We’re not in a new Gilded Age in America: inequality is now far worse
Today’s wealth gap is much bigger, and the country’s richest have much more power than they once did. It’s an Age of Oligarchy
TL;DR
- Contemporary America shares similarities with the Gilded Age due to wealth inequality and the influence of wealthy individuals in politics and industry.
- However, current wealth inequality and the power of the richest Americans far exceed Gilded Age levels, with individuals like Elon Musk having significantly more wealth than historical figures like Rockefeller.
- The rate of total US household wealth controlled by the richest 0.00001% is more than double what it was during the Gilded Age.
- Unlike the Gilded Age, where corporate financing of federal politicians was eventually barred, current campaign finance laws, influenced by decisions like Citizens United, allow for extensive influence from wealthy donors.
- The current era benefits from advanced financial secrecy tools like anonymous shell companies and perpetual trusts, enabling wealth to be masked from investigators and regulators.
- The combination of collapsing campaign finance regulations and anonymous financial tools led to significant untraceable funds in recent US elections.
- The current era is defined by the scope, scale, speed, and ease with which wealthy figures can wield their wealth, distinct from anything previous, marking it as an 'Age of Oligarchy'.