$ Report: Billionaires Have Made $434 Billion During Coronavirus Pandemic -

[albert chan]

Report: Billionaires Have Made $434 Billion During Coronavirus Pandemic

According to a recent report, American billionaires have enjoyed a huge boost in net worth in the first two months of the Chinese virus pandemic, earning around $434 billion since March 19, when many states went into lockdown.

www.breitbart.com

According to a recent report, American billionaires have enjoyed a huge boost in net worth in the first two months of the Chinese virus pandemic, earning around $434 billion since March 19, when many states went into lockdown.

According to a new report published by left-leaning think tanks Americans for Tax Fairness and the Institute for Policy Studies, as many Americans struggle with financial hardship due to the Wuhan coronavirus pandemic, U.S. billionaires have actually seen an increase in their net worth by approximately $434 billion, Business Insider reports.

Forbes reports that 623 billionaires live in the United States, this includes Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates, investor Warren Buffett, Oracle founder Larry Ellison, and Facebook co-founder Mark Zuckerberg. The report from the think tanks alleges that just those five billionaires alone saw their wealth increase by 19 percent, or approximately $75.5 billion.

Approximately 600 U.S. billionaires saw their wealth from $2.948 trillion to $3.382 trillion within just two months. Americans for Tax Fairness executive director Frank Clemente said in the report: “The pandemic has revealed the deadly consequences of America’s yawning wealth gap, and billionaires are the glaring symbol of that economic inequality.”

Clemente added: “Post-pandemic, the rich and corporations must begin to pay their fair share of taxes so we can build a society that works for everyone, not just billionaires and others at the top.”

This week, U.S. weekly jobless claims reached 2.4 million bringing the nine-week total to nearly 39 million.

 

[Raisin Boy]

I'm sure somebody will be along shortly to inform us why this isn't a bad thing and how it's not only reasonable, but logical.

That said, my rich-fuck uncle lost his executive position at a company where he's been working for the past forty years. If a vice president isn't getting his balls fondled, I'm spooked about what that means for me.

 

[A Pox]

Stonks go up and stonkholders are worth more?

This is unheard of!

 

[DumbDude42]

and how much have they made in the same timespan before covid? probably a similar amount, likely even more tbh

 

[Guts Gets Some]

and how much have they made in the same timespan before covid? probably a similar amount, likely even more tbh

It's almost like nothing needed to change and this was all overblown.

 

[Pukebucket]

Inb4 someone comes in here to justify trickle-down economics. "They can earn trillions in finances and other assets because they eat at Starbucks sometimes so that goes back into the economy! They buy the properties they squat on and earn rent from so therefore they're giving money to the people by taking it from the people! Free market!" Meanwhile even if a CEO gets fucking fired odds are he's not going to lose enough money to wind up having to take another job ever in his goddamn life unless he's spending it all on hookers and blow.

Hat and autistic ratings anticipated; I'm just bitter because the jury is still out on whether clowns like Zuckerburg and Bezos with their off-shore tax havens are still going to be given a nice fat business subsidy because "muh pandemic tho" to further leech off taxpayers for their own profit margins. Say what you want about welfare queens but at least they get in shit if they start earning money without getting taxed for it AND taking money from the government.

 

[Bland Crumbs]

What a shock. Communist thinks wealth should be redistributed as they see fit. Fan me gently as I try to remain conscious.

Clemente...what a perfect name.

 

[Uncle Warren]

The rich are getting richer, everyone knows this. The only reason why this could ever exist as an article is with the coronavirus.

That being said I find it odd how this is on Breitbart.

 

[Reverend]

Myself and my company made bank during this pandemic. Couldn't be happier to be in an industry in need (Tech Sector) when shit hit the fan and everyone was terrified of another living being.

Companies either opened their wallets or they folded under the load of being unable to compete in a Work Remote world we are now able to be in.

 

[Absolutego]

Some dishonest statistics going on in this op-ed. The 19% net worth increase for the top 5 billionaires is probably just Bezos' increase offset by everyone else's losses. Almost his entire net worth is AMZN stock and the share price has increased over the course of this year from a low of ~$1700 to a peak last week of ~$2500. That's almost a 150% percent gain. Rich people in general are more likely to own/be heavy investors in corporations that'll do well in the midst of the shutdown.

The wealth gap ballooning in an environment where only corporations with political ties are allowed to conduct business while everyone else has been condemned to destitution via government order shouldn't be a surprise. Maybe stop letting them use Grandma dying two weeks sooner as justification for putting a thumb on the scale in favor of the Industry Bosses?

 

[Boris Blank's glass eye]

I can't decide if I hate commies or corporate welfare queens more.

Huge bailouts like this are the opposite of good old capitalism. Let those TBTFs fail for once, and let's see if something better takes their place.

 

[Harvey Danger]

Americans for Tax Fairness executive director Frank Clemente said in the report: “The pandemic has revealed the deadly consequences of America’s yawning wealth gap, and billionaires are the glaring symbol of that economic inequality.”

What deadly consequences? Even including Wu Flu deaths, fewer people died during lockdown than usually die during those months. Fewer car accidents, fewer murders, etc. If anything, those billionaires "earned" that money by saving 26k lives.

Clemente added: “Post-pandemic, the rich and corporations must begin to pay their fair share of taxes so we can build a society that works for everyone, not just billionaires and others at the top.”

Fuck off and die in a gulag. In the US, the top 1% earn 20% of income but pay 39% of taxes. You can complain about a lot of things around wealth in this country, but "fair share" is one of the stupidest slogans the left came up with. It's not just wrong, it's mathematically wrong.

 

[Covfefe]

I can't decide if I hate commies or corporate welfare queens more.

Huge bailouts like this are the opposite of good old capitalism. Let those TBTFs fail for once, and let's see if something better takes their place.

p sure something worse would take their place, fam

 

[Y2K Baby]

WTF, I hate capitalism now!

 

[BattleShipRick]