HomeYour VoiceHerStoryYour MultimediaResource LibraryAbout WVMCode of ConductRegisterLog in

  • Latest Post
  • Post index
  • Archives
  • Categories
  • Latest comments
  • Contact
  • About Your Multimedia
  • Show Us Something
  • Log in
  • 1
  • ...
  • 5
  • 6
  • 7
  • ...
  • 8
  • ...
  • 9
  • 10
  • 11
  • ...
  • 12
  • ...
  • 13
  • 14
  • 15
  • ...
  • 29

WHAT SOCIAL SECURITY SHOULD REALLY BE PAYING

WHAT SOCIAL SECURITY SHOULD REALLY BE PAYING
WHAT SOCIAL SECURITY SHOULD REALLY BE PAYING
Social Security is one of the most popular and progressive government programs in the United States. But Republicans, who try to obscure their real agenda, are bent on cutting it.
 
By Sonali Kolhatkar
 

 

Inflation continues to rise in the United States. Although gas prices have recently fallen since their record high over the summer, the cost of groceries rose by 11.4 percent over the last year, and there is no expectation that they will fall back to reasonable levels. Prices overall have risen by 8.2 percent, according to the U.S. Bureau of Labor Statistics’ Consumer Price Index report covering September 2022 as compared to the same month last year. While most working Americans are not getting hefty wage raises to compensate for inflation, seniors will see their Social Security benefits—which are pegged to inflation—rise next year. Starting in January 2023, beneficiaries will see an 8.7 percent cost-of-living adjustment (COLA) bump in their Social Security checks.

Conservatives are scoffing at this automated increase, as if it were a special treat that the Biden administration has cooked up to bribe older voters. Fox News reported that there was a “social media backlash” against White House Chief of Staff Ron Klain’s tweet lauding the upcoming increased COLA benefits for seniors. The outlet elevated comments by the conservative America First Policy Institute’s Marc Lotter, who retorted to Klain, “Nice try Ron. Raising benefits next year does not help seniors with the higher prices they are paying today or the higher prices they’ve been paying since you took office.”

But Social Security benefits have risen automatically with inflation since 1975 by design, precisely so that the livelihoods of seniors are not beholden to partisanship. This is an imminently sensible way to ensure that retired Americans, who spent their working lives paying Social Security taxes, can have a basic income.

If conservatives are complaining that an 8.7 percent bump is not enough to counter inflation, one might expect them to demand an even greater increase to Social Security benefits.

But, as is often the case with conservative economic logic, hypocrisy abounds. Bloomberg Government reporter Jack Fitzpatrick recently reported that several House Republicans who are vying to chair next year’s House Budget Committee if their party wins a majority in the November 2022 general elections are crafting plans for reductions, not increases. They hope to leverage negotiations on raising the 2023 debt ceiling by demanding cuts to Social Security and Medicare—programs that the GOP loves to deceptively label “entitlements.”

Fitzpatrick, using conservatives’ nakedly partisan language, said that Republican negotiators “could subsequently put major entitlement programs in play.” One of the GOP members of Congress eyeing the committee leadership, Georgia’s Buddy Carter, was more forthcoming about his plan, saying, “Our main focus has got to be on nondiscretionary—it’s got to be on entitlements.” Another Republican lawmaker, Jodey Arrington of Texas, also hoping to chair the crucial committee, understood the value of discretion when discussing cuts to programs favored by his constituents. He warned his Republican colleagues against getting too specific because “this can get so politicized.”

But Republicans have been demanding cuts to so-called entitlement programs for at least the past seven years running, in 2015, 2016, 2017, 2018, 2019, 2020, and 2021.

