Income Inequality Media ArticlesExcerpts of Key Income Inequality Media Articles in Major Media
Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Worsening inequality, as poorer people and nations lose years of gains in the battle against hunger and poverty, is likely to be one of the lasting legacies of the pandemic. New data released by the United Nations ... illustrates the unequal impact as measured by access to a basic human necessity: Food. Global hunger shot up by an estimated 118 million people worldwide in 2020, according to the U.N. Food and Agriculture Organization, jumping to 768 million people – the most going at least as far back as 2006. The number of people living with food insecurity – or those forced to compromise on food quantity or quality – surged by 318 million, to 2.38 billion. In North America and Europe, formal employment, social safety nets and the widespread availability of remote work cushioned the blow. In those parts of the world, the percentage of people living with food insecurity edged up from 7.7 percent to 8.8 percent. But the developing world, home to billions of informal workers and gaps in government assistance, fared far worse. Latin America and the Caribbean saw the biggest one-year spike in food insecurity: a jump of nine percentage points, to 40.9 percent. "Governments need to open their eyes and adjust their thinking in a crisis, and in some cases, like Peru, they just didn't," said Torero of the U.N. Food and Agriculture Organization. "They had the money available to deal with the problem. But they imposed restrictions on movement blindly and did not find a way to help the people who needed it."
Note: The tragic increase of hunger and starvation worldwide is not a result of the pandemic, but rather of the lockdown in response to the pandemic. Why is that not even mentioned in this article? Many millions have died of starvation and suicide as a result of the lockdowns, yet so few care or are even aware of this. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
Did you make it to the Allen & Co conference in Sun Valley, Idaho this past week? The investment bank sponsors the annual schmooze-fest and "summer camp for billionaires" for the same reason that companies give away their luxury products in Oscars gift baskets: because if you spoil rich people enough, they may develop sufficiently warm feelings towards you to throw you some business one day. At Sun Valley each year, the billionaires are feted by the mere millionaires; the millionaires drum up enough deals to allow them to buy their third and fourth homes. The Sun Valley conference is primarily known as a place where tech and media moguls gather to do a little fly fishing and strike multibillion-dollar merger deals. More fundamentally, the conference is, like Davos, a mechanism for the concentration of wealth, dressed up as something friendlier. Here, America's wealthiest mega-billionaires gather with the chief executive of America's most powerful companies, the director of the CIA, and America's most worthless pseudo-journalists ... to develop the social and business connections that allow the top 0.00001% of earners to continue to accumulate a share of our nation's wealth that already exceeds the famously cartoonish inequality of the Gilded Age of Rockefeller and Carnegie. We are developing a private class of billionaire kings whose will is omnipotent and untouchable by any democratic force. This is the state of affairs that the Sun Valley conference serves to intensify.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Welcome to what's known as "summer camp for billionaires." This week, the top executives at the biggest and most influential companies in tech and media, including Apple's Tim Cook and Facebook's Mark Zuckerberg, will get together at the Sun Valley Resort. These top moguls are traveling again to Sun Valley for an annual weeklong gathering organized by a boutique investment firm called Allen & Company that is known as intensely private. This week, the aggregate wealth of the men and women staying at the Sun Valley Resort is likely to reach more than $1 trillion. "It really is elitism on full display," says media analyst Colin Gillis. "But actually, it's a very private event; so, I shouldn't say 'on full display.'" Prominent politicians – including heads of state – give talks and take questions. Mike Pompeo attended when he was the head of the C.I.A., and Mauricio Macri was a guest when he was the president of Argentina. Then, at night, there are cocktail parties and lavish dinners. Among Allen & Co.'s deal makers are prominent former members of Congress, including Rep. Will Hurd and Sen. Bill Bradley, and George Tenet, the former director of the C.I.A.. The gathering is geared towards ... building relationships that may one day pay off. Bezos reportedly decided to buy "The Washington Post" when he was in Sun Valley. "They've organized the biggest matchmaking service for media companies," says Steven Davidoff Solomon, the head of the Berkeley Center for Law and Business.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
This month, ProPublica revealed that American billionaires essentially do not pay taxes, and within hours the White House had awkwardly promised no fewer than four federal investigations into the identity of the individual who had alerted the news organization to this fact. By Thursday, a North Carolina congressman was demanding the FBI director explain why he hadn't made any arrests or at the very least, "executed any search warrants or raided any offices" in the international manhunt for the leaker. ProPublica carefully chose the six billionaires whose tax returns it chose to single out for specific scrutiny. But ProPublica seems to have deliberately underthrown. After breathlessly informing readers they possessed a "trove" of 15 years' worth of tax returns on literally "thousands" of the world's richest people, the story's three authors proceeded to weave a few juicy and non-contextualized facts into a narrative that felt like a protracted sidebar to the "real" story. We learned that the 25 richest billionaires in America added $401bn to their net worths between 2014 and 2018 and paid about 3% of that amount in taxes, but we didn't learn much about any specific billionaire's tax avoidance strategies. Fifteen years of tax return information on thousands of American plutocrats is, to be sure, one of the biggest stories of the decade. It's just not clear ProPublica has that much appetite for sticking with the story.
