As a co-editor of Inequality.org, I get a lot of fan mail (and a few complaints). Greg B. recently wrote in, “None of my problems exist as a result of someone else being a billionaire.”
My response to Greg: “An economy rigged to funnel so much wealth and power to the billionaire class is bad for you and everyone else. It undermines your life in some major ways.”
I wrote my new book, Burned by Billionaires: How Concentrated Wealth and Power are Ruining Our Lives and Planet, for folks like Greg to talk about how extreme wealth inequality disrupts our daily lives. Here are ten ways you are being burned by billionaires, pulled from my book.
My analysis doesn’t focus on the behavior of individual billionaires — though some are gnarly ones (while a handful show signs of decency). The problem is the system of laws, rules and regulations tipped in favor of big asset owners at the expense of wage earners and working folks.
When I’m talking about billionaires, I’m thinking of more people than the 905 U.S. billionaires that together control about $7.8 trillion in wealth. I include the top one-tenth of 1 percent, the 0.1 percent of households that have over $40 million on up to the billionaire class. People with wealth north of $40 or $50 million have every need and desire met and easily accumulate power. They’re not just buying mansions and private jets but also lawmakers and media outlets. That’s when we need to sound the alarm about “the billionaires.”
Here are ten of the ways you are personally getting burned by billionaires:
1. The billionaires stick you with their tax bill. By opting out of their tax obligations, the billionaire class is shifting responsibility on to you to pay for everything from infrastructure to national defense to veterans services.
2. They rob you of your voice and vote. With the billionaire capture of the government, what you think barely matters. Your vote might still make a difference, but only in marginal situations where the billionaires haven’t dominated candidate selection, campaign finance, and policy priorities. The billionaires love gridlock and government shutdowns because they can block popular legislation from happening.
3. The billionaires supercharge the housing crisis — and profit from it. Billionaire demand for luxury housing is driving up the cost of land and housing construction, supercharging the already existing housing crisis. Billionaire speculators are buying up rental housing, single family homes, and mobile home parks to squeeze more money out of the housing shortage. Global billionaires are coming to “tax haven USA” to park their money in U.S. farmland, timber and housing.
4. They inflame existing divisions in society. The billionaires don’t want you to understand how they are picking your pocket. So, they invest heavily — pouring millions into partisan media organizations and divisive politicians — to deflect our attention away from their harmful behavior. Their divisive policy and social agenda drives down wages, worsens the historic racial wealth divide, and scapegoats immigrants.
5. They are trashing your environment. The billionaires are the super polluters and carbon emitters, burning up the earth with their excessive consumption through yachts, private jets, and multiple mansions. While you’re recycling and walking, they are zooming around in private jets and yachts with the carbon emissions and pollution of small nation states. While we all need to do our part, the billionaires make us feel like chumps for making ecological choices and sacrifices.
6. They are making you sick. Billionaire backed private-equity funds are buying up hospitals and health specialties — along with big pharma drug companies — with the aim of squeezing more out of health care consumers. Health outcomes in societies with extreme disparities in wealth are worse for everyone, even the rich, than societies with less inequality.
7. They are blocking timely action on climate change. Fossil fuel billionaires spend millions to block the transition to a healthy future. They fund politicians to declare a bogus energy emergency to keep their coal plants open and shut down competing wind projects. They are literally running out the clock for our governments to take action to avert the worst impacts of climate disruption.
8. They are coming for your pets. Billionaire private equity funds know we love our pets like family members and are sometimes willing to go into debt for their health care. To squeeze more money out of us, the billionaires are buying up veterinary care, medical specialties, pet food and supply – and even pet care services like Rover.com.
9. They are dictating what’s on your dinner plate. The food barons — the billionaires that monopolize almost every sector of the food economy — are dictating the price, ingredients, and supply of most food stuffs.
10. They are corrupting charity and philanthropy. Billionaire philanthropy has become a taxpayer subsidized form of private power and influence. As philanthropy gets more top-heavy — with most charity dollars flowing from the ultra-wealthy — it distorts and warps the independence of the nonprofit sector.
11. Bonus: They are buying up and hijacking the media. The billionaires are buying up the media: broadcast, social media, news outlets. We need more news and social media outlets that are independent of billionaires, like this one!
