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Amazon CEO Jeff Bezos--the richest man in the world--and Facebook CEO Mark Zuckerberg saw their combined wealth soar by $63 billion over the last 10 weeks, according to the Institute for Policy Studies. (Image: Institute for Policy Studies)
'Grotesque': While 41 Million People Lost Jobs Due to Covid-19, US Billionaires Grew Nearly $500 Billion Richer
"Billionaire wealth is surging at the same time that millions face suffering, hardship, and loss of life. This is a grotesque indicator of the deep inequalities in U.S. society."
May 28, 2020
Statistics released Thursday by the U.S. Department of Labor show that with 2.1 million new unemployment claims filed last week, a staggering 40.7 million Americans have lost their jobs over just the past 10 weeks as mass layoffs induced by the coronavirus pandemic continue.
"This is a grotesque indicator of the deep inequalities in U.S. society."
--Institute for Policy Studies
During that same 10-week period, according to a new analysis by the Institute for Policy Studies (IPS), the combined net worth of America's billionaires soared by nearly half a trillion dollars, bringing their total wealth to $3.4 trillion.
"Billionaire wealth is surging at the same time that millions face suffering, hardship, and loss of life," IPS, a progressive think tank, said Thursday, noting that more than 100,000 people have died of Covid-19 in the United States. "This is a grotesque indicator of the deep inequalities in U.S. society."
IPS, which has been publishing weekly updates on billionaire "pandemic profiteering," found that the combined net worth of U.S. billionaires grew by $485 billion between March 18 and May 28, an increase of 16.5%.
\u201cTime for your steaming morning cup of rage:\n\nWe enter week 10 of #PandemicProfiteering.\n\n40 million unemployed vs. $485 billion more for billionaires.\u201d— Institute for Policy Studies (@Institute for Policy Studies) 1590676582
Amazon CEO Jeff Bezos--the richest man in the world--and Facebook CEO Mark Zuckerberg saw their combined wealth soar by $63 billion over the last 10 weeks.
Meanwhile, as Common Dreams reported, a $2-an-hour hazard pay increase for Amazon warehouse workers is set to expire at the end of the day Sunday.
IPS found that there are currently 16 more billionaires than there were in mid-March, when many U.S. states began locking down their economies as Covid-19 spread rapidly across the country.
"This isn't just unsustainable," IPS tweeted of the surge in billionaire wealth. "It's unconscionable."
An Unconstitutional Rampage
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
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Statistics released Thursday by the U.S. Department of Labor show that with 2.1 million new unemployment claims filed last week, a staggering 40.7 million Americans have lost their jobs over just the past 10 weeks as mass layoffs induced by the coronavirus pandemic continue.
"This is a grotesque indicator of the deep inequalities in U.S. society."
--Institute for Policy Studies
During that same 10-week period, according to a new analysis by the Institute for Policy Studies (IPS), the combined net worth of America's billionaires soared by nearly half a trillion dollars, bringing their total wealth to $3.4 trillion.
"Billionaire wealth is surging at the same time that millions face suffering, hardship, and loss of life," IPS, a progressive think tank, said Thursday, noting that more than 100,000 people have died of Covid-19 in the United States. "This is a grotesque indicator of the deep inequalities in U.S. society."
IPS, which has been publishing weekly updates on billionaire "pandemic profiteering," found that the combined net worth of U.S. billionaires grew by $485 billion between March 18 and May 28, an increase of 16.5%.
\u201cTime for your steaming morning cup of rage:\n\nWe enter week 10 of #PandemicProfiteering.\n\n40 million unemployed vs. $485 billion more for billionaires.\u201d— Institute for Policy Studies (@Institute for Policy Studies) 1590676582
Amazon CEO Jeff Bezos--the richest man in the world--and Facebook CEO Mark Zuckerberg saw their combined wealth soar by $63 billion over the last 10 weeks.
Meanwhile, as Common Dreams reported, a $2-an-hour hazard pay increase for Amazon warehouse workers is set to expire at the end of the day Sunday.
IPS found that there are currently 16 more billionaires than there were in mid-March, when many U.S. states began locking down their economies as Covid-19 spread rapidly across the country.
"This isn't just unsustainable," IPS tweeted of the surge in billionaire wealth. "It's unconscionable."
Statistics released Thursday by the U.S. Department of Labor show that with 2.1 million new unemployment claims filed last week, a staggering 40.7 million Americans have lost their jobs over just the past 10 weeks as mass layoffs induced by the coronavirus pandemic continue.
"This is a grotesque indicator of the deep inequalities in U.S. society."
--Institute for Policy Studies
During that same 10-week period, according to a new analysis by the Institute for Policy Studies (IPS), the combined net worth of America's billionaires soared by nearly half a trillion dollars, bringing their total wealth to $3.4 trillion.
"Billionaire wealth is surging at the same time that millions face suffering, hardship, and loss of life," IPS, a progressive think tank, said Thursday, noting that more than 100,000 people have died of Covid-19 in the United States. "This is a grotesque indicator of the deep inequalities in U.S. society."
IPS, which has been publishing weekly updates on billionaire "pandemic profiteering," found that the combined net worth of U.S. billionaires grew by $485 billion between March 18 and May 28, an increase of 16.5%.
\u201cTime for your steaming morning cup of rage:\n\nWe enter week 10 of #PandemicProfiteering.\n\n40 million unemployed vs. $485 billion more for billionaires.\u201d— Institute for Policy Studies (@Institute for Policy Studies) 1590676582
Amazon CEO Jeff Bezos--the richest man in the world--and Facebook CEO Mark Zuckerberg saw their combined wealth soar by $63 billion over the last 10 weeks.
Meanwhile, as Common Dreams reported, a $2-an-hour hazard pay increase for Amazon warehouse workers is set to expire at the end of the day Sunday.
IPS found that there are currently 16 more billionaires than there were in mid-March, when many U.S. states began locking down their economies as Covid-19 spread rapidly across the country.
"This isn't just unsustainable," IPS tweeted of the surge in billionaire wealth. "It's unconscionable."
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