Overview of The billionaire backlash
This episode of Today Explained (Vox) features Evan Osnos (The New Yorker), author of The Haves and Have Yachts, discussing rising anti‑billionaire sentiment, how the billionaire class grew so large and visible, and what that means for democracy, culture, and public policy. The conversation covers data on wealth concentration, tax and political mechanisms that preserved fortunes, the changing visibility and consumption of extreme wealth, and the growing movement—especially among younger generations—to tax or “abolish” billionaires.
Key points & notable statistics
- 67% of Americans (recent survey) say billionaires make society less fair — up 8 points from a year prior.
- Global billionaires: 3,000+ today. U.S. growth: ~66 in 1990 → close to 1,000 now.
- Wealth concentration: the top 0.1% controlled ~7% of U.S. wealth decades ago; now ~18%.
- Tax shift: average tax rate for the 400 richest Americans is roughly half what it was 50 years ago; estate taxes and other mechanisms have been pared back.
- Extreme examples of visible wealth: Jeff Bezos’s reportedly $46M wedding in Venice; superyachts costing hundreds of millions; Elon Musk’s net worth rising from ~$20B (a decade ago) to hundreds of billions.
Why billionaire wealth increased (causes discussed)
- Policy and tax changes over recent decades made it easier to accumulate and preserve wealth (lower tax rates, loopholes, estate‑tax rollbacks).
- Wealth buys political access and influence, which can be used to shape rules beneficial to the wealthy (tax code, subsidies, regulation).
- Financialization and tech scale: a small number of firms/founders can capture outsized returns, creating enormous fortunes quickly.
How billionaires spend and signal wealth
- Shift from “keep a low profile” to highly visible displays of wealth (lavish weddings, bespoke experiences, private concerts, superyachts, ephemeral luxury projects).
- New industries and services cater to “bored billionaires” with bespoke, once‑in‑a‑lifetime consumption (e.g., pop stars for private gigs, restaurants built by 3D printers on sandbars).
Public attitudes & cultural change
- Historically, Americans were more tolerant of inequality than Europeans, seeing large fortunes as signs of opportunity. That tolerance is declining.
- Younger generations (Gen Z especially) have lower tolerance for extreme inequality and more support for redistributive policies.
- Pop culture amplifies the backlash (e.g., Billie Eilish’s remarks: “If you’re a billionaire, why are you a billionaire? … give your money away, shorties”).
- Social media and influencer culture make wealth vivid and omnipresent, intensifying resentment and questions about fairness.
The “abolish billionaires” movement: origins and momentum
- The phrase and policy push gained prominence around 2019 with Bernie Sanders (“billionaires shouldn’t exist”) and Elizabeth Warren advocating wealth taxes.
- In progressive circles, the idea that “every billionaire is a policy failure” has become more mainstream.
- High‑profile political moments (billionaires present at inaugurations, wealthy presidential appointees) make wealth‑power fusion more visible and politically salient.
Policy levers and proposals mentioned
Policy options discussed or referenced
- Wealth tax (advocated by Elizabeth Warren) to tax accumulated wealth rather than just income.
- Strengthening or restoring estate tax and closing tax‑avoidance loopholes.
- Campaign finance and anti‑corruption reforms to reduce political influence of extreme wealth (implied by discussion of political access).
Notable quotes from the episode
- Bernie Sanders: “Billionaires shouldn’t exist.”
- Elizabeth Warren (paraphrase): “Taxing wealth, not just income, is necessary.”
- Gary Cohn (as quoted in report): “Only morons pay the estate tax.”
- Billie Eilish: “No hate, but yeah, give your money away, shorties.”
- Evan Osnos paraphrasing a framing: “Every billionaire is a policy failure.”
- Historian referenced (Ransome? Renton?): “Fewer had more” — used to explain long‑term societal risk when wealth concentrates.
Main takeaways and implications
- The prevalence and concentration of billionaire wealth is unprecedented in recent U.S. history and has accelerated dramatically.
- Policy choices (taxes, regulation) and political influence helped preserve and grow fortunes; wealth now affects democratic institutions in visible ways.
- Public opinion is shifting: younger Americans are less tolerant of extreme inequality, and mainstream discourse now includes calls to tax or abolish billionaires.
- Visible displays of wealth (social media, celebrity endorsement, lavish consumption) intensify public scrutiny and political backlash.
- The debate raises core questions about opportunity, mobility, and the sustainability of democratic institutions when wealth and power concentrate.
Questions the episode raises (for policymakers, voters, and listeners)
- Is it politically and legally feasible to “abolish” billionaires or meaningfully tax enormous wealth?
- Which policy tools (wealth taxes, estate taxes, tighter loophole rules, campaign finance reform) would be most effective and politically achievable?
- What balance should be struck between encouraging entrepreneurship/innovation and preventing oligarchic concentrations of wealth and power?
- How will changing public attitudes (especially among Gen Z) shape future elections and policy debates?
Recommended next reads / listening
- Evan Osnos, The Haves and Have Yachts (book referenced by the guest)
- Recent polling data on attitudes toward wealth inequality (for deeper quantitative context)
- Reporting on estate tax changes and major wealth transfers in U.S. tax history
Produced by Vox (Today Explained) with guest Evan Osnos (The New Yorker).