Note: In the US, former tax lobbyists often write the rules on tax dodging. For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable major media sources.
More than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic. While many poor people became poorer, the number of millionaires increased by 5.2 million to 56.1 million globally, Credit Suisse research found. In 2020, more than 1% of adults worldwide were millionaires for the first time. Wealth creation appeared to be "completely detached" from the economic woes of the pandemic. The number of ultra-high net worth individuals, usually defined as those having investable assets of more than $30m, grew by 24% worldwide in 2020, the fastest rate of increase since 2003. Credit Suisse said its total of the number of millionaires might be higher than other organizations' estimates because it included both investable and non-investable assets, such as owner-occupied homes. [Economist] Anthony Shorrocks ... said the pandemic had an "acute short-term impact on global markets", but added this was "largely reversed by the end of June 2020". "Global wealth not only held steady in the face of such turmoil, but in fact rapidly increased in the second half of the year," he said. However, wealth differences between adults widened in 2020, and Mr Shorrocks said if asset price increases, such as house price rises, were removed from the analysis, "then global household wealth may well have fallen". "In the lower wealth bands where financial assets are less prevalent, wealth has tended to stand still, or, in many cases, regressed," he said.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
ProPublica cracked open the vault on America's biggest tax grifters, revealing how the Midas men dip, dodge and duck, paying pennies on the dollar, if that, while we suckers have to pony up. How rich. "In 2007, Jeff Bezos, then a multibillionaire and now the world's richest man, did not pay a penny in federal income taxes," ProPublica reported. "He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. "Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row." "Taken together," ProPublica concluded, "it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The I.R.S. records show that the wealthiest can – perfectly legally – pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year." ProPublica shed light on the fact that "the superrich earn virtually all their wealth from the constantly rising value of their assets, particularly in the stock market, and that the sales of those assets are taxed at a lower rate than ordinary income from a paycheck." And while the value of those assets grows by the billion, untaxed, these rich folks can borrow against them.
The wealthiest Americans – including Warren Buffett, Elon Musk and Jeff Bezos – paid little in federal income taxes at times in recent years despite soaring fortunes, according to Internal Revenue Service data obtained by ProPublica. The information published Tuesday shows how billionaires are able to legally reduce their tax burden, highlighting how the American tax system can hit ordinary wage earners harder than the richest people in the country. That's often because the richest Americans tend to have their wealth tied up in stocks and real estate, allowing them to avoid taxes on unrealized profits. The U.S. tax system focuses on income, not what is known as unrealized gains from unsold stocks, real estate or other assets. The records ... purport to show Buffett, head of Berkshire Hathaway, as having paid $23.7 million in federal income taxes on total income of $125 million from 2014 to 2018, which would indicate a personal income tax rate of 19 percent. ProPublica estimated that Buffett saw his wealth soar by $24.3 billion during that period and so his "true tax rate" was 0.10 percent. Musk, chief executive of Tesla, paid $455 million on $1.52 billion in income during the same period, when his wealth grew by $13.9 billion, accounting for a "true tax rate" of 3.27 percent. Bezos, chief executive of Amazon and the owner of The Washington Post, paid $973 million in taxes on $4.22 billion in income, as his wealth soared by $99 billion, resulting in a 0.98 percent "true tax rate."
