Economics/Class Relations

‘Heads we win, tails you lose’: how America’s rich have turned pandemic into profit

The current situation involves a state-ordered freeze on the economy, followed by a ruling class looting spree in the form of a “stimulus” and massive profiteering by the plutocracy, which means there should be a parallel freeze on economic obligations.

What we need is a massive public uprising to demand cancellation of all debt obligations related to rents, mortgages, student loans, medical bills, utility bills, car loans, and credit card payments, combined with a UBI to ensure that everyone has basic food supplies and other necessities.

If a massive debt strike does not work, civil disobedience should be pursued. If civil disobedience doesn’t work, then perhaps incivil disobedience would be an option.

By Dominic Rushe and Mona Chalabi

Jeff Bezos has seen his wealth increase from $105 billion to $130 billion

Never let a good crisis go to waste: as the coronavirus pandemic sweeps the world, America’s 1% have taken profitable advantage of the old saying.

Some of the richest people in the US have been at the front of the queue as the government has handed out trillions of dollars to prop up an economy it shuttered amid the coronavirus pandemic. At the same time, the billionaire class has added $308bn to its wealth in four weeks – even as a record 26 million people lost their jobs.

According to a new report from the Institute for Policy Studies, a progressive think tank, between 18 March and 22 April the wealth of America’s plutocrats grew 10.5%. After the last recession, it took over two years for total billionaire wealth to get back to the levels they enjoyed in 2007.

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