Institute for Policy Studies Archives - accuracy.org

Pandemic “Billionaire Bonanza” Swells as Unemployment Escalates

CHUCK COLLINS, chuck at ips-dc.org; also via Bob Keener, bobk at ips-dc.org, @chuck99to1
Collins is co-author of the study “Billionaire Bonanza 2020: Wealth Windfalls, Tumbling Taxes, and Pandemic Profiteers,” which came out in April. He is with the Institute for Policy Studies and is co-editor of Inequality.org.

They have updated the analysis and find that “between March 18 and May 28, over 40 million applied for unemployment. Over the same ten weeks, the wealth of U.S. billionaires surged $485 billion, a 16.5 percent increase.” See “Updates: Billionaire Wealth, U.S. Job Losses and Pandemic Profiteers.”

Collins said today: “The surge in billionaire wealth during a global pandemic underscores the grotesque nature” of inequality in the U.S. today. “While millions risk their lives and livelihoods as first responders and frontline workers, these billionaires benefit from an economy and tax system that is wired to funnel wealth to the top.”