“Net Worth of US Billionaires Has Soared by $1 Trillion to Total of $4 Trillion Since Pandemic Began”

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For The First Time Ever, Millions Of Working-Poor Americans Forced To Turn To Food Banks:

For the first time, millions of Americans waited in food bank lines this year, unlike anything seen since the Great Depression of the 1930s.

According to AP, as the pandemic rages on, with more than 20 million still claiming unemployment benefits, food banks are dishing out more meals than ever.

The one place millions of Americans found themselves this year, as readers may recall, really starting in mid-March, have been food bank lines. We highlighted this phenomenon sweeping across the country as the pandemic wrecked the working poor as they grappled with food insecurity…

Weekly Initial Claims for Unemployment Benefits Jump to an Eleven-Week High:

Initial claims for regular state unemployment insurance totaled 853,000 for the week ending December 5, up 137,000 from the previous week’s revised tally of 716,000 (see first chart). Claims are now at an eleven-week high, the highest level since September 19. The four-week average was 766,000, up 35,500 from the prior average and the highest since October 31. The latest week is the 38th week of historically massive claims. Prior to the lockdowns, initial claims averaged 212,000 over the first 10 weeks of 2020. It is possible that the weekly data are distorted by the Thanksgiving holiday as weekly seasonal adjustment is extremely difficult. Nevertheless, persistent initial claims at such a historically high level remain a troubling sign for the labor market recovery and the economy…

DB Note: And here is how the corporate-capitalist pigs respond:

Automakers Ask U.S. Dept of Transportation to Make It Easier to Deploy Autonomous Vehicles That Will Eliminate Jobs:

Experts continue to warn that Autonomous Vehicles (AVs) are NOT safe (see 123, 45). For one thing – they can be hacked from afar with lasers.

There have also been numerous reports about Teslas crashing and/or catching fire. Tesla owners have reported other terrifying driving experiences as well (see 12). Nevertheless, additional AVs – including trucks – are being introduced and tested American roads. It’s been predicted that hundreds of thousands of transportation industry employees will eventually lose their jobs to them – if they haven’t already. A group representing American automakers is asking US DOT to speed up the process…

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“The slavery of fear had made men afraid to think.”

Thomas Paine, Bruce Kuklick (2000). “Paine: Political Writings”, p.162, Cambridge University Press

“Government today is growing too strong to be safe. There are no longer any citizens in the world there are only subjects. They work day in and day out for their masters they are bound to die for their masters at call. Out of this working and dying they tend to get less and less.”

— H. L. Mencken

“The great masses of men, though theoretically free, are seen to submit supinely to oppression and exploitation of a hundred abhorrent sorts. Have they no means of resistance? Obviously they have. The worst tyrant, even under democratic plutocracy, has but one throat to slit. The moment the majority decided to overthrow him he would be overthrown. But the majority lacks the resolution; it cannot imagine taking the risks.”

~ H. L. Mencken (1926). “Notes on Democracy,” p. 50, Alfred A. Knopf

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Quote from the following article:

The $1 trillion wealth gain by 651 U.S. billionaires since mid-March is:

At $4 trillion the total wealth of all U.S. billionaires today is nearly double the $2.1 trillion in total wealth held by the bottom half of the population, or 165 million Americans.

“Never before has America seen such an accumulation of wealth in so few hands,” said Frank Clemente, executive director of Americans for Tax Fairness. “As tens of millions of Americans suffer from the health and economic ravages of this pandemic, a few hundred billionaires add to their massive fortunes…

This is what this fake pandemic has been all about! When the tiny minority of inbred, Anglo-Zionist vermin, and their criminal political stooges and medical quacks, have gained all the wealth there is to have, then their “great economic reset”/”new normal” can begin in earnest. And what will happen to we the individuals, you ask? Well, what has been happening to us so far? We are not invited to the new world order.

Again, this hell on earth, for we the individuals, is coming soon, unless we do something to put an end to this CV-19 heinous lie and crime against humanity:

Net Worth of US Billionaires Has Soared by $1 Trillion to Total of $4 Trillion Since Pandemic Began

By Americans for Tax Fairness and The Institute for Policy Studies

The collective wealth of America’s 651 billionaires has jumped by over $1 trillion since roughly the beginning of the COVID-19 pandemic to a total of $4 trillion at market close on Monday, December 7, 2020. Their wealth growth since March is more than the $908 billion in pandemic relief proposed by a bipartisan group of members of Congress, which is likely to be the package that moves forward for a vote in the next week, but has been stalled over Republican concerns that it is too costly.  

The total net worth of the nation’s 651 billionaires rose from $2.95 trillion on March 18—the rough start of the pandemic shutdowns—to $4.01 trillion on Dec. 7, a leap of 36%, based on Forbes billionaires, according to a new report  by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS). By around March 18 most federal and state economic restrictions in response to the virus were in place. Combined, just the top 10 billionaires are now worth more than $1 trillion.

Forbes’ annual billionaires report was published March 18, and ATF and IPS collected the real-time data on Dec. 7 from the Forbes website. The methodology of this analysis has been favorably reviewed by PolitiFact. The ATF-IPS analysis also looks at wealth growth since February 2019—the date of Forbes’ immediately previous annual billionaires report published well before the start of the pandemic and resulting market gyrations.

The $1 trillion wealth gain by 651 U.S. billionaires since mid-March is:

At $4 trillion the total wealth of all U.S. billionaires today is nearly double the $2.1 trillion in total wealth held by the bottom half of the population, or 165 million Americans.

