The top 1% of America holds 40% of the wealth.
It's time the public understands how this happened and what we can do about it.
The Work in Progress
The Work in Progress is a searching portrait of America at a moment of profound uncertainty, and a hopeful exploration of what we owe one another as our country faces unprecedented challenges.
Inspired by Robert Reich’s curiosity and humanity, it is a testament to the power of listening, civic engagement, and the belief that our shared future is still ours to shape. The film begins with Prof. Reich asking: "What do we owe each other?" What follows is a journey to find out.
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Trump says AI doesn’t need guardrails — only a “strong and smart” president. He just so happens to be heavily invested in some of the biggest corporations pushing AI. Why should we trust him to protect the public when his own financial benefit is at stake?
25,000. That’s how many stock trades Trump made since being back in office — more than any president in history.
So what’s the problem here? Even in Trump’s own words…
So no harm, no foul, right? Wrong. Trump’s stock trading is actually a danger to us all.
Consider his purchase of about $500,000 worth of Abbott Laboratories stock in 2025, at a time when the Department of Justice was criminally investigating the corporation after its baby formula was linked to a handful of infant illnesses and deaths.
But, funny enough, months after Trump’s stock purchase, the Department of Justice dropped its criminal investigation. [sarcastically] I’m sure it’s just a coincidence right? Avoiding this costly prosecution will help boost Abbott’s bottom line and Trump’s stock portfolio. But at what cost to the rest of us?
Or look at his purchases of Palantir stock throughout 2025, as his regime handed it federal contracts. Those contracts will help Trump compile untold amounts of data to potentially surveil Americans, help ICE hunt down immigrants, and help the military carry out its illegal war on Iran.
Now tell me, honestly. Knowing that he owns Palantir stock, do you think he’ll stand up to Palantir if it illegally spies on us or abuses our civil liberties?
Trump is also heavily invested in corporations peddling AI.
The same day he bought millions of dollars worth of stock in six AI giants, Trump unveiled his AI Action Plan, which calls for deregulating the industry and fast-tracking data center development. Yes, the data centers that are helping drive up electricity costs, sucking up communities’ water, and spewing dangerous pollution into the air.
Can we expect him to protect the public from the potential harms of AI when he’s so heavily invested in the corporations pushing it?
My friends, don’t let anyone tell you this is normal. Since the 1970s, presidents who owned individual stocks have always put their assets in a blind trust, meaning they have no idea what companies they’re invested in or how much they’re investing.
But Trump didn’t do that. Although his financial assets are technically controlled by outside brokerage firms that technically can’t accept trade requests from Trump and his family, he knows exactly what stocks he owns. He even posts about the corporations, using their stock tickers, on his Truth Social. Hello???
There are no guardrails in place preventing him from making policy decisions that boost his own bottom line, while putting the rest of us at risk.
If nothing else, these conflicts of interest seriously undermine public trust that the government is protecting us — and that our leaders are putting the country before themselves.
It’s time to end the exemption of the president and vice president from conflicts of interest laws, require all federal officials to put their investments into qualified blind trusts, and prohibit all trading of individual shares of stock.
A president is supposed to govern for the benefit of the entire country — not for his own financial benefit.
Billionaires want you to believe taxing their extreme wealth is too radical and that it can’t be done. Baloney. Economist Gabriel Zucman debunks their lies. Watch. His new book "We Need to Tax Billionaires" is out now. https://bookshop.org/p/books/we-need-...
Jeff Bezos says raising his taxes is pointless.
He’s partly right. Bezos has gotten away with paying no income tax in some years, so technically doubling that wouldn’t help.
That’s why we need a wealth tax that even the slipperiest of billionaires can’t wriggle their way out of.
That’s what my colleague, economist Gabriel Zucman, is proposing.
He’s one of the top experts on wealth inequality and billionaire tax avoidance — two of the greatest threats to American freedom and democracy. Listen to this.
