Zohran Mamdani's primary win in New York symbolizes a national shift against economic inequality, resonating with similar sentiments among populists across the political spectrum. Both left-leaning and right-leaning factions are uniting in their disdain for the 'billionaire class' and the 'cosmopolitan elite.' Widespread public resentment against economic injustice is reflected in cultural responses and discontent with leadership. Economic data reveals alarming trends, where the wealthiest 10% own 90% of business equity, and the share of wealth controlled by the top 1% has significantly increased, intensifying concerns over inequality.
"Take on the billionaire class. Take on the oligarchy. That's how you win elections." This insight reflects the growing sentiment among various political factions against economic inequality.
Populists on the right and in blue but smaller cities echo a similar formula, railing against a 'cosmopolitan elite' and the 'party of Davos,' highlighting widespread economic discontent.
The wealthiest 10% of American households now own roughly 90% of all business equity, while half of all households own virtually none, illustrating a dramatic wealth disparity.
From the late 1980s to the present, the wealthiest 1% have seen their share of the nation's wealth climb to 26%, showcasing growing economic inequality.
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