Milosia2 Loc: Cleveland Ohio

Wealth Ine******y


In a distressing analogy to the relentless surge of C****-**, which has disproportionately impacted low-income communities and people of color, there has been an unstoppable t***sfer of wealth from desperate Americans to the people who already had most of our nation's financial assets.

While the great majority of us have been focusing on the health and well-being — and the very survival — of loved ones, the super-rich have become "p******c profiteers," isolating themselves from C***d while riding the stock market to its highest-ever level. At the same time we are seeing a dramatic demonstration of Naomi Klein's Shock Doctrine, with the "perfect conditions for governments and the global elite to implement political agendas that would otherwise be met with great opposition if we weren’t all so disoriented."

We need to ask ourselves: In a year of disease and death and destroyed families, should a massive, inexplicable increase in new American financial wealth go to billionaires or to health care workers? Should unearned gains go to the few hundred richest Americans or to the millions of American households who have lost their means of support?

The numbers are shocking. Here's what happened in the year 2020:

An Average of $200,000 Each to the Richest 10% of Americans. In November of 2019 the Wilshire Total Market stood at about $32 trillion. After plunging at the start of the p******c, by November of 2020 it had risen to $38 trillion. That's a $6 TRILLION overall increase for stockholders. The richest 10% of Americans (about 25 million adults, most of them millionaires (Table 5-8)) own 84 percent (Table 10) of ALL stocks.

An Average of $1.5 Billion Each to the Richest 650 Individuals. Since the onset of C****-** in early 2020, the combined wealth of the 650 American billionaires has increased by nearly $1 trillion. A trillion dollars is enough to provide every U.S. household with a survival stipend of nearly $8,000.

An Average of $25 Billion Each to the Richest 15 Individuals. Bezos, Musk, Gates, Zuckerberg, and the eleven other richest Americans had $922 billion around this time last year. As of Thanksgiving Day this year, their wealth had increased by another $375 billion. That's $25 billion more, on average, for each multi-billionaire, although Elon Musk alone has added about $80 billion to his fortune.

An Average of $600 Billion Each to the 5 Richest Tech Companies. In March, 2020 the market capitalization for Big Tech (Apple, Microsoft, Amazon, Google, Facebook) was $4.1 trillion. By November it was over $7 trillion. A 75 percent increase in under nine months! No one has profited more from 70 years of taxpayer input than these massive technology companies.

At the Other End of Ine******y

While the p******c profits roll in for the millionaires and billionaires, the plight of low-income Americans is growing more life-threatening every day. Just in the past three months, according to research at the University of Chicago and Notre Dame, six million people have been added to the ranks of the poverty-stricken, with the most dire effects on Black people and children.

Many Americans can't even feed themselves and their children. Nearly 26 million adults -- one in nine -- have reported that their households sometimes or often lacked food.

"P******cs should be the great equalizer," says political analyst Fareed Zakaria. But instead "the v***s is ushering in the greatest rise in economic ine******y in decades, both globally and in the United States." Brookings agrees, adding that "the costs of the p******c are being borne disproportionately by poorer segments of society."

What Can We Do?

We won't end the accumulation of wealth. As Alexandria Ocasio-Cortez says, "No one ever makes a billion dollars. You take a billion dollars."

And we won't end corporate welfare. While we laud the work of the pharmaceutical companies in developing a v*****e, and that of the tech companies for providing us ways to communicate with each other during quarantine, everything they've done stems from decades of research and development paid for by U.S. taxpayers, and supplemented by government subsidies. But the CEOs and stockholders get all the benefits.

The only solution may be an implementation of Modern Monetary Theory, the pumping of money into the general population through a Guaranteed Income, so that the ever-expanding disparities in wealth can be countered by a surge in middle- and lower-class wealth.

Something has to be done to heal the rupture in the sickened body of our nation.

Milosia2 Loc: Cleveland Ohio

"No one ever makes a billion dollars. You take a billion dollars."

And you thought they “worked” hard for all that money.

working class stiff Loc: N. Carolina

This p******c has shown and accelerated the rottenness of our economic system. Usually that ine******y is not on such open display....but, here we are.

amadjuster Loc: Texas Panhandle

Yes sir! We need to model Venezuela. That way, everybody suffers.

working class stiff Loc: N. Carolina

You may want to model the ine******y of Venezuela because our current ine******y would fit there rather nicely, but I'm going to choose modeling Norway or any number of other 'socialist' countries like the Netherlands.

Hug

Somebody has to be making money from selling all these mask.

Lonewolf

China

JFlorio Loc: Seminole Florida

It's not O.K. for the "rich" corporations to take from someone but it's O.K. for you. got it. By the way, your choice, Biden is supported way more by the one percent than your h**ed Trump. Wonder why that is.
The economy is on a collision course. Countries are printing money all over the world, which is actually worse than borrowing. We will either have rampant inflation (which I doubt, because the FED keeps interest rates artificially low) or a devaluation of the dollar like you've never seem. There's a reason many of the wealthy are jumping into gold and crypto currency. You people b***h about the rich then turn around and give them more power through politicians. Tax cuts or tax increases do not affect them near as much as politicians allowing the wealthy to play by different rules.You just helped elect one of the biggest shills for the banking industry in history. Good luck.

amadjuster Loc: Texas Panhandle

Well I can still find toilet paper and buy it. And I can still buy food. Unlike you, I don;t want want the government to take someone elses money and then give it to me. I prefer to earn my money.

Losers like AOC, who cannot understand economy, like socialism. Are you a lazy loser?

Radiance3

===================
The more you have, more is given. The less you have is taken away. Why? This is God's command and wisdom. Matthew 25:29.
For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them. Do you dumb/stupid LIBS R**T NOW?

https://biblehub.com/matthew/25-29.htm

What will Biden do? Confiscate the assets of those smart people who earned and worked hard for what they own. Biden will confiscate to redistribute to the dumb, lazy criminals, millions of them, in NYC pushing white people to the tracks for train to run over.

JFlorio Loc: Seminole Florida

You would. Compare a Nordic country with a population of 5.3 million to a country with 330 million. Norway's high cost of living is one of the biggest downsides of living in Norway, especially for new arrivals. The price of groceries is much higher than virtually every other country. Norways taxes are about 10% more than ours in aggregate. Norway also has a VAT tax. You do know why Norway is a rich country, right? Petroleum and its products. Especially the amounts being pumped out of the North Sea. Oil and gas is by far their main resource and source of income. You and all the other whacky progressives should h**e this. So model away. Glad you are for fracking and drilling here in the states just like Trump. By the way, they are not socialist countries and their citizens actually get bent out of shape when people call them that. Means of production and industry is not owned by the government, they just tax the crap out of everything to pay for social programs. In Norways case they can afford it because one, they have a relatively small population and two, they have a hell of a lot of those horrible petro products to export.

Wonttakeitanymore

So what? That’s ur party of thieves! Demonrats ! You will never be equal to the elites! Run for office there’s hope for the elderly with Alzheimer’s!

Milosia

You paid for them , but Jared kushner has been selling them back to you.
Lol!

Rose42

The joke is on the democrats who believe their party will fix it.

We are ruled by the oligarchs who don’t care about parties and work to preserve their wealth.

Milosia

That is all just totally stupid.
They did Not make it. They took it. And it was your money.
It’s in their garages now collecting dust.