Sam Pizzigati, veteran labor journalist and Institute for Policy Studies associate fellow, edits Inequality.org. His recent books include: The Case for a Maximum Wage (2018) and The Rich Don't Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class, 1900-1970 (2012).
The good times—for America’s super wealthy—are now rolling way past good. Our richest have in 2024 enjoyed their best year ever. No other nation’s deepest pockets have watched their fortunes grow as large or as fast. Elon Musk , of course, perfectly embodies this unprecedented surge in the personal wealth of America’s wealthiest. Musk has entered 2024’s last two weeks with a net worth spilling past $450 billion, nearly half a trillion dollars.
Supreme Court’s Citizen’s United decision in 2010—America’s wealthiest faced restrictions on how much money they could invest in electing their political pals to office. Today those rich can essentially spend whatever they want on political campaigns.Or on anything else. Take housing, for instance. In the first half of this year, elevated mortgage rates had U.S. home sales overall down 12.9%. But the luxury housing market has remained notably robust. Luxury sales rose 5.
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