Note: Learn about important facts this article leaves out in this excellent piece. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
For years, the Gates Foundation has been steered by an unusually small board of trustees, made up of Bill, his estranged wife, Melinda, and the billionaire investor Warren Buffett. The larger the foundation became, the less anyone seemed willing to ask tough questions about its secretive management structure or its penchant for giving money to lucrative pharmaceutical and credit card companies such as Mastercard, despite the fact that giving away billions to wealthy corporations set an unusual and troubling precedent in the philanthropic sector. Billionaires who make their fortunes through corporate practices that undercut workers and deepen inequality – like corporate tax avoidance, insufficient sick pay and the immoral gap in pay between executives and low-paid workers – are not the solution to problems they generate. Asking Bill Gates to fix inequality is like asking an arsonist to hose down your house after he just set it on fire. In April last year, the University of Oxford was reportedly considering offering a Covid-19 vaccine developed by its scientists on a nonexclusive basis. But then, Kaiser Health News reported, "Oxford – urged on by the Bill & Melinda Gates Foundation – reversed course. It signed an exclusive vaccine deal with AstraZeneca that gave the pharmaceutical giant sole rights and no guarantee of low prices." This dealmaking .. seemed to conflict with the Gates Foundation's stated mission to improve global access to medicines, but it's not surprising.
Note: Read more about the Gates Foundation's startling degree of media influence during the pandemic. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and the coronavirus vaccine from reliable major media sources.
The Institute for Policy Studies calculated that the average CEO compensation in 2020 was $15.3m, when looking at the 100 companies with the lowest median wage for workers in the S&P 500 index. The median worker pay was $28,187. This means that chief executives saw a 29% pay raise compared to 2019, while workers saw a 2% decrease. For all 100 companies, median worker pay was below $50,000 for 2020. The compensation hike came as companies gave their top leaders hefty bonuses and forgiving performance benchmarks during the pandemic, allowing the top executives to cash in while their low-wage employees were essential workers. Hilton's CEO, Christopher Nassetta, had a compensation package worth $55.9m in 2020, the highest of the executives analyzed in the report, while median pay at the company was $28,608, down from $43,695 in 2019. Since the pandemic affected the company's expected performance, and thus Nassetta's expected compensation, the company's board restructured its stock awards to give its CEO ample pay in 2020, according to the report. Other CEOs were met with friendly treatment from their respective corporate boards. Chipotle's board removed the company's poor financial results from the peak of the shutdown and excluded Covid-related costs when calculating CEO Brian Niccol's compensation. Niccol received $38m last year, which is 2,898 times more than the company's median worker pay of $13,127.
Research Medical's owner, HCA Healthcare Inc., is a profitable, publicly traded network of 185 hospitals. Even in the year of Covid-19, 2020, the company generated $51.5 billion in revenue and increased its pretax earnings by 3.6 percent. That performance helped boost the total compensation HCA's chief executive, Samuel N. Hazen, received last year to $30.4 million, a 13 percent rise from 2019. The total worth of his compensation package equaled 556 times the compensation received by the median employee at HCA – $54,651. The figures highlight the growing CEO pay gap, a problem among many public companies according to some investors and workers and even a few CEOs. In 2019, for example, the average pay ratio among 350 large American companies was 320-to-1, according to research by the Economic Policy Institute. In 1989, the average was 61-to-1. Because [Jamelle] Brown, [an] emergency department worker, makes even less than the median, Hazen got roughly 1,000 times Brown's pay. Brown says he lives with his sister because he doesn't earn enough from his job at Research Medical to pay for his own apartment. HCA isn't alone in paying its chief executive vastly more than what rank-and-file workers earn. Acuity Brands, an industrial technology company, paid its CEO, Neil M. Ashe, $21 million last year, or 2,316 times the median employee's pay. Starbucks ... paid its CEO, Kevin Johnson, $14.7 million last year. That was 1,211 times the pay of its median employee.
