“Behind every great fortune lies a great crime” ... French novelist Honoré de Balzac
No one disputes the fact that the global pandemic threw us all under the bus. Some of us got sick. Some of us lost loved ones. Others lost jobs. Others reaped the benefits. At Inequality.org, journalist Chuck Collins recently shared some statistics concerning the ever-increasing disparity between billionaires and average folks. In a nutshell, the rich not only got richer – they got a lot richer.
Pandemic profiteers like Musk and Bezos made out like bandits and the figures are jaw-dropping. At the start of the pandemic, Tesla CEO Elon Musk was worth about $25 billion dollars; two years into the pandemic his wealth had surged to $255 billion. When last checked – March 18, 2024 – Musk is at $188.5 billion. That’s more than a seven-fold increase in four years.
At the same time, Amazon founder Jeff Bezos’ wealth has soared from $113 billion to 192.8 billion – even after donating tens of billions to charity and paying out tens of billions more in a divorce settlement with his now ex-wife, MacKenzie Scott.
Speaking of Ms. Scott, she’s the only billionaire on the 2020 top 15 wealthiest Americans list to see a decline in her wealth decline from a net worth of $36 billion in 2020 to $35.4 billion due to her generous giving to charity. At least someone has their values in check.
In 2022 the U. S. Bureau of Labor Statistics summed up one study of COVID’s impact on those of us who were just trying to keep our heads above the water line:
The pandemic disrupted lower-paid, service-sector employment
most, disadvantaging women and lower income groups at least
temporarily, and this may have scarring effects...Higher-paid
workers tend to gain more from continuing opportunities to
telework. Less-advantaged students suffered greater educational
setbacks from school closures. School and daycare closures
disrupted the work of many parents, particularly mothers. We
conclude that the pandemic is likely to widen income inequality
over the long run, because the lasting changes in work patterns,
consumer demand, and production will benefit higher income
groups and erode opportunities for some less advantaged groups.
The U. S. Bureau of Labor Statistics got it right. Income inequality grew like cancer cells in the course of the pandemic. Collins’ data tells us that in March 2020 the U. S. harbored 614 billionaires worth $2.947 trillion. In March 2024 the number of billionaires had grown to 737 billionaires worth $5.529 trillion.
If not always illegal, this vast increase in billionaires' wealth has deadly consequences.
In 2022 Oxfam International published Inequality Kills, a report detailing how inequality “is contributing to the death of at least 21,000 people each day, or one person every four seconds. This is a conservative finding based on deaths globally from lack of access to healthcare, gender-based violence, hunger, and climate breakdown.”
Oxfam’s International Executive Director Gabriela Bucher made it quite clear just what led to that perilous state of affairs:
Central banks pumped trillions of dollars into financial markets
to save the economy, yet much of that has ended up lining the
pockets of billionaires riding a stock market boom. Vaccines
were meant to end this pandemic, yet rich governments allowed
pharma billionaires and monopolies to cut off the supply to
billions of people. The result is that every kind of inequality
imaginable risks rising. The predictability of it is sickening.
Fixing – or at least ameliorating – inequality is no easy task. The recommendations of the Peterson Institute for International Economics include: governments need to address inequality directly and specifically; taxes and spending programs must be progressive and benefit others than the wealthy; novel approaches must replace tired, by-the-book policy.
Whatever remedies one favors to deal with the obscene inequality of wealth here and elsewhere, the time to act is now. As Oxfam’s Bucher says: “The consequences of it kill.”
Ballot Measures to Watch on Election Day
From voting rights and gerrymandering to marijuana legalization and healthcare, many consequential issues are on the ballot. Here are some major ballot measures to watch on Election Day.
This Election Day, most eyes will be on the battle for control of the House and Senate and the many contentious gubernatorial elections. But lower on the ballot there are many progressive policies at stake. These range from voting rights and gerrymandering to marijuana legalization and healthcare. Many of these policies are as consequential as which party controls Congress and worth following closely on Tuesday.
