg, Mukunda pointed to the vast sums of money being spent by billionaires in US elections, which he noted "dwarf what candidates can raise themselves."
And like Krugman, Mukunda saw disturbing parallels between the US today and Ancient Rome.
"Marcus Crassus was the richest man in ancient Rome," he explained. "So rich that, by Plutarch’s account, he thought no man truly wealthy unless he could pay an army from his own purse. He spent that fortune bankrolling Julius Caesar and building the triumvirate that sidelined the Senate and, in fact if not in name, overthrew the republic."
"The level of wealth that Mr. Musk has reached requires human exploitation, wage theft, wage suppression, anti-competitive markets, monopolistic control, price collusion, inadequate tax systems, and corruption."
Elon Musk's net worth surged past $1 trillion on Friday as SpaceX—the rocket company he founded and controls—made its debut on the public market, prompting global revulsion and calls for an aggressive wealth tax to rein in out-of-control inequality.
“Musk became the world's first trillionaire because our tax system shields the wealth of the ultra-wealthy from taxation while requiring working to people pay taxes on every paycheck," said Igor Volsky, director of the Tax the Greedy Billionaires Campaign. "Today’s milestone should serve as a wake-up call to us all."
"Unless we plan to cede control and agency over our future to a handful of ultra-wealthy individuals, lawmakers must pursue bold tax policies that actually meet this moment—not just slowing the accumulation of extreme wealth, but reversing it," Volsky added. "That means passing taxes on billionaire wealth ambitious enough to make the ultra-wealthy less wealthy, reduce the stranglehold they have over our economy and democracy, and restore the ideal that no one in America gets to buy their way to unchecked power.”
Reuters reported Friday that "most of Musk's wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion."
"Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading Friday," Reuters noted. "The tally includes stock components that would vest over time."
While Musk's on-paper fortune could drop below the trillion-dollar mark if SpaceX's stock price drops below $135 per share—which is highly possible, as experts argue the company's valuation is absurd—campaigners said Friday that the milestone is an appalling product of a society that has allowed the mega-rich to dictate policy, funneling immense wealth to the very top while millions worldwide face hunger, violent displacement, and preventable disease. Oxfam has estimated that just a 10% tax on Musk's fortune could lift 800 million people above the extreme poverty line.
“Eighty-six of Americans are worried about the price of food. Elon Musk is a trillionaire. These two things are deeply, inherently connected," said Erica Payne, founder and president of the advocacy group Patriotic Millionaires. "The level of wealth that Mr. Musk has reached requires human exploitation, wage theft, wage suppression, anti-competitive markets, monopolistic control, price collusion, inadequate tax systems, and corruption. Mostly inadequate tax systems and corruption."
Musk's companies, including SpaceX, have relied heavily on and benefited massively from government contracts, subsidies, and research, while paying minimal taxes.
The New York Times reported last year that SpaceX "has most likely paid little to no federal income taxes since its founding in 2002 and has privately told investors that it may never have to pay any, according to internal company documents." As for Tesla, the Institute on Taxation and Economic Policy found earlier this year that the company "avoided almost all federal income tax on over $12 billion of US income over the past three years."
Musk, whose immense wealth is largely stock appreciation that is not taxed in the US unless shares are sold, paid nothing in federal income taxes in 2018, according to ProPublica. "Between 2014 and 2018, he had a true tax rate of 3.27%," the investigative outlet noted.
Writer Elizabeth Spiers argued Friday that "trillionaires shouldn't exist," noting in a column for The Nation that "as Musk's wealth multiplies, he continues to prosper on the public dime."
"Musk’s cosmic-scale wealth-hoarding is particularly abhorrent when you place it against the backdrop of how much damage he’s done," wrote Spiers. "It’s hard to quantify the scale of destruction and deprivation that he will never personally be held accountable for. How do you value the lives of the hundreds of thousands of people who have died since Musk, in his words, gleefully 'fed [USAID] into the woodchipper'? How do you value the lives of people who will die because DOGE cut major biomedical research funding?"
"Musk has enriched himself via a rigged investment economy ensuring that those with the most contribute the least—or in many cases, nothing at all," Spiers added.
“The new Gilded Age won’t end itself," said Oxfam America. "This is a trillion-dollar alarm bell that should wake governments up to the need to take action."
