US Billionaires Profits Have Ballooned By Well Over $1 Trillion During Pandemic

  • A trillion dollars could maintain wages at pre-crisis levels for all workers in America, enabling people to stay home and stop the spread of the virus, for four months. Instead, it’s gone into the personal piggy banks of a handful of billionaire owners and investors.
  • This month, the Institute for Policy Studies (IPS) published a report called “Billionaire Wealth vs. Community Health: Protecting Essential Workers from Pandemic Profiteers.” Its authors determined that since March 2020, the total net worth of the country’s 647 billionaires grew by almost $960 billion.
  • Not only has COVID-19 killed more than a quarter of a million Americans, but twenty-five million Americans have either lost their job or lost a significant portion of their income. As of October, eight million Americans had been pushed into poverty. Researchers at Northwestern University estimate that nearly one in four American households has experienced food insecurity during the pandemic.

See full story here.

Categories: Business, Labor, Politics

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