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Lethal viruses don’t a lot care what’s in your pockets, however socioeconomic privilege and entry to wealth do wonders in relation to not simply surviving a plague however cashing in on it. Having spent greater than a 12 months previous to COVID engaged on a brand new e book about American wealth on this Second Gilded Age (April 13, Simon & Schuster), I used to be apprehensive about how the pandemic would have an effect on my story. But maybe unsurprisingly, over the previous 12 months, the superrich have remained safely ensconced on their facet of an financial chasm that simply retains widening as funding earnings circulate to the highest and America’s much less lucky battle to remain above water. I put collectively these stats to point out the extent to which our most privileged residents have benefitted, usually on the expense of on a regular basis People.
Lengthy earlier than the pandemic hit, America’s financial spoils flowed disproportionately to the highest earners, whereas greater than half of the inhabitants didn’t thrive.
to bolster social security internet applications
Within the first three months of 2020, the mixed wealth of People with property of $30 million or extra dipped 26%—however then bounced again nearly fully by the top of August.
The pandemic aid handed in December 2020 included a bipartisan provision that can save America’s wealthiest 1 % an estimated $120 billion in taxes.
Within the pandemic’s first full 12 months, the mixed internet price of 657 American billionaires elevated by practically 45%—about $1.3 trillion.
Throughout that first pandemic 12 months, 82 million individuals filed for unemployment advantages, and more than 100,000 companies* shut down completely.
In March 2021, greater than 1 in 7 renters stated they have been behind on hire, as did roughly 1 in 5 renters of coloration. In the meantime, 45 million People skilled meals insecurity in 2020. That’s 10 million greater than in 2019.
Foundations and rich philanthropists—notably MacKenzie Scott—opened their wallets wider in 2020 to assist the needy climate the pandemic, and likewise gave in response to the nationwide protests for racial fairness. For instance, in a Council on Foundations survey of 250 main basis leaders, 60% stated their organizations would distribute extra money than initially deliberate—17% extra on common. Which appears fairly beneficiant, till you take into account the expansion of basis endowments in 2020, pushed by a booming inventory market.
Hazard pay given to Walmart staff
In 2020, the employment fee for individuals making lower than $27,000 tumbled 28%. For these making greater than $60,000, it dropped lower than 2%.
Common wages grew practically 7% final 12 months—however largely as a result of 7.9 million staff incomes lower than $14 per hour had misplaced their jobs.
76% of lower-income staff say their work can’t be accomplished from dwelling. Solely 44% of upper-income staff say the identical.
The cares Act lifted greater than 18 million individuals out of poverty in April 2020. However 14 million fell again in after the act’s unemployment advantages dried up.
The common private revenue of People jumped 10% in January—nearly fully as a result of second spherical of stimulus.
Sources (not linked above)
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