Oddly, the Washington Post’s fact checker Glenn Kessler found no evidence to back up Democratic Senator Patty Murray’s recent claim that “Republicans plan to end Social Security and Medicare if they take back the Senate.” Awarding Murray four “Pinocchios”—the Fact Checker column’s highest possible rating for lies—Kessler assured readers, saying, “Don’t worry, seniors: There is no such plan.” (In the hundreds of comments on the piece, many readers called out Kessler’s obvious service to Republicans in helping to hide their agenda.)

Social Security is one of the best, most popular government-funded programs in the nation. I recently explained its workings to my parents who emigrated from the United Arab Emirates to the U.S. a year ago. The custom they are familiar with in countries like the UAE is that of a “gratuity” or severance, paid to retiring workers—a lump-sum tip—based on their salary and number of years worked.

I explained that in contrast, U.S. workers pay a small percentage of their wages into the Social Security fund their entire working life. Upon retirement, workers draw a monthly sum based on their salary, years worked, and the current cost of living. While this may not sound as enticing as receiving a large sum of money at once, the monthly payments will never run out and last from retirement until death. My parents were duly impressed.

This year, to mark the 87th anniversary of Social Security, Data for Progress found in a poll that the program remains extremely popular and that a majority of voters want to increase benefits.

Those surveyed also worried that Congress could cut current or future benefits, or privatize the program. Most had not heard about Republican plans for cuts, however, suggesting that the efforts to hide the GOP’s real agenda have generally worked.

And, most were in favor of a very simple solution to ensure that Social Security’s funds don’t run out as revenues have dropped due to increasing inequality, and life expectancy has increased: make the wealthy pay their fair share. Social Security payroll taxes are capped at $147,000 in wages currently (and beginning in 2023 will increase a modest 9 percent to $160,200). That means those earning a million dollars a year in 2022 pay the same amount into Social Security as those earning $150,000. Removing the cap ensures that the fund will remain solvent and stable.

Social Security, in spite of some flaws, is also one of the nation’s most progressive programs, helping to further racial and gender justice among older Americans.

According to the Center on Budget and Policy Priorities (CBPP), “Social Security is a particularly important source of income for groups with low earnings and less opportunity to save and earn pensions, including Black and Latino workers and their families, who face higher poverty rates during their working lives and in old age.”

Furthermore, CBPP finds that “Social Security is especially important for women, because they tend to earn less than men, take more time out of the paid workforce, live longer, accumulate less savings, and receive smaller pensions.”

In spite of enduring Republican desires to cut the program, it is not nearly as generous as it ought to be. A global comparison of government retirement benefits by the Organization for Economic Cooperation and Development (OECD) in 2019 found that the U.S. ranked 24th on the ratio of worker benefits to earnings. This is below average for OECD countries, and lower than the benefits paid by countries like Turkey, Greece, Estonia, and Latvia, in spite of the U.S. being the richest nation in the world.

In other words, there is a basis for the conservative critique that an 8.7 percent increase in Social Security benefits slated for 2023 is insufficient. But the solution is to make benefits more generous, rather than to cut the program as Republicans aim to do.

*************************************

Sonali Kolhatkar is an award-winning multimedia journalist. She is the founder, host, and executive producer of “Rising Up With Sonali,” a weekly television and radio show that airs on Free Speech TV and Pacifica stations. Her forthcoming book is Rising Up: The Power of Narrative in Pursuing Racial Justice (City Lights Books, 2023). She is a writing fellow for the Economy for All project at the Independent Media Institute and the racial justice and civil liberties editor at Yes! Magazine. She serves as the co-director of the nonprofit solidarity organization the Afghan Women’s Mission and is a co-author of Bleeding Afghanistan. She also sits on the board of directors of Justice Action Center, an immigrant rights organization.

This article was produced by Economy for All, a project of the Independent Media Institute.

Leave a comment

HELP ELECT DISTRICT ATTORNEYS WHO WILL not PROSECUTE ABORTION

HELP ELECT DISTRICT ATTORNEYS WHO WILL not PROSECUTE ABORTION
HELP  ELECT DISTRICT ATTORNEYS WHO WILL  not  PROSECUTE  ABORTION

Overturning Roe v. Wade was just the start for far-right extremists who want to take away our constitutional rights and freedom.

