Remember the days when less was more? Simplicity reigned. A refined and subtle style reflected a quiet sophistication—discerning taste without overt displays of wealth.
Those days have passed us by. Today so many ultra-wealthy people flaunt their wealth by engaging in conspicuous consumption—publicly displaying their wealth through lavish real estate, luxury vehicles, and extravagant lifestyles. We’re talking about mega yachts, private jets, rare exotic cars, several multi-million-dollar properties, and over-the-top vacations and celebrations.
Jeff Bezos is a prime example. His purchases include a $500 million superyacht; four apartments on Fifth avenue in NYC for a total of $96 million which he then combined into one massive penthouse spanning 23,000 square feet; a Gulfstream jet for $65 million; and the old Textile Museum in D.C. for $23 million which he converted into a 27,000-square-foot private home. His wedding to Lauren Sanchez is estimated to have cost between $46 and $56 million. And from a business perspective in addition to Amazon, Bezos bought Whole Foods for $13 billion, invested $1 billion in his own rocket company, Blue Origin, and shelled out $250 million to buy The Washington Post.
In recent years, our country has experienced increasing income inequality. So exactly what happens when income inequality grows? Specifically, it slows long-term economic growth, stifles social mobility, and deepens political polarization.
Concentration of wealth at the top reduces consumer spending. It’s true that high earners spend and save more. But those at the middle and bottom struggle to afford basic goods, face higher debt burdens, and have limited access to quality education.
When middle and lower classes take on more debt to maintain their standard of living, the economy becomes less resilient, leading to more frequent and deeper recessions. Children from lower income families often lack access to quality education and healthcare.
In addition, wealth concentration often drives up prices of fixed assets like real estate, contributing directly to housing and general affordability problems. Such disparities erode trust in public institutions and fuel political polarizations.
According to The Economic Policy Institute, income inequality has skyrocketed since 1979 because intentional policy choices have suppressed wages for typical families to accelerate income growth at the top. Middle-class household incomes would be approximately $30,000 higher today if their incomes had simply kept pace with average income growth since 1979. The Institute recommends protecting workers’ rights to organize unions, fostering long periods of very low unemployment, and keeping minimum wages high to help typical families claim their fair share of income growth.
More moderates, Independents, Hispanics, Black Americans, young Americans, and voters in blue states supported Trump in 2024 than any other Republican candidate in this century. Many of these voters are now against the Iran War and blame Trump for the rising cost of living.
Democratic socialists are tapping into this dissatisfaction and frustration through their explicitly anti-establishment and anti-corporate campaigns. They stress affordability, reject big money donations, endorse anti-war stances, and are mobilizing young progressives into multiracial coalitions.
So far, these candidates have seen wins in New York, Pennsylvania and Colorado, and D.C. is on the horizon. Some Democrats worry that these elections will give Republicans an opportunity to paint the Democratic party as extreme.
Many Democrats currently running in other states are trying to carefully toe the line, stressing affordability issues but avoiding any Democratic Socialist labels. Smart money says these candidates should lean into moderate policy positions on the economy, security, and immigration, placing higher emphasis on these universally understood issues rather than relying primarily on issues such as identity, climate change, and defending democratic institutions. Also, they recommend getting behind competent, dependable candidates who adeptly leverage grassroots campaigning, digital organizing, and social media.
Plutarch once wrote, “An imbalance between rich and poor is the oldest and most fatal ailment of all republics.” Let’s hope voters remember that concept and identify who the winners are in this Administration when they head to the polls this November.