Forget the top 1 percent for a moment. Let’s talk about the richest ZERO POINT ZERO ZERO ZERO ZERO ONE PERCENT of Americans, which now includes 19 households. The oligarchs.
Together they hold the equivalent of 14 percent of U.S. GDP in wealth: roughly $4 trillion.
It means that if these 19 families spent their wealth, they could buy 14% of everything that’s produced in a given year in the US.
At the peak of the first Gilded Age at the beginning of the 20th century, that same group of the population owned just 4 percent of GDP in wealth.
This is dangerous.
There’s a fundamental tension between extreme wealth and democracy. That’s because extreme wealth is extreme power — the power to stifle competition, shape laws, buy elections, and stall social progress.
In 2000, billionaires accounted for 1 percent of total campaign spending. In 2024 they accounted for 19 percent.
Everything downstream of the political system is affected by the surge of billionaire influence: the courts, regulatory power, economic policy, and media independence. That’s how the super-rich have been able to rig the tax code to live nearly tax-free.
Letting so much of America’s wealth go untaxed also starves the nation of resources. It prevents the US from making the necessary investments in higher education, in health care, in public infrastructure that are vital to future growth and prosperity.
So what can we do?
I’ve been studying inequality for years. One of the lessons of the first Gilded Age is that we instituted new taxes on the super rich to curb their power and build a fairer society.
We need to do that again — but by taxing wealth, not just income.
Taxing income alone isn’t sufficient, because the super-rich find ways to report little to no income. There was even one year when Jeff Bezos pretended he was so poor that he claimed and received the child tax credit.
Instead, we must tax wealth. In my book, We Need To Tax Billionaires, I’m proposing a minimum tax equal to 2 percent of wealth for people with net worth above $100 million dollars.
Someone already paying the equivalent of 2 percent or more of their wealth in taxes today would have nothing more to pay.
It’s just those among the ultrarich who fail to pay their fair share who would owe anything.
Despite this fair and logical proposal, Billionaire-owned media outlets fearmonger about taxing the rich, but don’t be fooled.
First, this wealth tax wouldn’t raise taxes on you or anyone you know.
This wouldn’t raise taxes on millionaires or even most multi-millionaires. Only ultra-high-net-worth individuals with particularly low tax payments would be affected. It is the fairest tax you can imagine.
Second, Billionaires wouldn’t be able to dodge this tax.
Wealth is harder to manipulate and conceal than income. About half of billionaire wealth is in publicly-traded stock, which is straightforward to value.
The value of private business assets, trusts, real estate, and even works of art can also be calculated.
Billionaires regularly borrow against their assets because lenders and everyone else knows this is real wealth.
In 2023, when Mark Zuckerberg bought a half-billion-dollar mega yacht and a luxury compound in Hawaii, he didn’t have to sell off stock.
He took a loan that year against $3 billion dollars of his Meta stock.
Third, this wouldn’t result in tax flight: Billionaires cannot avoid this tax by moving assets or physically moving abroad. They would still have to pay this tax as a US citizen no matter where they live.
Fourth, you may have heard that wealth taxes used to exist in Europe, but they didn’t work.
But past wealth taxes in Europe largely exempted the super-rich because they did not tax large shareholding, or taxed them for only a fraction of their true value.
My proposal takes the opposite approach. It focuses squarely on the ultra-wealthy, with no exemptions.
The bottom line is taxing the rich is not only good for the economy, it’s a matter of basic equality under the law.
Billionaires get away with paying a lower tax rate than middle-class workers when you factor in all taxes paid. A 2 percent minimum wealth tax on the richest of the rich would put an end to this absurdity.
Fundamentally, it creates a new principle: that extreme wealth has to come with unavoidable duties toward society.
This is not radical.
What is truly radical is the current situation, where billionaires are allowed to live nearly tax free, using their fortunes to play by a different set of rules while they amass even more wealth and power — and effectively create their own Gilded society.
Trump just said the quiet part out loud: he doesn't care about your finances. "Not even a little bit." Here's where your money is going instead.