Since the U.S. Supreme Court’s Dobbs decision, sixteen states have enacted laws banning most or all abortions, with most laws including zero exceptions for rape or incest.1 And last week, Republican Senator Lindsey Graham introduced a bill that would ban abortion after 15 weeks nationwide — the exact point at which many people learn of severe fetal defects or other high-risk factors that will impact their pregnancy.

No one should face prison time because of an abortion, a miscarriage or for seeking the care they need.

Color Of Change PAC is working to elect district attorneys nationwide who will commit to reproductive freedom and not prosecute a person who seeks or has an abortion.

Cycle after cycle, I’ve witnessed how COC PAC has worked to elect progressive district attorneys dedicated to reforming our broken criminal justice system. And now, that work is even more urgent as district attorneys have the power to decide whether to prosecute abortion or other pregnancy outcomes.

In 2020, 64 district attorneys pledged not to criminalize abortion if Roe v. Wade was overturned. In 2022, it's more important than ever for them to keep their promises, especially in states controlled by Republican legislatures.

About 70% of local prosecutors run unopposed. We can change that, and work to ensure that every American understands the importance of electing pro-choice candidates up and down the ballot.

The legal reasoning behind the SCOTUS opinion has set the stage for right-wing legislators to come for other rights next, from birth control and privacy rights to LGBTQ+ marriage equality.

This fight is for all of us. We will not back down.

Until Justice Is Real.

Jennifer Edwards, Color Of Change PAC  Color of Change PAC

Leave a comment

600 Million Metric Tons of Plastic May Fill Oceans by 2036 If We Don’t Act Now

600 Million Metric Tons of Plastic May Fill Oceans by 2036 If We Don’t Act Now
600 Million Metric Tons of Plastic May Fill Oceans by 2036 If We Don’t Act Now
 Fossil fuel stakeholders have been seeking new revenue in the petrochemical industry in general, and plastics in particular.
 
By Tina Casey
 

As the private transportation sector shifts focus to batteries, biofuels, and green hydrogen, fossil fuel stakeholders have been seeking new avenues of revenue in the petrochemical industry in general, and in plastics in particular. That’s bad news for a world already swimming—literally—in plastic pollution. Product manufacturers and other upstream forces could reverse the petrochemical trend, but only if they—along with policymakers, voters, and consumers—continue to push for real change beyond the business-as-usual strategy of only advocating for post-consumer recycling.

Plastic, Plastic Everywhere

Some signs of change are beginning to emerge. Public awareness is growing over the plastic pollution crisis, including the area of microplastics. A study commissioned by the World Wildlife Fund in 2020 found 86 percent of consumers in the United States were willing to support measures to cut down on plastic pollution, such as single-use plastic bag bans and increased recycling. Private sector efforts to reduce plastic packaging are also beginning to take effect.

However, these trends won’t necessarily lead to a global slowdown in plastic production or use, let alone a reversal. The United States, for example, is both a leading producer of plastic and the largest source of plastic waste in the world. The OECD estimates that, under a “business-as-usual” scenario, plastic waste will triple globally by 2060. Petrochemical producers are also eyeing growing markets in Asia and Africa.

Even if some nations kick the plastic habit, the global benefit of their efforts could easily be offset by rising demand for plastics elsewhere in the world. In a 2016 report titled, “The New Plastics Economy,” the World Economic Forum (WEF) noted that global plastic production totaled 311 million metric tons in 2014, up from just 15 million metric tons in 1964. The WEF also anticipated that the total plastic production would double to more than 600 million metric tons by 2036.

