Posted on 05/17/2020 5:33:37 AM PDT by lionstar
(MPN) — A new report from the Institute for Policy Studies found that, while tens of millions of Americans have lost their jobs during the coronavirus pandemic, America’s ultra-wealthy elite have seen their net worth surge by $282 billion in just 23 days. This is despite the fact that the economy is expected to contract by 40 percent this quarter.
The report also noted that between 1980 and 2020 the tax obligations of America’s billionaires, measured as a percentage of their wealth, decreased by 79 percent. In the last 30 years, U.S. billionaire wealth soared by over 1100 percent while median household wealth increased by barely five percent. In 1990, the total wealth held by America’s billionaire class was $240 billion; today that number stands at $2.95 trillion.
Thus, America’s billionaires accrued more wealth in just the past three weeks than they made in total prior to 1980. As a result, just three people – Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Berkshire Hathaway’s Warren Buffet – own as much wealth as the bottom half of all U.S. households combined.
(Excerpt) Read more at themindunleashed.com ...
Majority of people have 401K’s so it’s good to emphasize stock market. Job numbers were incredible as well. Problem is companies paying 10 dollars an hour while their CEOs get 40 million a year. The companies are the stingy one in the discussion which you left out.
So guys like bezos and Wal Mart were allowed to stay open but little mom and pop shops who sell the same exact product were deemed non essential and forced to close.
Mom and Pop shops who sell their wares on-line did just fine. Grubhub provided delivery service for any food outlet that wanted to continue through the quarantine, for those outlets that didn't already offer delivery.
I point to Rossman Group in NYC as an example of a business with a robust national presence who continued to repair computers even during the shutdown.
The key was not to shut down business, but to minimize as much as possible "contact" between customers and between customers and sales clerks.
Yes, beauty industry businesses could not adapt to a contact-less model. Tailoring suffered. I grant you that. Your argument paints your points with too broad a brush.
Yea who much did they loose in the 60 days prior to that? I bet it was a hell of a lot more that $282 billion.
Trump could try to fix that abomination more also.
The huge majority of middle class have not had 401ks or even IRAs for years.
Not surprising. Many of them are part of the global Elite and part of Agenda 21 and probably Pilgrim Project.
Spot on looks like MacLeod doing a hit on the evil rich like the democrats use,wonder if he gave any thought of how many are democrats.
Notice the “23 days” puts us in the recovery of a major stock market decline. If they had their starting point be Jan 1, they would have shown a significant decline.
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