Trump says he doesn’t care, “Not even a little bit” about people’s finances. It’s the first time he’s actually told the truth.
Trump’s policies are forcing the typical American family (household) to pay thousands of dollars EXTRA for groceries, to visit the doctor, and to fill up their gas tanks. Here’s how.
Trump’s illegal war on Iran, which nearly all Republicans have supported, has caused gas prices to skyrocket. Since he started the war, the average American household has spent an extra $417 on gas.
His war is also driving up the cost of groceries thanks to increased fuel and fertilizer costs.
Trump’s tariffs, before they were ruled illegal, cost each American household an extra $1,700.
Consumers can expect little help to weather the storm. Trump slashed two crucial programs that supported food banks and school meals. That’s on top of the historic cuts he and Republicans have made to food stamps in their big, ugly bill.
Healthcare costs are also rising. Trump and Republicans cut nearly $1 trillion from Medicaid, and more than 7 million people are predicted to lose coverage as a result.
Trump and Republicans in Congress refused to extend Affordable Care Act subsidies, causing monthly premiums to increase by an average of nearly 60 percent. 1 in 5 ACA recipients have lost coverage this year.
And what about electric bills? They increased 13 percent in 2025 — and won’t be coming down anytime soon. Trump and Republicans' big, ugly bill is forecast to increase household energy bills, largely because of cuts to renewable energy programs. And Trump is fast-tracking power-hungy AI data centers, which are further increasing electric bills.
So if your life is getting more expensive, where is all your money going?
Straight to the pockets of giant corporations. Big Oil raked in more than $55 billion in windfall profits in just the first month of the Iran war. As for those illegal tariffs, only corporations will get a refund, even though most of them already passed those increased costs onto you. The devastating cuts to food stamps and Medicaid helped pay for tax cuts for the super-wealthy and corporations. And the AI data centers, helping drive electric bills higher, enrich the bottom lines of Trump’s Big Tech donors.
All this exacerbates the decades-long hoax of trickle-down economics, where corporations gobble up bigger and bigger pieces of the economic pie while workers get shafted. Today, workers’ share of the nation’s income is at the lowest it’s been since records began in 1947. Corporate profits’ share, on the other hand, is the highest it’s been since 1950.
Trump and Republicans in Congress are making our rigged system even worse.
Private utility companies like PG&E, Duke, and Exelon control electricity for nearly 70% of Americans — and they're using that monopoly power to drive up your bills while pocketing record profits. It doesn't have to be this way. Watch. Find an active Public Power campaign near you: https://ilsr.org/energy/public-power-...
There's a secretive force driving up your electricity bill, but it's NOT just data centers.
Let me explain…
Private utility companies, like PG&E, Exelon, Duke, and Edison, serve nearly 70 percent of electricity customers in the country. Even though they provide a public service that we all rely on to survive, they’re owned by investors and driven by maximizing profits.
They’re allowed to exist as monopolies because it’s too expensive and impractical for multiple companies to build and operate complicated electricity infrastructure. In exchange, private utilities submit to strict regulation that is supposed to keep them from price-gouging customers who have no other choices in the market.
Every state has a utility commission that sets the rates we pay to keep our lights on. The rates are supposed to keep prices affordable for customers while making sure utilities can cover their operating costs and deliver a fair return to their investors.
But that’s not what’s happening. Private utility electricity rates have increased far more than inflation over the past few years. These rate hikes have delivered electrifying profits, which have surged by over 35 percent since 2021.
And it’s only going to get worse. In 2025 alone, private utilities demanded a record $31 billion in rate increases, affecting 81 million customers.
If your electricity bill is typically $200 a month, that means about $30 of it padded your private utility’s bottom line, instead of improving your service. These profits can go towards fancy corporate PR campaigns, private jet trips for executives, and lavish executive pay packages.
How are they getting away with this? Because there is no federal law barring private utilities from using your money for political activities, like lobbying legislators and commissioners and making campaign donations.