One key driver that is fueling plastic production is the increased availability of low-cost natural gas in the U.S., which was a result of the George W. Bush administration’s successful efforts to lift Clean Water Act protections on shale gas operations, resulting in “billions of gallons of toxic frack fluid from being regulated as industrial waste,” according to Greenpeace USA. By 2018, the shale gas boom of the early 2000s was credited with stimulating a decade-long petrochemical buildout in the U.S. totaling 333 chemical industry projects since 2010, with a cumulative value of $202.4 billion. Of interest from a global perspective, almost 70 percent of the financing was from direct or indirect foreign sources.

Another driving force on the supply side is the shift from crude oil (petrol) to oil for plastic production, a trend fostered in part by a glut of ethane produced by the fracking boom. The decarbonization of the transportation sector does not necessarily slow down crude oil production to refineries. “As traditional demands for oil—vehicle fuels—are declining as the transport sector is increasingly electrified, the oil industry is seeing plastics as a key output that can make up for losses in other markets,” noted a November 2021 article in the Conversation. Consequently, refiners are becoming more dependent on the petrochemical market.

Steppingstone to Change: Recycling

The impacts of plastic production and waste are already manifold, from the local destruction and greenhouse gas emissions caused by oil and gas drilling and refinery operations to the ever-increasing load of plastic waste in the environment including microparticles in the air, water, soil, food supply, and ultimately in the human body.

Plastic is also a major threat to wildlife, and in particular, marine species, as so much plastic waste ends up in the world’s oceans. Unless we take concrete steps and “change how we produce, use and dispose of plastic, the amount of plastic waste entering aquatic ecosystems could nearly triple from 9-14 million… [metric tons] per year in 2016 to a projected 23-37 million… [metric tons] per year by 2040,” according to the United Nations Environment Program.

Fossil energy stakeholders have long touted a downstream solution to reduce plastic pollution—namely, recycling. The generations-long failure of this strategy is all too obvious: As the United Nations Environment Program points out, “Of the seven billion tonnes of plastic waste generated globally so far [since the 1950s], less than 10 per cent has been recycled.” Despite recent advances in recycling technology, the amount of recycled plastic in the production stream mostly remains pitifully low across the world. Nations with lax environmental regulations—mainly poor countries—have become destinations for mountains of mismanaged plastic waste, in addition to bearing the weight of pollution related to plastic processing.

Recycling is still important, but the resolution of the plastic crisis requires swift and practical action several steps upstream, at the seats of source and demand.

Seeds of Change

Absent the political will to turn off the plastic spigot at the source, the task is left to supply chain stakeholders and individual consumers.

That is a monumental task, but not an insurmountable one. The rapid evolution of the renewable energy industry illustrates how the global economy can pivot into new models when bottom-line benefits are at play, along with policy goals and support from voters, consumers, and industry stakeholders.

In terms of reducing upstream consumption of petrochemicals, consumer sentiment can influence supply chain decisions, as demonstrated by three emerging trends that can drive the market for more sustainable products and packaging.

One trend is the growing level of public awareness of the ocean plastic crisis. Images of plastic-entangled turtles and other sea creatures can spark an emotional charge that gets more attention from consumers than street litter and landfills. The tourism, hospitality, and fishing industries are also among other stakeholders that have a direct interest in driving public awareness of ocean plastic.

In a related development, the public awareness factor has rippled into the activist investor movement, which is beginning to focus attention on the financial chain behind the petrochemical industry. In 2020 the organization Portfolio.earth, for example, launched a campaign on the role of banks in financing petrochemical operations.

The second trend that is gaining momentum is related to new recycling technology that enables manufacturers to replace virgin plastics with waste harvested from the ocean. However, this circular economy model must be implemented from cradle to grave and back again in order to prevent waste from ending up in the ocean, regardless of its content.

In a similar problem-solving vein, new technology for recycling carbon gas can provide manufacturers with new opportunities to build customer loyalty through climate action. The company LanzaTech provides a good example of growth in the area of recycling carbon. The company’s proprietary microbes are engineered to digest industrial waste gases or biogas. The process yields chemical building blocks for plastics as well as fuels. Other firms in this area are also harvesting ambient carbon from the air to produce plastics and synthetic fabrics, among other materials.

