Gaslit Nation

Is America an Oligarchy?

Dec 11, 2024
Guest
Felix Salmon
Felix Salmon, author of "The Phoenix Economy," dives into the unsettling dynamics of America's wealth inequality and oligarchy with Andrea. They discuss how the twelve richest men, including Jeff Bezos and Elon Musk, wield alarming political influence. The conversation examines the staggering statistic that the top 10% control 60% of the nation’s wealth while the bottom half hold a mere 6%. They also explore the resurgence of anti-capitalist sentiments and the potential for transformative economic reforms amidst growing discontent.
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INSIGHT

Oligarchy Debate

  • Andrea Chalupa argues that the U.S. shows signs of oligarchy, citing concentrated media ownership and income inequality.
  • Felix Salmon disagrees, emphasizing that most news comes from non-oligarch-owned sources and income inequality has decreased.
INSIGHT

Decreased Inequality

  • Income inequality in the US has decreased since the pandemic due to a labor shortage.
  • This shortage increased competition for workers, leading to higher wages, especially for low-paid workers.
ANECDOTE

Hiring Challenges

  • Chalupa's husband experienced difficulty hiring during the pandemic due to a competitive worker's market.
  • Companies offered more perks to attract and retain employees.
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