The Harmful Impact of Billionaires In America

Photo by Patrick Perkins on Unsplash.

The wealth gap in the United States has been growing exponentially over the past few decades; the rich have seemingly become significantly wealthier, while the rest of society has suffered. But what causes such rapid growth in economic inequality? 

Well, several factors are to blame. These factors include, but are not limited to, technological changes, globalization, the decline of unions and the eroding value of minimum wage.   

The fact of the matter is that within the U.S., there are people who could eat their money for breakfast, lunch and dinner without so much as a blink of an eye. Then, there are an overwhelming number of people who cannot afford three meals a day without causing a personal financial crisis.

With President Donald Trump and his entourage of big-name billionaire companions, including Jeffrey Bezos, Elon Musk and Mark Zuckerberg, who all attended his inauguration front row in January this year, receiving increased attention lately, the disparity in wealth between the average American and those mentioned is strikingly clear.

But billionaires aren’t a new phenomenon, especially not in America. In fact, every year, American business magazine Forbes releases The World’s Real-Time Billionaire List. 

While Forbes seems to enjoy hosting the so-called capitalism awards annually, the 2025 results seemed to stun even them. 

“A record 3,028 people around the globe make Forbes’s annual World’s Billionaires list this year,” said Senior Editor Chase Peterson-Withorn. 

Together, these individuals are collectively worth a staggering $16.1 trillion, a record-breaking sum. 

This growing class of billionaires, who wield an unfathomable amount of wealth, also holds considerable power. 

When one possesses this kind of wealth and thus power, they seem to become out of touch. However, the problem does not lie with their lavish spending; it’s common knowledge that people with money tend to enjoy spending it. However, their spending becomes an issue when it has negative impacts on society, such as the environmental damage it causes.

Climate change is a serious issue that affects the entire globe. Issues such as flash floods, wildfires and rising sea levels, just to name a few, are progressing rapidly because billionaires are making these changes worse. In fact, 125 of the world’s richest billionaires invest an absurd amount of money in polluting industries that are responsible for emitting an average of 3 million tons of carbon each year. 

Just a few weeks ago, on April 14, Katy Perry embarked on a 10-minute space tourism mission with Bezos' company Blue Origin. Experts estimate that a single Blue Origin launch releases roughly 50 tons of carbon emissions. For comparison, the average single American produces about 16 tons of carbon dioxide each year. 

Although the amount Katy Perry paid for this trip has not been disclosed, the company is known to have requested $150,000 just to reserve a seat aboard the expedition. The company has also auctioned off a seat on their first flight for $28 million. It is currently unknown if Perry was given this seat or paid for it. 

The fact of the matter is that the Earth cannot handle the exponential negative effects of space tourism. 

It is the wealthiest individuals who possess the resources and influence to make a substantial and positive impact on the environment to decrease the effects of climate change. However, it is these same individuals who use the most energy, thus setting negative standards for the rest of society. Blue Origin is a nightmare for the climate and perpetuates an unsustainable culture.

And yet, it is the rich who receive the largest tax cuts. The rich who control 97.5% of the country's assets.

Calculations from Oxfam have found that a progressive wealth tax on U.S. multi-millionaires and billionaires could generate $664 billion annually to help lift people out of poverty. This revenue would additionally allow the U.S. to invest in programs that build infrastructure and protect the climate. 

But once again, those who possess this kind of money also possess a certain kind of power, which exempts them from harsh taxes and regulations. 

So, while the rich get richer and travel across the galaxy, the average American will continue to drown in the smog from their carbon emissions and struggle to pay their bills.