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BusinessQuiet 3d · day 5

Casey Michel: US wealth inequality now far exceeds the Gilded Age

Guardian columnist argues modern oligarchy dwarfs historical precedent, with top 0.00001% controlling double the share of wealth.

newest coverage 3d agosummary written 5d ago6 pieces105 likes & upvotes2 comments NewswiresBlueskyMastodonReddit

What to know

  • Modern US wealth concentration now exceeds the Gilded Age: the richest 0.00001% control more than double the share of household wealth they did at the end of that era.
  • Elon Musk's ~$950bn net worth dwarfs historical comparisons—more than 30 times John D. Rockefeller's inflation-adjusted $30bn wealth.
  • Political influence mechanisms have strengthened: Citizens United (2010) permits unlimited campaign spending by billionaires, reversing Gilded Age restrictions like the Tillman Act (1907).
  • Modern financial secrecy tools and offshore structures enable wealth and power concentration beyond historical precedent.

“Rockefeller, the richest of the Gilded Age tycoons, died worth the equivalent of approximately $30bn, adjusted for inflation…But compare that to Musk's net worth…he's now worth approximately $950bn – or more than 30 times what Rockefeller was worth”

Casey Michel, Guardian columnist · The Guardian ↗ · Sep 20

Casey Michel Guardian columnistElon MuskElon Musk Tech billionaire cited in analysisGabriel Zucman Economist

Casey Michel: US wealth inequality now far exceeds the Gilded Age
theguardian.com

How it unfolded 1 development · click the chart to see its coverage articlesposts

Peak 5 pieces in two hours at Sep 21, 7 AM; 6 pieces over 5 days (2 articles · 4 posts) Sep 21, 7 AM — 5 pieces · 2 articles · 3 posts — Mastodon 2, Bluesky 1, Newswires 1, +1 moreSep 21, 9 AM — quietSep 21, 11 AM — quietSep 21, 1 PM — quietSep 21, 3 PM — quietSep 21, 5 PM — quietSep 21, 7 PM — quietSep 21, 9 PM — quietSep 21, 11 PM — quietSep 22, 1 AM — quietSep 22, 3 AM — quietSep 22, 5 AM — quietSep 22, 7 AM — quietSep 22, 9 AM — quietSep 22, 11 AM — quietSep 22, 1 PM — quietSep 22, 3 PM — quietSep 22, 5 PM — quietSep 22, 7 PM — quietSep 22, 9 PM — quietSep 22, 11 PM — quietSep 23, 1 AM — quietSep 23, 3 AM — quietSep 23, 5 AM — quietSep 23, 7 AM — quietSep 23, 9 AM — quietSep 23, 11 AM — 1 piece · 1 post — Mastodon 1Sep 23, 1 PM — quietSep 23, 3 PM — quietSep 23, 5 PM — quietSep 23, 7 PM — quietSep 23, 9 PM — quietSep 23, 11 PM — quietSep 24, 1 AM — quietSep 24, 3 AM — quietSep 24, 5 AM — quietSep 24, 7 AM — quietSep 24, 9 AM — quietSep 24, 11 AM — quietSep 24, 1 PM — quietSep 24, 3 PM — quietSep 24, 5 PM — quietSep 24, 7 PM — quietSep 24, 9 PM — quietSep 24, 11 PM — quietYesterday, 1 AM — quietYesterday, 3 AM — quietYesterday, 5 AM — quietYesterday, 7 AM — quietYesterday, 9 AM — quietYesterday, 11 AM — quietYesterday, 1 PM — quietYesterday, 3 PM — quietYesterday, 5 PM — quietYesterday, 7 PM — quietYesterday, 9 PM — quietYesterday, 11 PM — quietToday, 1 AM — quietToday, 3 AM — quietToday, 5 AM — quietToday, 7 AM — quietToday, 9 AM — quietToday, 11 AM — quiet 1
Sep 22Sep 23Sep 24yesterdaynow · 1:39 PM ET
  1. 1

    Michel identifies Citizens United and financial secrecy as structural differences

    Michel contrasts the Gilded Age with modern times by noting that the Tillman Act of 1907 restricted corporate campaign financing, whereas Citizens United (2010) opened elections to unlimited spending by wealthy donors. He also highlights that modern offshore and financial secrecy tools are now available that did not exist historically, further enabling concentrated wealth and political power.

    “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…”
    — Casey Michel, Guardian columnist · source
    1. 2 outlets We’re not in a new Gilded Age in America: inequality is now far worse

      first by Mastodon, 5d ago · also Guardian US

      1 more headline
    • cjcmichel.bsky.social

      We're not in a new Gilded Age. We're in something worse. My latest at @theguardian.com on how US wealth inequality has now blasted past anything we've seen before, and how we've now entered the Age of Oligarchy.

      cjcmichel.bsky.socialBluesky5d ago83▲view on Bluesky ↗
  2. background

    Michel cites wealth concentration data showing 30x gap between Musk and Rockefeller — Michel presents comparative wealth figures: John D. Rockefeller, the richest Gilded Age tycoon, died worth approximately $30bn adjusted for inflation, while Elon Musk is now worth approximately $950bn—more than 30 times greater. He also cites economist Gabriel Zucman's calculation that the richest 0.00001% now control more than double the share of US household wealth compared to the end of the Gilded Age.

  3. background

    Casey Michel publishes analysis comparing modern inequality to Gilded Age — Guardian columnist Casey Michel publishes a piece arguing that contemporary US wealth concentration now dwarfs the historical Gilded Age. He contends that while the Gilded Age comparison is apt in some ways, current inequality and oligarchic influence have surpassed that era on multiple measures.