A third trend is the emergence of new technology that enables manufacturers to incorporate more recycled plastic into their supply chains overall. In the past, bottles and other products made from recycled plastics failed to meet durability expectations. Now manufacturers are beginning to choose from a new generation of recycled plastics that perform as well as, or better than, their virgin counterparts.

The problem is that all of these trends are only just starting to emerge as significant forces for change. In the meantime, fossil energy stakeholders have no meaningful incentive to pivot toward supporting a transition out of petrochemicals, let alone a rapid one.

In fact, for some legacy stakeholders, the renewable energy field appears to be an exercise in greenwashing. Shell is one example of an energy company that touts its wind and solar interests while expanding its petrochemical activities. An even more egregious example is ExxonMobil, which continues to publicize its long-running pursuit of algae biofuel, an area that is still years away from commercial development.

Until policymakers, voters, and consumers exercise their muscle to reduce plastic pollution at the source, the petrochemical industry will continue feeding the global plastic dependence regardless of the consequences for public health and planetary well-being.

************************************************

Tina Casey has been writing about sustainability, the global energy transition, and related matters since 2009. She is a regular contributor to CleanTechnica and TriplePundit, where she also focuses on corporate social responsibility and social issues.
 
Source: Independent Media Institute
 This article first appeared on Truthout and was produced in partnership with Earth | Food | Life, a project of the Independent Media Institute.
Leave a comment

THREE PRO-CHOICE CHAMPIONS & EXPERIENCED SENATORS

THREE PRO-CHOICE CHAMPIONS & EXPERIENCED SENATORS
THREE PRO-CHOICE CHAMPIONS & EXPERIENCED SENATORS
THREE PRO-CHOICE CHAMPIONS & EXPERIENCED SENATORS
THREE PRO-CHOICE CHAMPIONS & EXPERIENCED SENATORS
THREE PRO-CHOICE CHAMPIONS & EXPERIENCED SENATORS

TAMMY DUCKWORTH   (U.S. Senate, Illinois)

  • A hero and a proven leader
  • A champion for Illinois working families
  • A must-win reelection fight 

    United States Senator Tammy Duckworth is a Veteran of Operation Iraqi Freedom, a former assistant secretary of the U.S. Department of Veterans Affairs and a former head of the Illinois Department of Veterans Affairs. She served in the Reserve Forces for 23 years before retiring at the rank of Lieutenant Colonel. In Iraq, Tammy was flying a mission north of Baghdad in November of 2004 when her helicopter was hit by a rocket-propelled grenade. Tammy’s crew landed the aircraft, but she lost both of her legs and shattered her right arm in the blast. She received the Purple Heart for her injuries. During her recovery and beyond, Tammy has remained committed to public service, advocating for Veterans and disability rights and fighting for Illinois’ working families. Fluent in Thai and Indonesian, Tammy holds a master’s degree in international affairs and a Ph.D. in human services. Tammy was elected to the House of Representatives in 2012, where she served on the Armed Services and Oversight and Government Reform Committees, and went on to be elected to the U.S. Senate in 2016, flipping a seat from red to blue. In 2018, after she became the first senator to give birth while serving in office, she sent a message to working families across the country about the value of family-friendly policies by securing a historic rules change that allows senators to bring their infant children onto the Senate floor. Tammy lives with her husband Bryan, their daughters Abigail and Maile and her mother, Lamai.

    In the Senate, Tammy is focused on expanding economic opportunity for all of Illinois’s working families. She advocates for practical, commonsense solutions needed to move Illinois and our country forward like rebuilding our infrastructure, growing manufacturing jobs while supporting minority-owned small businesses, investing in communities that have been ignored for too long, and making college more affordable for all Americans. Tammy co-founded the Senate’s first-ever Environmental Justice Caucus and also continues her lifelong mission of supporting, protecting, and keeping the promises we’ve made to our servicemembers, military families and Veterans. When reelected, she will continue her life’s work of serving our country and defending our American values.

