Sen. Bernie Sanders (I-Vt.) says the United States has become "2 Americas"—one where Big Tech billionaires are swimming in cash, and another where most people can't afford to put food on the table.
In a post on X Thursday, Sanders pointed out that the eight wealthiest men—whom he called "Big Tech oligarchs"—are now worth more than $2.5 trillion combined. Meanwhile, a new Washington Post-Ipsos poll found that 66% of Americans describe grocery prices as unaffordable, up from 45% in February. "We can do better. We must do better," Sanders wrote.
The poll also revealed that affordability concerns cut across income groups. Even among households earning more than $100,000 a year, 56% said groceries were unaffordable. That's a striking number, and it shows just how widespread the pinch has become.
Food Costs Remain High
Sanders's comments come as fresh data underscores the financial pressure on U.S. consumers. An Urban Institute study found that more Americans are turning to credit cards, buy now, pay later loans, and emergency savings just to pay for groceries. More than one-quarter of working-age adults who used credit cards for food purchases either couldn't pay their balance in full or missed a minimum payment. The study also noted that grocery prices have risen 32% over the past five years, making food affordability one of the biggest financial concerns for U.S. households.
Richest Gain Ground
The Vermont senator has long argued that wealth is becoming dangerously concentrated at the top. Earlier this month, he said "billionaires get richer while working families struggle" and urged supporters to organize around policies that benefit working families. In May, he called wealth inequality a "global crisis," noting that the world's roughly 3,000 billionaires added about $2.5 trillion to their fortunes over the past year.
Data highlighted by The Kobeissi Letter shows just how extreme the concentration has become. The wealth of the top 0.00001% of Americans has climbed to a record 12% of U.S. national income—more than quadrupling relative to national income since the 2008 financial crisis. Gains in stocks and real estate have boosted asset values for the ultra-wealthy, while everyday Americans struggle with rising costs.
The trend aligns with findings from the UBS Global Wealth Report 2026, which showed the United States added 441,078 new millionaires in 2025—more than 1,200 each day. That accounted for nearly half of all new millionaires created globally.
This content was partially produced with the help of AI tools and was reviewed and published by a MarketDash editor.
