Oligarchs Made in America Profiting from Economic Crises

Daily Action
Written By Dick Thompson

America’s super-rich are profiting from the current crises and unprecedented corporate greed.

QUICK READ: Last year large corporations realized the highest increase in the rate of profits since 1976 much of it derived from monopoly price gouging. The super-rich are the principal beneficiaries, at the same time, most Americans are struggling to make ends meet. Inflation has compounded the difficulties for millions to afford the basic necessities of life.


TAKE ACTION NOW:

BACKGROUND

The ongoing invasion of Ukraine has highlighted the power and outrageous wealth of Russia’s oligarchs.   

Americans are less aware of the equally obscene affluence of America’s oligarchs, who are the principal beneficiaries of the current economic crises.

Jeff Bezos, Elon Musk, Warren Buffet, and the like, have amassed billions by profiting from uncertainty caused by the coronavirus, the war in Ukraine, and disruptions in the global supply chain. 

Last year large corporations realized the highest increase in the rate of profits since 1976. In one year, their profits skyrocketed from 2.2 to 2.8 trillion dollars much of it derived from price gouging. 

For working Americans, the economic situation has been anything, but rosy. Inflation has consumed the wage increase they have received and more.  In February, alone food costs climbed 1.4% and energy costs spiked 3.7% the highest in years. In many cities rents have increased even more.

Income inequality has reached unprecedented levels. The top 10% now earns 9 times as much income as the bottom 90%.

Senators Wyden, Warren, and Sanders have documented how the oligarchs have “made out like bandits”. The latter, who chairs the Senate Finance Committee, is holding a hearing on these financial abuses today

ACTION One: Call the Senate.

Script for Oregon Senators

SEN. MERKLEY: Portland office: 503-326-3386 | D.C. office: 202-224-3753

My name is [--] and I'm a constituent from [city], Oregon [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations
  • Remind voters that this is “Putin’s Oil Tax” the very dictator who Trump and his Republican allies heralded as a “genius

SEN. WYDEN:

Portland office: 503-326-7525 | D.C. office: 202-224-5244

My name is [–] and I’m a constituent from [city], Oregon [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations
  • Remind voters that this is “Putin’s Oil Tax” the very dictator who Trump and his Republican allies heralded as a “genius

Script for Republican Senators

D.C switchboard: 202-224-3121

My name is [–] and I’m a constituent from [city], [state], [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations

ACTION TWO: Call the House.

Script for Suzanne Bonamici (OR-01)

Oregon office: 503-469-6010 | DC office: 202-225-0855

My name is [–] and I’m a constituent from [city], Oregon [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations
  • Remind voters that this is “Putin’s Oil Tax” the very dictator who Trump and his Republican allies heralded as a “genius

Script for Cliff Bentz (OR-02)

Medford office: 541-776-4646 | DC office: 202-225-6730

My name is [–] and I’m a constituent from [city], Oregon [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations

Script for Earl Blumenauer (OR-03)

Oregon office: 503-231-2300 | DC office: 202-225-4811

My name is [–] and I’m a constituent from [city], Oregon [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations
  • Remind voters that this is “Putin’s Oil Tax” the very dictator who Trump and his Republican allies heralded as a “genius

Script for Peter DeFazio (OR-04)

Eugene office: 541-465-6732 | DC office: 202-225-6416

My name is [–] and I’m a constituent from [city], Oregon [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations
  • Remind voters that this is “Putin’s Oil Tax” the very dictator who Trump and his Republican allies heralded as a “genius

Script for Kurt Schrader (OR-05)

Salem office: 503-588-9100 | DC office: 202-225-5711

My name is [–] and I’m a constituent from [city], Oregon [zip code].

  • Support Biden’s proposed billionaire tax plan which would close tax loopholes and require 0.01 of. households pay a minimum of 20 % of their total income.
  • Continue to fight for programs that will put more money in the pockets of families such as controlling the price of medicine and a child tax credit.
  • Impose a windfall tax on oil companies and use this revenue to send check rebates to the public and for climate and clean energy projects.
  • Use the spike in gas prices to demonstrate that energy dependence comes from moving to clean energy and away from fossil fuels which would help save the earth and leave the U.S less decedent politically on oil-producing nations
  • Remind voters that this is “Putin’s Oil Tax” the very dictator who Trump and his Republican allies heralded as a “genius

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I hope you can make Indivisible's April National Activist Call on Thursday, April 7th at 8pm ET/5pm PT.

Join Indivisibles across the country as we celebrate successes; discuss our national strategy, and take time to create connections while building community with one other. RSVP

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ACTION 3: GOOD TROUBLE

GOOD TROUBLE: Below are opportunities to fight for our democracy. As John Lewis said, go make some “good trouble.” 

  • Find out more about Indivisible Oregon here. 

FURTHER READING:

Trends in income and wealth inequality https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality/

Income Inequality https://inequality.org/facts/income-inequality/

President Joe Biden to propose a new 20% minimum billionaire. https://www.cnbc.com/2022/03/26/president-joe-biden-to-propose-new-20percent-minimum-billionaire-tax-.html

As War Rages, a Struggle to Balance Energy Crunch and Climate Crises  https://www.nytimes.com/2022/03/10/climate/climate-oil-crisis-global.html

Ukraine war: Oil price rises again due to fears over Russian shortfall https://www.bbc.com/news/business-60680787

How Big a Threat to the US Economy Is the War in Ukraine? https://www.newyorker.com/news/our-columnists/how-big-a-threat-to-the-us-economy-is-the-war-in-ukraine

War in Ukraine Fans the Flames of Global Inflation - WSJ https://www.wsj.com/articles/war-in-ukraine-fans-the-flames-of-global-inflation-11646922368

Dick Thompson
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