    Tammy’s lived experience and her commitment to championing the rights of women and families make her an indispensable leader in the U.S. Senate. “I view my time now as a bonus, and that has allowed me to speak up without fear,” she has said. We need her voice in the halls of power now more than ever before. Tammy flipped a seat from red to blue in 2016, and Republicans are sure to attempt to win it back in 2022. Let’s show this pro-choice champion our full support as she defends this critical seat in 2022.

    MAGGIE HASSAN   (U.S. Senate, New Hampshire)

    • A dedicated public servant
    • A champion for New Hampshire working families
    • A critical hold in a perennial swing state

      Senator Maggie Hassan was elected to represent New Hampshire in the United States Senate in 2016, and she is running for reelection to build on her outstanding record of fighting for Granite State working families. Maggie and her husband Tom are the proud parents of two children, Ben and Meg, and Maggie got her start in public service by advocating to ensure that children like her son Ben, who experiences severe disabilities, would be fully included in their communities and have the same opportunities that all parents want for their children. Maggie, an attorney, went on to serve for three terms in the New Hampshire state Senate and as the 81st governor of New Hampshire, fighting to expand opportunity for all Granite Staters. She is the second woman in American history to be elected both governor and United States senator, along with fellow New Hampshire Senator Jeanne Shaheen. Maggie is dedicated to solving the toughest problems working families face, and she fearlessly stands up to those seeking to roll back progress or violate the fundamental rights of Americans.

      From her time in the New Hampshire state legislature to her years serving as the state’s governor, Maggie has shown she has what it takes to get things done — and she’s done it with pragmatism and compassion. She is working tirelessly to expand economic and educational opportunity for all, and to help lead our country forward. Growing up, Maggie’s father taught her that “policies that don’t help people are bad policies,” and she has spent her career in public service motivated by that same belief. Her work in the U.S. Senate has focused on building a more inclusive economic future where all people who work hard to get ahead can stay ahead, expanding access to job training and making college more affordable for our students and families, and helping innovative businesses grow and create good jobs. Maggie has worked tirelessly to protect Social Security and Medicare, combat climate change and preserve our natural resources, to address the opioid crisis, and to protect a woman's right to make her own health care decisions. When reelected, she will continue to be a fierce champion for New Hampshire working families.

      In 2016, Maggie faced one of the toughest fights of the cycle, ultimately winning her battle to flip a seat from red to blue with a margin of just 1,017 votes. EMILY’s List has been with Maggie since her first race for New Hampshire state senator, and we are proud to be with her every step of the way as she defends this critical swing seat in a state where we cannot take a single vote for granted. Republicans are sure to do everything in their power to turn this seat red, but we know Maggie has what it takes to win again in 2022. Let’s show Maggie our full support and show her that we continue to have her back as she fights to move our country forward.

      PATTY MURRAY   (U.S. Senate, Washington)

      • A proven leader and trailblazer
      • A fierce champion for women and families
      • A must-win reelection fight  

        Senator Patty Murray first got involved in politics to fight back against politicians who were trying to cut a preschool program that her kids counted on. When she was told she couldn’t make a difference because she was “just a mom in tennis shoes,” she realized that if she wanted change, she was going to have to lace up those tennis shoes and fight back. Patty decided to run for the school board and then the state legislature to make a difference from the inside on policies impacting families like hers. In 1992, she became the first woman elected to represent Washington State in the U.S. Senate after her election during the historic Year of the Woman, and has continued to be a trailblazing force ever since — becoming the first woman to chair the Senate Budget Committee, the first woman to chair the Veterans’ Affairs Committee, and now serving as the incoming chair of the Senate Health, Education, Labor, and Pensions Committee.