“Never before has America seen such an accumulation of wealth in so few hands,” said Frank Clemente, executive director of Americans for Tax Fairness. “As tens of millions of Americans suffer from the health and economic ravages of this pandemic, a few hundred billionaires add to their massive fortunes. Their pandemic profits are so immense that America’s billionaires could pay for a major COVID relief bill and still not lose a dime of their pre-virus riches. Their wealth growth is so great that they alone could provide a $3,000 stimulus payment to every man, woman and child in the country, and still be richer than they were 9 months ago. Joe Biden won a tax-fairness mandate in November. We look forward to working with him and Congress to deliver on that mandate by taxing the massive wealth of these billionaires.”

“The updraft of wealth to the billionaire class is disturbing at a time when millions face eviction, destitution, and loss,” said Chuck Collins of the Institute for Policy Studies and co-author of Billionaire Bonanza 2020, a report looking at pandemic profiteering and billionaire wealth. “Billionaires are extracting wealth at a time when essential workers are pushed into the viral line of fire.”

All data in table is from Forbes and available here.

March 18, 2020 data: Forbes, “Forbes Publishes 34th Annual List Of Global Billionaires,” March 18, 2020

Dec. 7, 2020 data: Forbes, “The World’s Real-Time Billionaires, Today’s Winners and Losers,” accessed Dec. 8, 2020

Feb. 8, 2019 data: Forbes 2019 World Billionaires Report, March 5, 2019

Ordinary Americans have not fared as well as billionaires during the pandemic:

  • Nearly 14.9 million have fallen ill with the virus and 284,000 have died from it. [Johns Hopkins Coronavirus Resource Center]

  • Collective work income of rank-and-file private-sector employees—all hours worked times the hourly wages of the entire bottom 82% of the workforce—declined by 2.3% from mid-March to mid-October, according to Bureau of Labor Statistics data.

  • Nearly 67 million lost work between Mar. 21 and Oct. 7, 2020. [U.S. Department of Labor]

  • 20 million were collecting unemployment on Nov. 14, 2020. [U.S. Department of Labor]

  • 98,000 businesses have permanently closed. [Yelp/CNBC]

  • 12 million workers have lost employer-sponsored health insurance during the pandemic as of August 26, 2020. [Economic Policy Institute]

  • Nearly 26 million adults reported their household not having enough food in the past week between Nov. 11-23. From Oct. 28 to Nov. 7, between 7 and 11 million children lived in a household where kids did not eat enough because the household could not afford it. [Center on Budget & Policy Priorities (CBPP)]

  • 12.4 million adults—1 in 6 renters—reported in November being behind in their rent. [CBPP]

Without a federal fiscal relief package, workers will face even greater loss of jobs and services than they have already suffered. The Economic Policy Institute predicts that without more federal aid 5.3 million public-sector jobs—including those of teachers, public safety employees and health care workers—will be lost by the end of 2021.

Because of long-standing racial and gender disparities, low-wage workerspeople of color and women have suffered disproportionately in the combined medical and economic crises of 2020. Blacks and Latinos are far more likely to become infected with Covid-19 and to die from the disease. Billionaires are overwhelmingly white men.

The stock market surge and lock-down economy have been a boon to tech monopolies and helped create four U.S. “centi-billionaires.” Jeff Bezos, Elon Musk, Bill Gates and Mark Zuckerberg are now each worth more than $100 billion. Prior to this year, Bezos had been the only U.S. centi-billionaire, reaching that peak in 2018. Bezos and other billionaires have seen particularly astonishing increases in wealth between March 18 and Dec. 7:

  • Jeff Bezos’s wealth grew from $113 billion on March 18 to $184 billion, an increase of 63%. Adding in his ex-wife MacKenzie Scott’s wealth of $60 billion on that day, the two had a combined wealth of almost a quarter of a trillion dollars thanks to their Amazon stock. If Bezos’s $71.4 billion growth in wealth was distributed to all his 810,000 U.S. employees, each would get a windfall bonus of over $88,000 and Bezos would not be any “poorer” than he was 9 months ago.

  • Elon Musk’s wealth grew by nearly $119 billion, from $24.6 billion on March 18 to $143 billion, a nearly five-fold increase, boosted by his Tesla stock. SpaceX founder Musk has enjoyed one of the biggest boosts in net worth of any billionaire. That $119 billion growth in wealth is more than five times NASA’s $22.6 billion budget in FY2020, the federal agency Musk has credited with saving his company with a big federal contract when the firm’s rockets were failing and it faced bankruptcy.

  • Mark Zuckerberg’s wealth grew from $54.7 billion on March 18 to $105 billion, an increase of 92%, fueled by his Facebook stock.

  • Dan Gilbert, chairman of Quicken Loans, saw his wealth rocket by 543%, from $6.5 billion to $41.8 billion, the second biggest percentage increase of all the billionaires.

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Source: Net Worth of US Billionaires Has Soared by $1 Trillion to Total of $4 Trillion Since Pandemic Began – Global ResearchGlobal Research – Centre for Research on Globalization


2 thoughts on ““Net Worth of US Billionaires Has Soared by $1 Trillion to Total of $4 Trillion Since Pandemic Began”

  1. Personally – I’d rather be unemployed – even though Bill Gates is fricken rich, he still works.

    ***
    It’s a bit more complicated than that – but…
    The problem is money (or equivalent) people desire it. If only people didn’t need it – to survive in this prison society

    Liked by 1 person

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