Who Actually Runs the US Government? – Bernie Sanders

The US faces an unprecedented oligarchy where a wealthy elite controls wealth and politics, leading to widespread economic struggle for the working class and threatening the core principles of democracy.

• Wealth and income inequality in the US have created an oligarchy where a few billionaires control politics and media.

• Stagnant wages and soaring costs for basic needs like healthcare and housing are causing widespread economic hardship for the working class.

• A corrupt campaign finance system and partisan authoritarianism threaten American democracy, requiring reforms like public election funding and a renewed focus on economic justice for all.

The United States is experiencing an unprecedented level of income and wealth inequality, where a few billionaires and large corporations exert significant control over the media and political system, effectively forming an oligarchy. This concentration of power has resulted in stagnant wages for the average worker while essential costs like healthcare, housing, and education have skyrocketed, leaving millions struggling. The current political landscape is marked by a breakdown of democratic principles due to the influence of big money in campaigns and a cult of personality within one major party, threatening the nation's democratic future.

Rise of Oligarchy

• 00:00:24 The United States is witnessing an unprecedented rise in income and wealth inequality, coupled with a severe concentration of ownership and billionaire control over media and politics, which constitutes an oligarchy. Despite being the richest country, 60% of its population lives paycheck to paycheck, struggling to afford basic necessities like healthcare, childcare, education, and housing. This situation highlights a fundamental societal imbalance where extreme wealth coexists with widespread economic hardship, driven by policies that benefit the top 1% at the expense of the working class.

Economic Struggles & Basic Needs

• 00:01:55 Over the past 52 years, despite an explosion in technology and worker productivity, real weekly wages for the average American worker are lower today than in 1973. This stagnation, combined with a $75 trillion wealth transfer from the bottom 90% to the top 1%, means that all productivity gains have gone to the wealthiest. Crucial expenses such as healthcare, housing, and education have become exorbitant, with the US spending significantly more per capita on healthcare with worse outcomes than many developed nations, and housing being unaffordable for many young people and a burden for 20 million households.

Concentration of Power

• 00:08:56 The consolidation of power by a few large corporations and financial institutions is a significant issue, moving beyond mere income inequality to a crisis of power. Three major Wall Street firms—BlackRock, State Street, and Vanguard—are the primary stockholders in 95% of American S&P corporations, granting immense control to a very small number of individuals. This concentration of economic power leads to situations where these entities can influence markets and engage in practices like price fixing, further exacerbating inequality and undermining democratic ideals.

Campaign Finance Reform

• 00:18:08 The US faces a corrupt campaign finance system where politicians spend an enormous amount of time raising money, primarily from wealthy individuals and Super PACs. The Citizens United Supreme Court decision allows billionaires to spend hundreds of millions to elect or defeat candidates, subverting democracy. To counter this, there is a need to overturn the Citizens United decision and implement public funding of elections, ensuring challengers have equal financial footing with incumbents and reducing politicians' reliance on wealthy donors, which currently leads to policies favoring the rich.

Divisions in Democratic Party

• 00:23:36 While the Democratic Party has historically championed important social issues like women's rights, civil rights, and gay rights, it began to shift its focus in the 1970s by seeking funding from corporations and the wealthy. This move led to the party abandoning its role as the 'party of the working class' and supporting trade agreements that resulted in job losses, while failing to effectively fight for affordable healthcare and education. Consequently, more working-class people now vote for Donald Trump, feeling that the Democratic Party has deserted their economic needs, creating a significant internal division between the establishment and progressive elements.

Future of Work and Society

• 00:44:51 The rapid advancements in robotics and AI present a transformational moment for the world, but there is concern that a handful of billionaires will make decisions for society without prioritizing human well-being. This shift could lead to a massive loss of decent-paying jobs, as entry-level positions are replaced by AI. To address this, society should consider reducing the workweek to 32 hours, ensuring universal healthcare, raising the minimum wage to a living wage, and making education accessible to all, thereby distributing the benefits of increased productivity and preventing a further erosion of community and human connection.