        Since the moment she was elected, Patty has used every tool at her disposal to help people, solve problems, lift up the stories and concerns of families in Washington state, and offer a clear and loud voice for progressive change. She is one of the most influential and forceful advocates in the Senate for policies that benefit women and families. In the new Congress, Patty will serve as chair of the Senate Health, Education, Labor, and Pensions Committee—where she has been the top Democrat for years and a champion for families for decades. She has used her role as a leader on the Committee to put a spotlight on women’s health and economic issues, fight to protect and expand access to reproductive health care, and advocate for necessary reforms, including equal pay protections, paid family leave, and increasing the minimum wage. She has also worked across the aisle to finally fix the broken No Child Left Behind law, make significant investments to address the maternal mortality crisis, and secure the largest ever increase in child care funding.

        Show Senator Murray we continue to have her back as she faces reelection again in 2022. Let’s ensure that this pro-choice champion continues her tireless work in the United States Senate, building on her outstanding record as a fierce advocate for working families and leading our country forward.

Leave a comment

Tech Billionaires Are Actually Dumber Than You Think

Tech Billionaires Are Actually Dumber Than You Think
Tech Billionaires Are Actually Dumber Than You Think

It turns out that many of today’s billionaires are selfish, lonely men fantasizing about how they will survive the end times they have played a part in creating.

By Sonali Kolhatkar

 Independent Media Institute

 This article was produced by Economy for All, a project of the Independent Media Institute.

In mid-September, for just a few days, Indian industrialist Gautam Adani entered the ranks of the top three richest people on earth as per Bloomberg’s Billionaires Index. It was the first time an Indian, or, for that matter, an Asian, had enjoyed such a distinction. South Asians in my circle of family and friends felt excited at the prospect that a man who looked like us had entered such rarefied ranks.

Adani was deemed the second richest person, even richer than Amazon founder Jeff Bezos! A Times of India profile fawningly quoted him relaying his thought process in the early days of his rags-to-riches story. “‘Dreams were infinite but finances finite,’ he says with engaging frankness,” according to the profile. There was no mention of the serious accusations he faces of corruption and diverting money into offshore tax havens, or of the entire website, AdaniWatch, devoted to investigating his dirty deeds.

Adani made his money, in part, by investing in digital services, leading one economist to say, “Wherever there is a futuristic business in India, I think… [Adani] has a stronghold.”

The moment of pride that Indians felt in such an achievement by one of their own was short-lived. Quickly Adani slipped from second richest to third richest, and, as of this writing, is in the number four slot on a list dominated by people who have made money from the digital technology revolution.

In fact, ranking multibillionaires is a meaningless exercise that obscures the absurdity of their wealth. This year alone, a number of tech billionaires on Bloomberg’s list lost hundreds of billions of dollars as the gains they made during the early years of the pandemic were wiped out because of a volatile stock market. But, as Whizy Kim of Vox points out, whether or not they’re losing money or giving it away—as Bezos’ ex-wife MacKenzie Scott has been doing—their wealth remains insanely high, and most are worth more today than before the COVID-19 pandemic.

What are they doing with all this wealth?

It turns out that many are quietly plotting their own survival against our demise. Douglas Rushkoff, podcaster, founder of the Laboratory for Digital Humanism, and fellow at the Institute for the Future, has written a book about this bizarre phenomenon, Survival of the Richest: Escape Fantasies of the Tech Billionaires.

In an interview, Rushkoff explains that billionaires worry about the end of humanity just like the rest of us. They fear catastrophic climate change or the next pandemic. And, they know their money will likely be of little value when civilizations decline. “How do I maintain control over my Navy Seal security guards once my money is worthless?” is a question that Rushkoff says many of the world’s wealthiest people want to know the answer to.