With Elon Musk's SpaceX set to go public on Friday, the world's richest man could soon become the first-ever trillionaire—an achievement that one leading humanitarian group called "a new pinnacle of oligarchy and a dark day for democracy."
Whether Musk reaches trillionaire status in the coming days will depend on the success of SpaceX's initial public offering (IPO), which critics warn is a potentially massive threat to market stability and Americans' retirement savings. The company plans to sell 555,555,555 shares at a price of $135 each, aiming for a staggering $1.75 trillion valuation. Musk, who is the company's board chair and owns 42% of its common stock along with options, will see his net worth skyrocket if SpaceX achieves its IPO targets.
Oxfam America noted in an analysis released Thursday that a $1 trillion net worth would mean that it would take Musk 2,740 years to spend $1 trillion if he spent $1 million per day. The group estimated that a 10% tax on $1 trillion "could end global extreme poverty for a year, lifting over 800 million people above the extreme poverty line."
Nabil Ahmed, senior director of economic justice at Oxfam America, said in a statement that "this moment of dramatically concentrated wealth was not inevitable."
"Musk will be a government-backed trillionaire whose fortune was fueled by an era of regressive public policy choices—decisions rigged by a tiny few to fuel their fortunes, and overwhelmingly supported by political leaders," said Ahmed. "A trillion dollars in the hands of one man is incompatible not only with an affordable economy, but also with a healthy democracy. Economic inequality begets political inequality, and ordinary people bear the brunt while billionaires continue to write the rules for their own benefit."
“The new Gilded Age won’t end itself," he added. "This is a trillion-dollar alarm bell that should wake governments up to the need to take action. Never has it been more urgent to curb the accumulation of extreme wealth—overhauling the economic policies that have created not just trillionaires, but billionaires and the obscene inequality we see today."
Oxfam highlighted Musk's brief but immensely destructive tenure in the US federal government at the Department of Government Efficiency, or DOGE, which took a sledgehammer to foreign aid programs and assailed the Social Security Administration, among other actions whose consequences are expected to reverberate for years to come. Oxfam has warned that the Musk-led decimation of the US Agency for International Development means that "a child under 5 could die every 40 seconds by 2030."
Musk was given the role at DOGE after using a tiny fraction of his wealth to boost President Donald Trump and Republican candidates in the 2024 election. Musk is spending big again to boost the GOP in the 2026 midterms.
"Musk’s ability to pour money into elections allowed him to use his wealth and power in ways that embody the corrosive effects of billionaire control," Oxfam said Thursday.
The group's statement came amid mounting anxiety about the impact of SpaceX's IPO, beyond potentially pushing Musk's wealth past the trillion-dollar mark.
In a letter to the US Securities and Exchange Commission earlier this week, Sen. Elizabeth Warren (D-Mass.) raised "extreme concern" about the possibility that the IPO could flop. Major stock index providers, she observed, are "rewriting their rules to fast-track SpaceX’s entry into their indexes—and into the investment funds that power millions of Americans’ retirement savings."
"The net result could be disastrous," Warren wrote, "a scenario where retirees’ and families’ investment accounts take a hit if SpaceX’s valuation falters, with little recourse for any corporate misconduct, while the wealthiest man on earth becomes even wealthier due to a lack of oversight."
Let’s celebrate the Declaration’s 250th by ending US poverty.
Every week in our law school eviction court clinic, we see parents hustling from their workplaces, still wearing fast food and home healthcare uniforms, hoping to push back the day when they and their kids will be sleeping in their car. We see seniors and persons living with disabilities on the verge of eviction because they had to spend their rent money filling prescriptions. We see some of the 43 million people in the US who are living with hunger.
Every person suffering like this is a rebuke to the core promise of the Declaration of Independence. We should commemorate the Declaration’s 250th anniversary with a renewed commitment to the pursuit of happiness, which means our government fulfilling basic economic needs.
From the very first moment of its existence, the United States embraced economic rights. The Declaration of Independence’s second paragraph commits our government to protecting the pursuit of happiness as an unalienable right. The founders, as flawed as they were, knew that this promise included ensuring that basic needs are met.
The Declaration’s main author, Thomas Jefferson, lamented the democracy-undermining existence of poverty. Natural rights are violated, Jefferson wrote, when some residents struggle and others prosper. So he insisted that the government has a duty to act to remedy the injustice, including through aggressively progressive taxation.
Freedom and democracy cannot exist without first meeting the rights to basic human needs.