The number of newly minted and reissued billionaires soared last year, Forbes reported Tuesday in its annual ranking, a staggering accumulation of personal wealth that stands in sharp contrast with the widespread economic struggles unleashed by the coronavirus pandemic. The number of billionaires on Forbes' 35th annual ranking swelled by 660 to 2,755 – a roughly 30 percent jump from a year ago – and 493 of them are first-timers. Seven of eight are richer than they were before the pandemic. Forbes calculates net worth by using stock prices and exchange rates from March 5. Amazon founder Jeff Bezos, with an estimated fortune of $177 billion, topped the list. Tesla chief executive Elon Musk came in at No. 2 at $151 billion. As a class, billionaires added about $8 trillion to their total net worth from last year, totaling $13.1 trillion. The United States had the most billionaires, at 724, extending a rapid rise in wealth that hasn't happened since the Rockefellers and the Carnegies roughly a century ago. China ... had the second highest number of billionaires: 698. Gabriel Zucman, an economist ... said in an email that the explosive acceleration of wealth among the richest of the rich has only accelerated during the pandemic. "In the United States, the top 400 wealthiest Americans now own the equivalent 18% of GDP in wealth, twice as much as in 2010 (9% of GDP). The pandemic has reinforced this trend, with a boom in top-end wealth despite the decline in economic activity," he wrote.
Bill Gates has never been a farmer. So why did the Land Report dub him "Farmer Bill" this year? Gates' achievement, according to the report, is that he's largest private owner of farmland in the US. A 2018 purchase of 14,500 acres of prime eastern Washington farmland – which is traditional Yakama territory – for $171m helped him get that title. In total, Gates owns approximately 242,000 acres of farmland with assets totaling more than $690m. To put that into perspective, that's nearly the size of Hong Kong and twice the acreage of the Lower Brule Sioux Tribe, where I'm an enrolled member. A white man owns more farmland than my entire Native nation! The relationship to land – who owns it, who works it and who cares for it – reflects obscene levels of inequality and legacies of colonialism and white supremacy in the United States, and also the world. Wealth accumulation always goes hand-in-hand with exploitation and dispossession. Our era is dominated by the ultra-rich ... and a burgeoning green capitalism. And Bill Gates' new book How to Avoid a Climate Disaster positions himself as a thought leader in how to stop putting greenhouse gases into the atmosphere and how to fund what he has called elsewhere a "global green revolution" to help poor farmers mitigate climate change. What expertise in climate science or agriculture Gates possesses beyond being filthy rich is anyone's guess. Investment firms are making the argument farmlands will meet "carbon-neutral" targets for sustainable investment portfolios.
When West Virginia declared a state of emergency to arrest the coronavirus, the social network that aids the homeless froze along with everything else. Ordered to shelter in place, people without shelter died at an alarming rate. In a bad year here ... two to four of the unhoused die. Over the past year, they have tallied 22 deaths, a sevenfold increase. Only two of the deaths are suspected to be from COVID-19. But all occurred during the collapse of the safety net that in normal times addresses the complex mix of afflictions–trauma, medical conditions, addiction–that accompany homelessness, and worsened during the profound isolation of the pandemic. What happened in [West Virginia] is happening across the country. Even before the pandemic lockdowns that fell hardest on low-income Americans –– and stand to push more people out of their homes –– the Department of Housing and Urban Development reported U.S. homelessness at 580,466 people, up 7% from a year earlier. Deaths are rising even faster. In San Francisco, the department of public health says deaths tripled over the past year in an unhoused population of 8,035. In Los Angeles, home to a vast homeless population tallied at 41,290, deaths increased by 32%. Homeless deaths in Washington, D.C., soared by 54%. In New York City, the Coalition for the Homeless reported a death rate up 75%. And over the past year, they died ... at a rate many times higher than the rate of deaths from the virus.
