Democratizing American Prosperity
National Review1 day
Report: CEO Pay Has Increased by 50% Since 2019
Above: A Wall Street sign near the New York Stock Exchange (NYSE) in New York City on April 21, 2025. Image copyright: Michael Nagle/Contributor/Bloomberg via Getty Images
The Spin
Left narrative
Right-wing oligarchs are wrecking the economy by funneling wealth to a tiny elite. Donald Trump's reckless tariffs and tax cuts for the rich erode the middle class, while billionaires like Elon Musk and Bill Ackman, who backed him, dodge accountability. Wealth inequality, which is now defined by the top 10% owning over two-thirds of household wealth, threatens democracy, even for those who naively voted such ideologies into office.
Right narrative
Market capitalism doesn't fuel runaway inequality. Research shows the top 1%’s income share rose just 1.4% since 1979, while the bottom half's after-tax income grew 66%, with capitalism helping to double median incomes since the 1950s. Policies like tax cuts and deregulation spur broad growth, not elite gains, while social shifts, like declining marriage rates, distort perceptions. Expanding homeownership and employee stock ownership plans will further democratize wealth.
Cynical narrative
The establishment left and right both collude to create a billionaire-dominated world, crippling the masses. Decades of neoliberal tax cuts, deregulation, and bailouts from both parties have fueled a "rentier" economy where the top 10% drive half of U.S. spending. This elite reliance, backed by corporate-government alliances, risks catastrophic crashes that hit the bottom 80% hardest. Modern-day serfdom thrives as both sides serve oligarchs, eroding democracy and freedom.