Other founders agreed. Alexander Hamilton explained that the General Welfare Clause in Article I, Section 8 of the US Constitution (“The Congress shall have Power to lay and collect taxes... to provide for the General Welfare of the United States”) creates a government that addresses unmet economic needs. Hamilton’s fellow Constitution framer James Madison called for the new nation to enact laws that would “reduce extreme wealth toward a state of mediocrity, raise extreme indigence toward a state of comfort.”
For 18th century politicians, this type of government intervention was not hypothetical. Colonial governments instituted price controls on food and aggressively regulated gristmills to keep the cost of bread affordable for all.
The founder with the most pronounced vision of economic rights was Thomas Paine, author of the seismic pamphlet Common Sense and a driving force behind the American Revolution and the new government it birthed. Paine called for the redistribution of wealth via progressive taxation and for direct government anti-poverty interventions like old-age pensions, support for families with young children, full employment, and a basic income. “It is not charity but a right—not bounty but justice that I am pleading for,” he said.
Beyond the founders’ own words, it is clear from historical context that a 1776 commitment to protecting the unalienable right to the “pursuit of happiness” includes ensuring that subsistence needs are met. Law professor and dean Linda Keller’s comprehensive review of political thought and contemporary use of this critical phrase during the 18th century led her to conclude that basic economic rights are deeply rooted in the nation’s foundation.
“Its inclusion was not merely a rhetorical flourish, but rather the pursuit of happiness established an ‘unalienable right’ that includes an economic dimension,” Keller writes. “In particular, there are minimum needs that must be met in order to pursue happiness, for instance food, shelter, and clothing. Thus the government must provide the conditions to enable individuals to pursue happiness.”
Over the decades, other scholars have agreed. “The Declaration of Independence manifests a government’s affirmative role in protecting rights,” writes law professor Bert Lockwood. “Both the plain and ordinary meaning of happiness and its common usage in the 18th century indicate that the notion of happiness cannot be entirely separated from material well-being. Access to the minimal necessities of life, such as shelter or basic medical care, is thus an indispensable prerequisite to the notion of happiness.”
Charles Black, the longtime Yale Law professor and civil rights advocate who helped argue the legendary desegregation case Brown v. Board of Education, said the point was obvious. “The possession of a decent material basis for life is an indispensable condition, for almost all people at all times, to the pursuit of happiness,” Black wrote. “The right to pursuit of happiness is going to be for all but a small minority of those in poverty, a pale sardonically grinning ghost of a right.”
US leaders since the founders have underscored this same point: Freedom and democracy cannot exist without first meeting the rights to basic human needs.
“Necessitous men are not free men,” Franklin Roosevelt announced as the foundation of his proposal for a Second Bill of Rights ensuring access to housing, healthcare, and living wages.
US voters have consistently expressed concern over our rampant wealth inequality, supported a government jobs guarantee, and called for recognizing housing and healthcare as government-enforced human rights.
Soon after, the international community heeded Roosevelt’s call. Virtually every nation has ratified the International Covenant on Economic, Social, and Cultural Rights, which enshrines into law the rights to housing, healthcare, and living wage incomes.
Yet the US has not ratified the treaty known as the ICESCR. Not coincidentally, every wealthy nation that has ratified does far better than the US in protecting the pursuit of happiness. Those nations have comprehensive and successful programs ensuring housing, healthcare, and adequate incomes for their residents. In those countries, the grim eviction court scenes we witness every week are almost unheard of.
We can do better, too. US voters have consistently expressed concern over our rampant wealth inequality, supported a government jobs guarantee, and called for recognizing housing and healthcare as government-enforced human rights.
These rights are necessary for the pursuit of happiness. The founders knew it, and so do we. Along with fireworks and picnics, let’s celebrate the 250th by finally fulfilling the real promise of the Declaration of Independence.
Today June 2, 2026, in California, voters have an opportunity to alter American history by electing progressives up and down the ballot.
Within national mythology, California is understood to be a progressive haven—with a ruling Democratic Party passing strong regulations, ever-higher taxes on the wealthy, and supporting unions to its heart’s desire.
Unfortunately, this is far from accurate. The Democratic Party may dominate California politics, but the wealthiest state in the union no longer leads the way with innovative laws and regulations, let alone serving the interests of working people, the poor, and the middle class.