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America's largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill – sometimes to zero – thanks to a range of legal deductions and exemptions that have become staples of the tax code. Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy. Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates. Publicly traded corporations are required to file financial reports. The institute used that data along with other information supplied by each company. The $2.2 trillion coronavirus relief act ... contained a provision that temporarily allowed businesses to use losses in 2020 to offset profits earned in previous years. Tax avoidance strategies include a mix of old standards and new innovations. Companies, for example, saved billions by allowing top executives to buy discounted stock options in the future and then deducting their value as a loss.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
Treasury Secretary Janet Yellen said a "shocking" amount of taxes was going uncollected by the federal government. "The gap between what we're collecting in taxes on current tax and what we should be collecting ... amounts to over $7 trillion over a decade," Yellen said. Yellen's remarks emphasize the Biden administration's efforts to collect tax revenue from the wealthiest Americans and multinational companies to finance $4 trillion in spending programs. At the center of Biden's planned revenue raisers is a provision to increase funding for IRS enforcement. He also wants to slap investors earning above $1 million with a hike in the capital-gains tax and raise the top marginal income-tax rate to 39.6% from 37%. The IRS's official estimate is that there is a tax gap of $441 billion a year. But Charles Rettig, the agency's commissioner, recently told Congress that number could be over $1 trillion. A recent study from IRS researchers and academics found that the top 1% of Americans failed to report about one-quarter of their income to the IRS. The research found income underreporting was nearly twice as high for the top 0.1%, which could account for billions in uncollected taxes. The number of agents devoted to working on sophisticated tax-evasion enforcement dropped by 35% over the past decade. The IRS's budget fell by 20% between 2010 and 2018. There was an 80% decline from 2011 to 2018 in the audit rate for those making over $1 million a year.
The end of 2020 brought the sharpest rise in the U.S. poverty rate since the 1960s, according to a new study. Economists Bruce Meyer from the University of Chicago and James Sullivan of the University of Notre Dame found that the poverty rate increased by 2.4 percentage points during the latter half of 2020 as the U.S. continued to suffer the economic impacts of COVID-19. That percentage-point rise is nearly double the largest annual increase in poverty since the 1960s. This means an additional 8 million people nationwide are now considered poor. Moreover, the poverty rate for Black Americans is estimated to have jumped by 5.4 percentage points, or by 2.4 million individuals. The scholars' findings, released Monday, put the rate at 11.8% in December. While poverty is down from readings of more than 15% a decade earlier, the new estimates suggest that the annual Census Bureau tally due in September will be higher than the last official, pre-pandemic level of 10.5% in 2019. Black Americans were more than twice as likely to be poor than their white counterparts in December – an improvement from the summer months when they were nearly three times more apt to live in poverty – but an increase from before the pandemic, when the differential was under two. Despite improvements in the overall poverty rate since the middle of the 20th century, Black Americans had been about three times as likely to be poor as white Americans for most of the past 60 years.
Note: Meanwhile, as the Washington Post reported on Jan. 1, 2021, "billionaires as a class have added about $1 trillion to their total net worth since the pandemic began." The CDC also reports overdose deaths hit a record high last year. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
The pandemic has worsened income inequality, with the world's richest people regaining their losses from COVID-19 shutdowns in nine months while the number of people living in poverty has doubled to more than 500 million, according to a new report from the anti-poverty group Oxfam. Almost 9% of total working hours were lost last year when compared with the levels of employment at the end of 2019, before the pandemic shuttered the economy, according to a separate report from the International Labour Organization (ILO), a United Nations agency. That's the equivalent of 255 million full-time jobs lost across the globe, or about four times greater than the impact from the Great Recession of 2009. The world's poorest could take a decade to regain their financial footing. Oxfam describes the pandemic's impact as "the greatest rise in inequality since records began." The International Labour Organization said the crisis has been the most severe on work since the Great Depression in the 1930s. "Its impact is far greater than that of the global financial crisis of 2009," said ILO Director-General Guy Ryder. America's richest people have seen their wealth soar during the pandemic by more than $1 trillion, thanks to a booming stock market and a K-shaped recovery that has benefited the rich, while poorer people have struggled with lost wages and jobs and future opportunities. It's a rich vs. poor phenomenon that is replicating across the globe.