Private utilities’ lobbying hit a 10-year high last year. And in states where commissioners are elected, rather than appointed, candidates routinely take money from donors linked to the utilities that the commissioners are supposed to regulate.
Congress used to bar private utilities from making political contributions. But that federal law was repealed in 2005, allowing private utilities to make direct campaign contributions to regulators, politicians, and political parties. Some states still have stricter campaign finance laws that prevent these bribes — I mean, contributions. But in the states that don’t, commissions approved higher rates — enabling private utilities to each rake in, on average, an additional $4 million in profits every year.
This political spending isn’t just corrupt; it’s dangerous. The deadliest fire in California’s history, the 2018 Camp Fire, was caused by PG&E’s neglect of an aging transmission line. In the wake of that tragedy, PG&E spent nearly $10 million lobbying state lawmakers — with most of it going towards proposals to reduce its liability for wildfires.
The massive electricity rate hikes spanning the entire country aren’t happening simply because utility services have gotten that much more expensive or customers have been receiving better service.
It’s because they’ve bought off the system that’s supposed to keep them in check.
This is a matter of greed, plain and simple. As a result, utility CEOs are raking it in: The 10 highest-paid utility company executives, whose companies collectively serve nearly 60 million people, each made about $22 million on average last year.
It’s a vicious cycle. Private utilities demand ever-higher rate increases from commissions that are in their pockets. These rate increases inflate their profits, which they then use to lobby the commissions, bankroll politicians and regulators, and fight against any initiatives at the ballot box that would curb their power.
All this at a time when millions of Americans are struggling to pay their bills.
We need to end this vicious cycle and rein in these politically powerful corporations that are ripping us off. Here’s how.
At the federal level, Congress can cap utility profits and bar private utilities from using customers’ money to fund lobbying, political contributions, and fancy private jet trips for executives. One piece of legislation, the Lowering Utility Bills Act, is estimated to save every American household an average of $500 a year.
States are working to crack down, too. Since 2023, at least 22 states have introduced or passed bills that bar utilities from using customer payments to fund political activities. Connecticut’s law has saved customers an estimated $10 million since it was passed in 2023.
States can also rein in private utilities’ excessive profits. Pennsylvania Governor Josh Shapiro has proposed limiting the reasons for rate increases and requiring utilities to reveal how much of a rate increase will go to investors instead of better service.
The ultimate solution is getting rid of private utilities altogether and putting utilities under public ownership. Publicly owned utilities are beholden to you, the taxpayer — not Wall Street investors. They’re run just like public schools, or libraries, or any other local public agency, and are overseen by local officials. Publicly-owned utilities serve 55 million people, who are reaping the benefits. Rates are typically lower and outages are both less frequent and shorter.
The good news is you can organize with your neighbors to bring your private utility into public ownership. More than a dozen communities are fighting to do so right now, from Clearwater, Florida to Ann Arbor, Michigan.
And if your public utility commissioners are elected, you can work to elect commissioners who will answer to customers, not utility interests.
Private utilities have shown time and time again that they operate like any other private corporation with too much market power: fleecing customers to line their own pockets while bankrolling the politicians that are supposed to keep them in check.
It’s time to cut out the greedy middleman and put this public good where it belongs: in the hands of the public.
Trump has gutted nearly 20% of FEMA's workforce and dragged his feet in granting natural disaster relief to blue states. With hurricane season on the horizon, it's a perfect storm of sabotage and cruelty.
AMERICA — I’VE GOT BREAKING NEWS, MORE STORMS ARE HEADING OUR WAY. FLOODS, TORNADOES, HURRICANES — EVEN WILDFIRES.
AND THEY’RE ONLY GETTING WORSE.
Are we prepared?
Well, thanks to Trump we are drastically underprepared and everyone should know how much more at risk we are.
First, Trump has undermined our ability to predict severe weather in the first place.
