Oxfam Report Highlights Rising Wealth Inequality in the US Amid Trump Administration Policies
A recent report by Oxfam America reveals that the combined wealth of the top 10 US billionaires increased by $698 billion over the past year. Using Federal Reserve data from 1989 to 2022, the report highlights that the wealth gained by the top 1% was 101 times greater than that of the median household, with an average gain of about $8.35 million per household compared to $83,000 for the median.
The report warns that policies under the Trump administration, including a May bill characterized as one of the largest upward wealth transfers in decades through tax cuts for the wealthy and corporations, could further exacerbate inequality. It emphasizes bipartisan contributions to the widening wealth gap and links this concentration of wealth to the dismantling of the tax code, social safety nets, and worker protections. The report argues that wealth translates into political power, which influences policy decisions.
More than 40% of Americans fall into the low-income bracket (below 200% of the poverty line), including nearly half of all children. When comparing among the OECD's 10 largest economies, the US exhibits the highest relative and child poverty rates, the second-highest infant mortality rate, and the second-lowest life expectancy.
Oxfam's report views inequality as a policy choice and recommends reforms such as campaign finance reform, antitrust measures, progressive taxation to reduce inequality, bolstering the social safety net, and protecting unions. The analysis focuses on the OECD's 10 largest economies rather than all 38 member countries.