Note: The media continue to blame the pandemic for these dire consequences when it is clearly not the virus, but the lockdown policies that are the main reason for this huge increase in poverty and income inequality. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
The economic blow from Covid-19 has cost workers around the world $3.7tn (Ł2.7tn) in lost earnings, after the pandemic wiped out four times the number of working hours lost in the 2008 financial crisis. The International Labour Organization (ILO) said women and younger workers had borne the brunt of job losses and reductions in hours, and warned that people in sectors hardest hit by the crisis – such as hospitality and retail – risked being left behind when the economy recovered. Sounding the alarm that entrenched levels of inequality risked becoming a defining feature of the economic rebound from Covid-19, the Geneva-based agency said that governments around the world needed to take urgent action to support those at the heart of the storm. In its annual analysis of the global jobs market, it said 8.8% of working hours were lost in 2020 relative to the end of 2019, equivalent to 255m full-time jobs. This is approximately four times bigger than the toll on workers as a consequence of the 2008-2009 financial crisis. These "massive losses" resulted in an 8.3% decline in global labour income, before government support measures are included, according to the ILO, equivalent to $3.7tn in earnings – about 4.4% of global GDP. Women have been more affected than men by the disruption to the jobs market, with female workers more likely to drop out of work altogether. Younger workers have also been particularly hard hit, either losing jobs, dropping out of the labour force or delaying the search for a first job.
Note: In the meantime, MSN reports that billionaires made $3.9 trillion during the pandemic. Is this the kind of wealth transfer that supports humanity? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.
At the end of 2020, Chicago police reported more than 750 murders, a jump of more than 50% compared with 2019. By mid-December, Los Angeles saw a 30% increase over the previous year with 322 homicides. There were 437 homicides in New York City by Dec. 20, nearly 40% more than the previous year. New Orleans-based data consultant Jeff Asher studied crime rates in more than 50 cities and says the crime spikes aren't just happening in big cities. With the numbers of homicides spiking in many places, Asher expects the final statistics for 2020 to tell a startlingly grim story. "We're going to see, historically, the largest one-year rise in murder that we've ever seen," he says. Asher says it has been more than a half-century since the country saw a year-to-year murder rate that jumped nearly 13%. "We have good data that the rise in murder picked up in the early stages of the summer," Asher says, "and we also have good data that the rise of murder picked up again in September and October as some of the financial assistance started to wear off." Chicago minister the Rev. Marshall Hatch Sr. says the spike in violence is sadly not surprising. His church is located in a west side Chicago neighborhood hard hit by both poverty and the pandemic. "COVID has had a disproportionate impact and people are increasingly desperate," Hatch says. "And people, because of the concentration of poverty, tend to turn on each other."
Note: It is not the pandemic which is causing these homicides. It is the lockdown measures that are negatively impacting the emotional and spiritual lives of billions of people around the globe. The CDC also reports overdose deaths hit a record high last year. And poverty had the sharpest rise in 50 years. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.
The pandemic has forced untold hardships onto many Americans, with tens of millions of families now reporting that they don't have enough to eat and millions more out of work on account of layoffs and lockdowns. America's wealthiest, on the other hand, had a very different kind of year: Billionaires as a class have added about $1 trillion to their total net worth since the pandemic began. And roughly one-fifth of that haul flowed into the pockets of just two men: Jeff Bezos, chief executive of Amazon (and owner of The Washington Post), and Elon Musk of Tesla and SpaceX fame. Musk has quintupled his net worth since January, according to estimates put together by Bloomberg, adding $132 billion to his wealth and vaulting him to the No. 2 spot among the world's richest with a fortune of about $159 billion. Bezos's wealth has grown by roughly $70 billion over the same period, putting his net worth estimate at roughly $186 billion as the year came to an end. Such a rapid accumulation of individual wealth hasn't happened in the United States since the time of the Rockefellers and Carnegies a century ago, and we as a society are only just beginning to grapple with the ethical implications. What does it mean, for instance, that two men amassed enough wealth this year to end all hunger in America (with a price tag of $25 billion) eight times over? Or that the $200 billion accumulated by Bezos and Musk is greater than the amount of coronavirus relief allocated to state and local governments in the Cares Act?
Note: The new richest man in Asia reached his position partially through making vaccines for the coronavirus. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.