Trump and DOGE fired hundreds of National Weather Service staff — including hurricane scientists and workers who repair weather forecasting equipment. They cut so many employees that the agency is desperately scrambling to hire some of them back.
These cuts have already led to fewer weather balloon launches, which help meteorologists collect data that can alert the public to tornadoes and thunderstorms.
Now why would they do that? Is the theory “If we can’t see it, it must not be happening?”
Second, Trump has gutted our ability to respond after disaster strikes.
Americans rely on the Federal Emergency Management Agency, or FEMA, to coordinate disaster response and to rebuild after disasters. But Trump and DOGE gutted nearly 20% of the agency’s workforce, while leaving multiple top agency jobs vacant or filled by Homeland Security officials with no disaster experience.
This has already been felt on the ground.
When deadly floods hit Texas in 2025, FEMA's new contract review policy (meant to root out supposed “waste”) reportedly delayed rescue efforts by 72 hours and left thousands of emergency calls unanswered. More recently, Midwest search-and-rescue crews lost access to key tornado-tracking software after FEMA failed to renew a critical contract.
And check out this chart — Trump has even politicized disaster relief.
If you live in a so-called “Blue State,” Trump is more likely to deny your state’s disaster funding request altogether. And if he does approve, it’s taken him TWICE as long to do it compared to Biden.
Finally, Trump is making it harder for us to reduce the impact of future disasters.
Trump’s FEMA canceled billions of dollars that helped communities protect against extreme weather. Constructing levees and elevating homes and hospitals in flood zones. Now some funding has been restored — but only a fraction of what Trump snatched away.
Folks, our government is supposed to be there for us. Especially when we’re at our most vulnerable.
But Trump has unleashed a perfect storm that’s heading your way.
Please, share this video — and urge your members of Congress to restore disaster funding and our government agencies before it’s too late.
Trump is angrier, more erratic, and more dangerous than ever — and those closest to him know it. How close are we to his own cabinet using the 25th Amendment against him? Here's how it might go down.
Bear with me, this may sound a little crazy.
But I keep hearing from political experts that there’s a chance Donald Trump will be removed from office — and sooner than you might think.
Here’s how this plot could unfold.
It’s becoming more apparent that Trump’s brain is, well, turning into mush.
He’s angrier, more erratic, and more dangerous than ever.
He can’t be trusted to do the job.
That’s why Congress ratified the 25th Amendment in 1967, to provide a clear process for removing a president who can’t be trusted to do the job.
All it would take to remove Trump is for his cabinet and Republicans in Congress to show some courage.
Yeah, I know. I’ll wait for you to stop laughing.
But here’s the thing. Up until now, these sycophants have gone along with Trump because they’re afraid of his base.
But that base is now coming apart.
Something about him protecting pedophiles and starting an unnecessary war with Iran that’s sent prices skyrocketing…
As things keep spiraling out of control, the more angry his base gets…
And the more likely they are to turn on Republicans in office…
Now, when faced with this reality, suppose JD Vance plots with Marco Rubio.
JD says “Hey Marco, back me on using the 25th Amendment — I’ll make you Vice President.”
Then JD and Marco promise Todd Blanche they’ll keep him on as Attorney General, and promise Pete Hegseth he’ll keep his job.
Vance and Rubio then approach House Speaker Mike Johnson and Senate Majority Leader John Thune.
These Republicans know they could lose control of Congress if Trump sticks around, so they also agree to get on board.
The plot is finalized when Trump is away at Mar-a-Lago.
JD Vance and company submit a written letter to Congress saying Trump has to go…
And they call Trump, when he’s on the golf course, to tell him he’s no longer president.
Trump screams, hollers, smashes a golf club into the ground.
He rushes to his phone and unleashes an unhinged rant on Truth Social.
But Johnson and Thune use their power under the 25th Amendment to bring up a vote in Congress on whether Trump can do the job — and a two-thirds majority in both the House and Senate decide he can’t.
And poof — Trump is gone. JD Vance is president.
I can’t decide whether to be elated…or horrified.
You?