Yes, California still has a progressive income tax, the nation’s highest gas taxes, relatively strong environmental regulations, and the world’s greatest public university system—but these are legacies of bygone eras. The story of the last 20 years of single-party Democratic rule is far less inspiring (unless you’re a Silicon Valley oligarch).
Now, as progressives are making significant gains across the country, revitalizing the Democratic Party in the process, the California party remains dominated by a caste of perennial incumbents committed to neoliberal centrism that, at best, generates incremental change.
Rest assured that progressives on the ballot are part of a national movement that understands that the Democratic Party has bifurcated into a vibrant progressive wing and an increasingly sclerotic moderate establishment.
Perhaps this shouldn’t be surprising. Once Democrats started winning supermajorities in both houses of the state legislature, corporations and big money interests stopped wasting their time courting Republicans. They focused their lobbying on Democrats, and to great effect. California’s Democratic Party, and its leading figures, are more beholden to big business and wealthy donors than almost any state Democratic Party. This, in turn, means Democratic incumbents accrue huge campaign war chests for their re-election.
The result is a more conservative party, one that is out of sync with the electorate. Want evidence? Ask yourself how many members of the Squad have come from California? The answer, of course, is zero. Yet all public opinion polling shows that the California electorate is decisively more progressive than the national average.
It’s true that Reps. Ro Khanna and Lateefah Simon are Squad adjacent, and a few others are solid progressives—but given that California represents about 20% of the Democratic Caucus in the US House, the state’s delegation is on balance middle-of-the-road.
This disconnect—between the political beliefs of Californians and the policies supported by their elected representatives at the national, state, and even local levels—is a major barrier to the necessary transformation of the Democratic Party into a force able to vanquish the fascist-authoritarian GOP before it consolidates power and brings down the curtain on American democracy.
Simply put, the American public increasingly understands that the status quo ante of neoliberal policy, which has organized the country’s economy since the 1980s, produces one result: ever-increasing wealth inequality. The Democratic Party must break from the economics of the Clinton and Obama administrations. The Democratic base and the general public want policies that boost the lives of working Americans, just as they want a sane foreign policy and an honest democracy. They want progressive policies.
Today June 2, 2026, in California, voters have an opportunity to alter American history by electing progressives up and down the ballot. This will transform the largest state Democratic Party, bringing it back in sync with the sentiment of the state’s population so that it can lead in the development of a new 21st century social justice compact.
There are many progressive champions with a real chance of victory today—and in the general election runoff on November 3. To start, there is a clear choice at the top of the ticket: Tom Steyer for governor.
Steyer is one of three viable candidates, two of which will make the runoff. In the best circumstance, the two democrats, Steyer and Xaiver Beccera, will take first and second—a result that will translate into more Democratic victories across the state in November. However, MAGA-supporting Republican Steve Hilton still looks likely to disrupt that result. So, it’s essential to vote, and get everyone you know to vote for Steyer by 8:00 pm PT today.
Admittedly, it sticks in the throat to be supporting a billionaire, but the simple truth is that Steyer will pursue a transformative progressive policy agenda. In contrast, Xavier Beccera, who 20 years ago seemed a sincere progressive, long ago redefined himself as an establishment Democrat. Becerra is committed to maintaining Gov. Gavin Newsom’s policies that have left California stranded with the nation’s co-equal highest poverty rate, an affordability crisis that makes New York City residents blush, and a pronounced failure to lead on environmental and social policies in the manner the world expects of California.
Tom Steyer, by contrast, supports a billionaire’s tax, meaningful living wage legislation, aggressive incentives to re-boost green energy production (and film production too), and, most tellingly, a single-payer universal healthcare system for everyone in the state. A top-two finish by Steyer will guarantee a powerful debate about the direction of the state over the next five months
Beyond the governor’s race, in nearly every US house district, state assembly, and senate race, and significant city and local elections, there are strong progressive candidates challenging the dominant California Democratic Party mainstream—many of whom are poised to advance to the November runoff. Still, it’s worth noting that this has been a very confusing election season due to redistricting (and the chaos of the governor’s race), such that down-ballot candidates have had a difficult time attracting adequate attention. But rest assured that progressives on the ballot are part of a national movement that understands that the Democratic Party has bifurcated into a vibrant progressive wing and an increasingly sclerotic moderate establishment. Please do the necessary research to learn who the progressives are in your district.
So far, it’s been a very good year for progressives—let’s continue the momentum tomorrow in New Jersey, Montana, Iowa, New Mexico, South Carolina, and the largest state and soon-to-be truest bastion of progressive public policy, California.
