As billionaires’ wealth soars, US workers struggle: ‘The rich keep getting richer for no good reason’
Summary
Billionaires in the US, like Elon Musk, have greatly increased their wealth even as many American workers struggle with low wages, rising costs, and inflation. A new California tax on the very rich will be voted on in November, with wealthy people spending large amounts to try to stop it.Key Facts
- Elon Musk briefly became the world’s first trillionaire when SpaceX went public but later lost the title due to stock changes.
- Musk’s wealth rose from $28 billion in 2020 to nearly $1 trillion in 2026, mostly from SpaceX and other tech companies.
- The richest 20 people in the US own wealth equal to 12% of the country’s total economic output.
- The US had 989 billionaires owning over $9.2 trillion in 2026, a 31.8% increase from 2025.
- US workers earned the smallest share of the economy since 1947, only 53.8% of GDP in late 2025.
- Inflation in May 2026 hit 4.2%, wiping out recent wage gains; many workers earn less than $25 an hour, below the living wage in big cities.
- US credit card debt reached a record $1.277 trillion in late 2025, rising 63% since early 2021 as workers borrow more to cover expenses.
- A new billionaire tax in California was placed on the ballot after billionaires spent millions opposing it; the vote is expected in November 2026.
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