He knows they ask such questions because he was invited to give private lectures by those who think his expertise in digital technology gives him unique insight into the future. But Rushkoff was quietly studying them instead and has few flattering things to say about these wielders of economic power.

“How is it that the wealthiest and most powerful people I’d ever been in the same room with see themselves as utterly powerless to affect the future?” he asks. It seems as though “the best they can do is prepare for the inevitable calamity and then just, you know, hang on for dear life.”

Rushkoff explores this tech billionaire “mindset” that he says has resulted in a generation of people who are “almost comedic monsters, who really mean to leave us all behind.” Adani is a perfect example of this, having invested in the very fossil fuels that are destroying our planet. He has large holdings in Australia’s coal mining industry and has sparked a massive grassroots movement intent on stopping him.

The admiration that some Indians feel for Adani’s ascension on Bloomberg’s list of billionaires is based on an assumption of cleverness. Surely, he must be one of the smartest people in the world in order to be one of the richest? Elon Musk, the world’s wealthiest man by far (with twice as much wealth as Bezos), has enjoyed such a reputation for years.

Those who are invested in the idea of merit-based capitalism can justify the unimaginable wealth of the world’s richest people only by assuming they are intelligent enough to deserve it.

This is a façade. Rather than smarts, the wealthiest people on the planet appear to be rather small-minded idiot savants who share a common disdain for the rest of us.

After being around tech billionaires in private, Rushkoff concludes that they are invested in “this notion that they really can, like puppeteers, kind of control society from one level above,” and that this approach is “different than the era of Alexander the Great, or Caesar.” If the question that vexes them most of all is how, in a disastrous future, will they control the guards they hire to protect their hoardings, then our economic system is a farce.

“Even if we call them genius technologists, most of them were plucked from college when they were freshmen,” says Rushkoff. “They came up with some idea in their dorm room before they’d taken history, or economics, or ethics, or philosophy” classes, and so they lack the wisdom needed to oversee their own perverse amounts of wealth.

Having spent time with many tech billionaires, Rushkoff worries that “their education about the future comes from zombie movies and science fiction shows.”

Billionaires are not simply drawing their wealth from a vacuum. According to data from the World Economic Forum, “the world’s richest have captured a disproportionate share of global wealth over recent decades.” This means that, if you were rich to begin with a decade or two ago, you are likely to have seen your wealth multiply by a greater amount than middle-class or lower-income people.

Not only are tech billionaires undeserving of their wealth, but they also are fleecing the rest of us—and fantasizing about hoarding that wealth in the worst-case scenarios while the rest of humanity struggles to survive.

The danger is that if society valorizes such (mostly) men, we are in danger of internalizing their childish, selfish mindset and giving up on solving the climate crisis or building resiliency on a mass scale.

Instead of relating to them, we ought to feel sorry for a group of people so cut off from humanity that their vision of the future is a very lonely one.

“Let’s look at these tech-bro billionaire lunatics. Let’s laugh at what they’re doing… so they look small rather than big,” says Rushkoff. He thinks it is critical to adopt the perspective that “the disaster they’re so afraid of looks entirely manageable by more reasonable people who are willing just to help each other out.”

Leave a comment
  • 1
  • ...
  • 5
  • 6
  • 7
  • ...
  • 8
  • ...
  • 9
  • 10
  • 11
  • ...
  • 12
  • ...
  • 13
  • 14
  • 15
  • ...
  • 29

Women's Voices Media - Newsletter

Powered by follow.it

Search

Wit & Wisdom

Things are going to get a lot worse before they get worse.
Lily Tomlin
September 2020
Sun Mon Tue Wed Thu Fri Sat
    1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30      
 << < Current> >>

XML Feeds

  • RSS 2.0: Posts
  • Atom: Posts
What is RSS?

Your Multimedia
This collection 2026 by Janice Jochum
Copyright 2019 United Activision Media, LLC
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
• Contact • Help

b2
Cookies are required to enable core site functionality.