Data released by the University of Michigan and Gallup this week showed US consumer sentiment cratering even as stock markets hit record highs.
Multiple polls and surveys released in recent days have shown US consumer sentiment cratering—and all the while, the US stock market keeps hitting record highs.
The Kobeissi Letter, a financial newsletter, posted a graphic Saturday that matched consumer sentiment as measured by the University of Michigan's Surveys of Consumers with the performance of the S&P 500 stock index over a 30-year span.
The graphic shows that, up until around 2020, consumer sentiment matched stock market performance closely, although there was a large divergence between the two leading up to the 2008 financial crisis, where stocks briefly outperformed consumer sentiment before crashing downward as the housing bubble burst.
But throughout the last six years, the graphic shows, the S&P 500 has produced an almost continuous upward surge even as consumer sentiment spirals downward.
Absolutely incredible:
Over the last 6 years, the S&P 500 has risen +130% while US Consumer Sentiment has collapsed by -55%, to its lowest since data began in 1952.
We are witnessing the formation of the biggest wealth divide in modern history. https://t.co/XGMR6DfuNc pic.twitter.com/2w7cRvn7ok
— The Kobeissi Letter (@KobeissiLetter) May 23, 2026
"Absolutely incredible," commented Kobeissi Letter. "Over the last six years, the S&P 500 has risen +130% while US Consumer Sentiment has collapsed by -55%, to its lowest since data began in 1952. We are witnessing the formation of the biggest wealth divide in modern history."
Kobeissi Letter produced the graphic one day after the University of Michigan's latest survey found consumer sentiment hitting the lowest level on record.
Joanne Hsu, director of the survey, observed that "the cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month."
On the same day, Gallup published new data showing that Americans' economic confidence has fallen to its lowest level since October 2022, with just 16% of Americans rating the economy as excellent or good, and nearly half describing it as poor.
Axios reported on Saturday that even Republicans have been growing sour on the US economy, citing a recent poll from The Associated Press showing GOP approval of President Donald Trump on the economy to be at around 60%, down from 80% just three months ago.
"The growing GOP gloom could hardly come at a worse time for Trump and the party," Axios noted, "less than six months out from a midterm election that's likely to turn on the economy."
The gap between overall consumer sentiment and stock market performance also lines up with recent consumer spending trends. Data published by The Financial Times earlier this year showed that the top 10% of earners in the US now account for nearly half of all consumer spending, while the bottom 80% of earners now account for less than 40% of all consumer spending.
A February report from TD Economics economist Ksenia Bushmeneva noted that “the economic divide between America’s households at the top of the income spectrum and everyone else continued to widen last year,” as “upper-income households benefited from the still-robust wage growth, strong gains in equity markets, and better access to consumer credit.”
A movement is forming to defend the community and island against a project that would turn over a significant piece of Puerto Rico’s land to foreign billionaires, to serve their needs, not the needs of the Puerto Rican people.
On Saturday, March 28—No Kings Day in the US—an estimated 50,000 people marched in the streets of Old San Juan, Puerto Rico to protest plans for “Esencia,” a proposed huge, gated, luxury ocean-side development in Cabo Rojo, Puerto Rico. The protest was spear-headed by Defiende a Cabo Rojo, a coalition of community, scientific, and cultural organizations, and was joined by 66 co-sponsoring groups from all over the island. A retired US professor of (radical) economics, I attended the protest with my friend Dimaris Acosta-Mercado, an activist in the anti-Esencia movement and professor of ecology at the University of Puerto Rico-Mayaguez.
The $2.5 billion Esencia project, first proposed in May 2024, is a quintessential example of neocolonial capitalist development. It would create a tropical enclave for super-rich foreigners on 2,000 acres of land along a 3-mile stretch of beach in the southwest of the island, including 1,200 homes, 500 hotel accommodations, two golf courses, its own school, and an airport. Although it does not yet have building permits, the proposed project has already received generous tax credits and exemptions.
The movement to stop Esencia views this issue in both class and territorial terms. Its goal is to defend the community and island against a project that would turn over a significant piece of Puerto Rico’s land to foreign billionaires, to serve their needs, not the needs of the Puerto Rican people. It builds on a history of successful struggles against previous development projects such as the Northern Corridor, mining in Adjuntas, and beachside construction in Rincon.
