How the Billionaire Boom Is Fueling Inequality--and Threatening Democracy

[Celerity]

As wealth concentrates at the top, Europe must act now to defend democracy and economic stability for all.

https://www.socialeurope.eu/how-the-billionaire-boom-is-fueling-inequality-and-threatening-democracy



Trickle-down economics is a myth. Instead of fostering prosperity, extreme wealth accumulation fuels inequality, destabilises economies, and undermines democracy. In 2024, the wealth of Europe’s 440 billionaires grew by nearly €400 million each day, with a new billionaire emerging almost weekly. This contrasts with the widespread concern of Europeans struggling to meet the cost of living. But this is a global issue: while the world may soon have five trillionaires, global poverty rates remain stagnant.

The recent turmoil in U.S. politics offers a warning of what can happen when extreme wealth goes unchecked. From the unelected Elon Musk being handed a seat in President Trump’s cabinet to the pervasive influence of billionaires and corporations over both major political parties and even the judiciary – the corrosive effects of extreme wealth on democracy are undeniable. Across Europe, the concentration of wealth and power in the hands of a few people distorts policymaking, resulting in worse economic outcomes, deepening inequalities, and eroding trust in institutions.

If Europe is to avoid further undermining democracy and fuelling social, economic and political stability in the continent, our politicians must take decisive action to address extreme wealth. The European Commission’s commitment to studying wealth taxation is a step in the right direction, but it must be backed up by concrete policies, including greater wealth taxation and exploring an extreme wealth line as a tool for democratic engagement and wider policy reform.

Extreme wealth undermines democracy

The unprecedented accumulation of wealth among a select few individuals has far-reaching implications for democratic processes. Billionaires such as Elon Musk, Jeff Bezos, and Bernard Arnault exemplify how extreme wealth can influence labour rights, tax policies, media narratives, and political landscapes – all to the detriment of broader societal interests.

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[Mike 03]

1. Scary. Now combine this with a gutted, eviscerated education system where

students are not taught accurate history or how to discriminate between fact-based and propagandistic reporting, and an economic system that keeps most Americans constantly scrambling for and worried about money (and maybe working two or more jobs) so they don't have time to follow the news.... AND condition them to believe all of their woes are because of "the other" (immigrants, minority populations, the vulnerable)... They've orchestrated the potential for everything we're seeing now and could see in the future.