America's Oligarch Problem: How the Super-Rich Threaten US Democracy Der spiegel

Fatal Developments

Two fatal developments are converging during this election in the United States. The decoupling of the super-rich from the rest of society is an accelerating trend in recent years. And also the consequences of a series of rulings by the Supreme Court in 2010 that enable politicians and support groups to accept unlimited donations. This confluence of events is undermining the development of the world's proudest democracy.

The distribution of wealth in the United States is getting absurd, with the popular image of a widening gap between the rich and the poor already outmoded. The emerging chasm is so enormous it can be described as being no less than a gulf. The debate in Germany over the growing divide between the highest echelons of society and the lowest pales by comparison.

The idea that free markets will ultimately create the best possible living conditions is, of course, a wonderful one. But the reality in American looks like this: The yearly income of a typical middle-class family has fallen by almost $5,000 since 1999. If you factor in inflation, male workers last year earned on average $783 less than they did 42 years ago. For the country's richest, on the other hand, things are going swimmingly. The highest 0.1 percent possesses almost as much wealth as the lowest 90 percent taken together. The family of Sam Walton, founder of supermarket chain Walmart, has amassed over $149 billion in wealth. The family possesses as much as all of the lowest 42 percent of the country combined.

The American Dream Is Broken

Indeed, the super-rich are the only people who have profited from the considerable economic growth in the US in recent decades. Since the last Wall Street collapse in 2008, 58 percent of the income gains have been in the top one percent of earners in the US. In 2013, the top 25 hedge fund managers in the country enjoyed more than $24 billion in earnings -- the total amount earned by 533,000 teachers at public schools. Of course, acceptance of differences is part of this country's collective mentality. And Americans are much more willing to admire the success of their neighbors than their counterparts in Germany might be. But even by American standards, the shifts that have taken place in recent years are grotesque. They are destroying the moral fabric of society. The old chestnut that anyone can make it to the top, once known as the "American Dream," rings hollow today. Socialist Sanders and billionaire Trump both say the American Dream is broken.

With the exception of Sanders, however, not a single one of the current candidates for president is willing to call for an increase in taxes -- not even for the top 0.1 percent. In fact, most are promising tax breaks -- and this, despite the fact that many companies don't even pay taxes, because they conceal their earnings. Billionaire Warren Buffet admitted not too long ago that he is subject to a lower tax rate than his own secretary.

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