One of the movement’s core critiques of Esencia is the loss of public access to the beaches, which has happened with previous developments such as Dorado Beach and Palmas del Mar. Bad Bunny’s song, “What Happened to Hawaii,” has become a theme song for the movement, with its powerful chorus:
Thеy want to take my river and my beach too
They want my neighborhood and grandma to leave
No, don't let go of the flag nor forget the lelolai
'Cause I don't want them to do to you what happened to Hawaii
A second set of criticisms of the project focus on its negative ecological and environmental impact. As part of a team of academic researchers involved in the movement, my friend Dimaris’ critique focuses on the harm Esencia will do to endangered species, including birds, reptiles, snails, and plants that exist only in Puerto Rico, and to the critical habitat system that supports them. Other movement researchers predict that Esencia will cause shortages in the region’s water, already in short supply. A third critique emphasizes the area’s importance as an archaeological site.
The march began at El Escambron, another public beach threatened with privatization. From there we marched along the coast of Old San Juan, stopping to rally at the Capitol Building, where the Puerto Rican Senate and House of Representatives meet, and then marched to the Governor’s mansion, La Fortaleza, for more protesting.
It is hard to capture in words the powerful anti-Esencia presence and statement that the march created. At the front of the protest were huge flags of Puerto Rico and Cabo Rojo. Soon after came a large paper mache model of a guabairo, a rare bird endangered by the project, carried overhead for the length of the protest, wings flapping. Marchers carried and wore a variety of printed and homemade posters denouncing the proposed project. Percussion—including drums, folding fans, kitchen pots, guiros—was omnipresent. The call and response chant of “Esencia No Va… Que No Va, Que No Va” (Esencia is a no-go, it shouldn’t go, it shouldn’t go) echoed throughout the march. Continual rhythmic chanting, drumming, singing, and dancing made the protest come alive as a potent force opposing the project. As a North American, I was touched to join in the familiar “El Pueblo Unido Jamas Sera Vencido” chant and to sing “No Nos Pararon” (“they won’t stop us”) to the tune of “We shall not be moved.”
If we in the US and elsewhere are to use social strikes to retake control of our governments... we have much to learn from the joyful, creative protests of our Puerto Rican comrades.
Puerto Rican peoples are a mixture of African, Indigenous, and European heritage, and, as Dimaris put it, “It’s as if all our ancestry (was) coming alive and making peace in this land to protect it.” Indigenous heritage took center stage when the march stopped in front of the Capitol building, with the blowing of conch shells, chanting, calling in the directions, and leading an areito dance. And Afro-Puerto Rican ancestry was omni-present in the bombas and drumming.
One group wore purple T-shirts announcing “anti-patriarchal, feminista, lesbiana, trans, Caribena, Latinoamericana.” Another T-shirt depicted a plant and the words “sembrando rebeldias” (planting rebellions). Gay protesters snapped fans for percussion (one of their signature acts). The Puerto Rico Sierra Club was there, along with Para la Naturaleza, and AFSCME, and many other groups.
The protest had something I hadn’t experienced in the many many US demonstrations I have participated in since the 1960s: It was fun! It was actually a party, with masses of people dancing, drumming, chanting, singing, and reveling in the streets. It was a celebration of life—not only of Puerto Rico and being Puerto Rican, but also of standing up for Mother Earth, an affirmation of love, cooperation, art, and beauty by a diverse community organizing in self-defense and defense of nature, against the greed, displacement, ecological destruction, and extreme wealth inequality that Esencia embodies. Dimaris later told me that the protest resembled the spirit of Verano 2019, the 15-day protest strike which used creativity, art, and fun to topple Gov. “Ricky” Rosello, including evening dance parties in front of the governor’s mansion. If we in the US and elsewhere are to use social strikes to retake control of our governments, as Jeremy Brecher suggests, we have much to learn from the joyful, creative protests of our Puerto Rican comrades.
A final note. The Solidarity Economy movement uses the motto, “Resist and Build.” Movements such as the one opposing Esencia, which resist the take-over of our lands and lives, are key. Equally important are a growing number of efforts to build non-capitalist, community-based alternatives, which are sprouting up all around the world, such as Casa Pueblo and Plenitud in Puerto Rico, or, in the US, land development projects such as those of the Peoples’ Network for Land and Liberation.
In these dark times, here’s to inspiring one another as we resist and build, and to having fun as we do so! Esencia No Va!!!!!!