Economics/Class Relations

US Billionaires Have Increased Their Riches By $1 Trillion During the Pandemic

Once again, the new robber barons.

By Meagan Day, Jacobin

A trillion dollars could maintain wages at pre-crisis levels for all workers in America, enabling people to stay home and stop the spread of the virus, for four months. Instead, it’s gone into the personal piggy banks of a handful of billionaire owners and investors.

The economic crisis brought on by COVID-19 could have been averted. The Right thinks it could have been done by denying the reality of the virus altogether, reopening everything with no precautions, and sending the death toll skyrocketing. That’s inhumane and indefensible. But the economic crisis could have been averted another way: by using public money to pay people to stay home and to prevent layoffs.


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