“Pretty much everything you care about is undermined by that concentration of wealth and power: your health, your housing, the quality of your environment.”
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Chuck Collins, the heir to the Oscar Mayer fortune, gave away his millions to progressive political causes when he was in his twenties. Ever since, the resident of Guilford has fought to expose how the rich make themselves richer at everyone else’s expense.
In his new book, “Burned by Billionaires: How Concentrated Wealth and Power are Ruining Our Lives and Planet,” Collins shows how the actions of the top .01% have dire consequences for everyone else. He argues that when the system is rigged to favor to rich, working people pay the price in higher taxes, fewer affordable houses and a health care system stripped of both health and care.
Collins is a senior scholar at the Institute for Policy Studies where he co-edits Inequality.org. He writes the Oligarch Watch column for The Nation. He is the author of a number of books, including “Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good”; and with Bill Gates Sr., “Wealth and Our Commonwealth,” a case for taxing inherited fortunes.
Collins says we are living through a new Gilded Age. In the first Gilded Age, which lasted from about the end of the Civil War to 1900, “there were 400 wealthy families that by some estimates may have had 40 to 50% of all the wealth in the country,” Collins told the Vermont Conversation. But from 2020 to 2022, “the flow of billionaire wealth, not just to the 1% but the top one tenth of 1% in the billionaire class, is dizzying.” He said that the combined wealth of US billionaires went from under $3 trillion at the beginning of the pandemic to $7.8 trillion by the end.
“Pretty much everything you care about is undermined by that concentration of wealth and power: your health, your housing, the quality of your environment.”
Collins warned of the danger of “billionaire capture.”
“You have the billionaires lining up behind one particular presidential candidate who has totally delivered for the billionaire class to the point where our political system is captured. … They are using that government shutdown as a way to shrink government and lay off workers. And we’re not even going to publish unemployment rates and the data necessary for us to understand what’s happening in the economy.”
Collins believes that change will come from both the grassroots and from “cracks within the billionaire elites that we should be paying attention to,” such as those who want to address climate change.
“As people start to see how their pockets are getting picked, they will wake up and want to push back on this oligarchic capture of our society.”
Collins says that change begins by taxing enormous wealth, reinvesting in social programs, and in grassroots mobilizations such as “No Kings Day” that represent “an awakening that we have never seen.”
“We have to say, Look, we’re not going to vote for people who are going to be lapdogs of the billionaires. … We’re going to see people run for Congress and win and run for higher office saying, I want an economy that works for everybody, not just the billionaires.”
