Research that the Institute for Policy Studies published on August 17, 2020 indicated that the dozen richest Americans now own more than $1 trillion in wealth.
One analyst described this development as “a disturbing milestone in the U.S. history of concentrated wealth and power.”
Omar Ocampo, an analyst at the Institute for Policy Studies said, “The total wealth of the Oligarchic Dozen is greater than the GDP of Belgium and Austria combined. Meanwhile, tens of millions of Americans are unemployed or living paycheck to paycheck.”
Jake Johnson of Common Dreams highlighted some of the key findings from the progressive think tank’s research.
IPS noted that the 12 leading American billionaires have witnessed their combined wealth increase by 40 percent — $283 billion — since the Wuhan virus outbreak, which has propelled policymakers to implement economically devastating shutdowns.
“During the first stage of the pandemic, between January 1 and March 18, the collective wealth of the Oligarchic Dozen declined by $96 billion,” IPS analysts Chuck Collins and Omar Ocampo wrote. “But their wealth quickly rebounded and surpassed their September 2019 Forbes 400 wealth level. The only exception is Warren Buffett, who is still $2 billion below his September 2019 wealth, but is currently worth $80 billion.”
As of August 13, the billionaires’ total wealth reached $1.015 trillion. Johnson noted that is “the first time in U.S. history that the collective net worth of the top 12 American billionaires has topped the trillion-dollar mark.” According to IPS, Tesla and SpaceX CEO Elon Musk’s wealth skyrocketed by $48.5 billion since the middle March. This surge in wealth made Musk the “biggest pandemic profiteer” of the billionaire bunch.
“This is simply too much economic and political power in the hands of twelve people,” Collins, director of IPS’ Program on Inequality and the Common Good, declared in a statement.
The 12 wealthiest American billionaires and their current net worth can be found below:
- Jeff Bezos—$189.5 billion
- Bill Gates—$114.1 billion
- Mark Zuckerberg—$95.5 billion
- Warren Buffett—$80.6 billion
- Elon Musk—$73.1 billion
- Steve Ballmer—$71.5 billion
- Larry Ellison—$70.9 billion
- Larry Page—$67.4 billion
- Sergey Brin—$65.6 billion
- Alice Walton—$62.6 billion
- Jim Walton—$62.3 billion
- Rob Walton—$62.03 billion
“The total wealth of the Oligarchic Dozen is greater than the GDP of Belgium and Austria combined,” remarked Ocampo. “Meanwhile, tens of millions of Americans are unemployed or living paycheck to paycheck, and 170,000 people have died from Covid-19 in the United States.”
Such disparities in wealth will generate a significant amount of resentment and calls for radical redistribution schemes. Conservatives will need to get serious about attacking central banking and the regulatory state — two institutions that prop up the wealth of the well-connected in America.
If conservatives drop the ball on addressing this inequality that is generated due to public policy, the radical Left will easily fill in the power vacuum and take over.
The American Right Should Beware of Campaign Consultant Grifters
Some people want to make a quick buck with zero results to show for it.
Heading into 2022 and 2024, America First operatives should be careful dealing with campaigns run by grifters.
Patrick Clerbune of VDARE put out an informative post that serves as a warning to all about the rampant corruption within Republican political consultant outfits.
He highlighted a Washington Post piece detailing how donors gave more than $8 million to Kim Klacik, a black woman running as a Republican candidate in Maryland’s 7th district. In reality, the money donated to Klacik’s campaign went straight to the fat pockets of political consultants who knew full well that she couldn’t win.
The Post went into further detail about this naked grifting opportunity:
Her campaign is an example of how some consulting firms are profiting handsomely from Republican candidates who have robust appeal in today’s politically charged environment…
By the end of Klacik’s campaign, she would raise a staggering $8.3 million and pay nearly $3.7 million of it to Olympic Media, according to campaign finance filings.
For political veterans, this is nothing new under the sun. Political consultant parasites such as Karl Rove are notorious for enriching themselves by running failed campaigns and diverting resources from actual winnable races. Rove was also involved in the Georgia Senate dumpster fire, where the GOP dropped a whopping $1 billion and still ended up losing both seats.
Pointing out how the managerial state is detrimental to all Americans, especially minorities, is one thing. But using failed ethnic pandering and running campaigns in districts that can never be won by Republicans is another.
In the aforementioned case, Maryland’s 7th district has never gone Republican in its history and was the long-time home of Elijah Cummings from 1996 until his death in 2019. Democrat challenger Kweisi Mfume completely obliterated Klacik 74 to 25 in the 2020 general election.
Intelligent nationalists would be wise to recognize that certain races are lost causes, which drain resources that could otherwise be allocated towards winnable campaigns. A large degree of skepticism should always be directed towards the political consultant class. Their money-making model does not always translate into electoral success.
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