The U.S. public has seen and experienced an Unfathomable amounts of deathNew data shows that the U.S. billionaires have outperformed their peers and significantly increased their wealth in just two years.
According to an analysisAccording to the Institute for Policy Studies, American billionaires have increased their wealth by a staggering $1.71 trillion since March 2020. U.S. billionaires have now reached a total of $4.67 trillion, with a 58 percent increase in their wealth. This is a towering figure — it amounts to nearly 25 percent of the U.S. GDP — $19.74 trillion — split between 727 people.
The $1.71 Trillion that billionaires have amassed during the pandemic Could pay for the entirety of the Build Back Better Act, congressional Democrats’ reconciliation bill that was slated to implement President Joe Biden’s social safety net and climate program last year. Their wealth alone could be enough to pay off. nearly all student loansThese are burdening 45 million Americans.
IPS’s report comes as the U.S. has hit 1 million deaths COVID-19According to an NBCAnalysis suggests that the death toll may be even higher. According to the Centers for Disease Control and Prevention. a large portionThere were no COVID deaths, so the total may be closer to 1.29 millionDeaths and more 100,000 people were alive. died due to COVID in May 2020, The New York Times labeled the milestone as “incalculable” — 10 times that amount representsA loss beyond words
Perhaps not for billionaires, particularly those who have seen their wealth rise over the past two decades. Elon Musk’s Wealth multipliedHe increased his net worth by more than 10 times during the pandemic. In March 2020, he was worth $24.6 Billion, which is an enormous sum for any individual. He is the world’s richest person, with a net worth of $255 billion as of Wednesday.
“This jarring juxtaposition clearly illustrates that the work and strength of the working-class have made U.S. billionaires wealthier yet continue to bear the brunt of the pandemic,” Omar Ocampo, a co-author of the IPS report, told Truthout. “A strengthened labor movement and progressive taxation are both necessary to strengthen workers’ rights and make available to us the resources needed to increase investment in our healthcare system.”
Others, already shockingly wealthy, also gained more money during this pandemic. Jeff Bezos’s wealth shot up by nearly a third, from $113 billion to $150 billion; Bill Gates also gained about a third of his previous net worth with his wealth growing from $98 billion to $130 billion.
Three members of Walton’s family, who control moreWalmart has seen more than 50% of its collective wealth increase by 27 percent to $207.7 Billion.
Wealth of U.S. Billionaires:
2010: $1,600,000,000,000
2022: $5,000,000,000,000Federal minimum wage:
2010: $7.25
2022: $7.25Do you need more?
— Robert Reich (@RBReich) May 5, 2022
Some lawmakers have made attempts to reign in billionaires’ wealth, which they can accumulate largely tax-free. President Joe Biden Included a minimum Tax on the country’s wealthiest people in his budget request for the 2023 fiscal year, people like Sen. Bernie Sanders (I-Vermont) and Sen. Elizabeth Warren (D-Massachusetts)To make it easier for the ultra-wealthy to steal away at the taxes, we have created them growing wealth gapIn the country