Amendment 4, Florida
There are currently 1.6 million Floridians that can't vote because of previous felony convictions.Amendment 4 could change all of that, automatically restoring the voting rights for those who have finished their sentences. Florida remains one of four states that doesn't automatically restore the voting rights for the formerly incarcerated. It has the highestvoter disenfranchisement rate in the country, and nearly 10 percent of eligible voters can't vote. Felony disenfranchisement disproportionately impacts black Floridians, which is unsurprising given itsracist history.
As an amendment to the Florida Constitution, it needs at least 60 percent to pass. But aSeptember poll showed it passing with 71 percent. In a state long known for close, contentious elections, its passage has major implications for 2020 and the political future for the state and the nation. Above all, Amendment 4 is about basic fairness and fully accepting felons back into society. It's completely undemocratic that one of the most populous states in the country still doesn't allow those who have paid their debt to society to exercise their constitutional rights.
The Southern Coalition for Social Justice
Medicaid Expansion in Montana, Idaho, Utah and Nebraska
Voters in four red states are voting to expand Medicaid on Tuesday; these are four of the 18 states that have yet to do so. The Supreme Court ruled the Affordable Care Act's (ACA) Medicaid expansion was optional for state governments, and the expansion has faced obstacles in Republican states. If passed, these referendums would expand benefits to people 138% below the poverty line — meaning thousands of low income people would gain access to the program.
That four Republican strongholds may likely expand a key part of the ACA speaks to the broaderpopularity of progressive policies. It further shows the GOP'sweakness on healthcare and the disapproval of the Republican message on the issue. Finally, it indicates that a progressive message on healthcare can make Democrats more competitive in red states.
KUT
Recreational Marijuana Legalization in Michigan and North Dakota
The continued growth of marijuana legalization across the country might take its next step on election day. Voters in Michigan and North Dakota can become the latest states with legal marijuana. Both referendums would legalize the recreational use and sale of marijuana for anyone 21 and older. But what sets the referendum in North Dakota apart from the one in Michigan is that it would automatically expunge all marijuana convictions.
The legalization of recreational marijuana is following the similar path of marriage equality, which was once a deeply unpopular issue that gradually expanded across the states before becoming legal nationwide. Should one or both be approved, it would signal a greater consensus on legal marijuana. It would further pressure Democrats to adopt it as a campaign issue going forward, in addition to pushing the federal government to reconsider its harsh stance on legalization. North Dakota's referendum is of particular interest as a barometer for the salience of legalization in conservative states, as well as establishing a model for future efforts in other states that address expungement.
University of Missouri-Kansas City
Independent Redistricting in Colorado, Michigan, Missouri and Utah
Partisan gerrymandering is high on the list of the most undemocratic practices in the American political system. If Democrats win the popular votes in the House but fail to win a majority, many saygerrymandering could be to blame. Just this year the Pennsylvania Supreme Courtstruck down the state's congressional map as being unfairly drawn by the Republican legislature. Redistricting is typically the responsibility of state legislatures, and the party in power usually draws congressional and state legislative maps to their political advantage.
But ballot measures in four states could change that. Proposed measures could put the responsibility of redistricting in the hands of an independent, nonpartisan commission rather than legislatures. These referendums would signal the real beginnings of a movement to chip away at the scourge of partisan gerrymandering and radically change the way redistricting is done. Independent redistricting commissions could create congressional and legislative maps that are more equally representative of voters. The establishment of independent redistricting is likely to have a major impact on the redrawing of congressional districts following the Census in 2020.
Sightline Institute
Proposition 10, California
You won't hear much about it in national politics, but housing is a hugely contentious issue in local politics, pitting tenants against landlords and property developers. After all, ask any renter in a major city, and the lack of affordable housing is a major source of stress and frustration. Nowhere is the affordable housing crisis more pronounced than in California — the state with thehighest rents in the country. But on the ballot in California this Election Day is a measure that may offer a solution to the state's affordable housing crisis.
Proposition 10 asks voters to repeal a California law that prohibits any municipality from instituting rent control. This is the first statewide effort anywhere in the country to address affordable housing. Rent control has always been controversial in cities nationwide, but there is evidence that rent control can be aneffective tool in lowering cost of living. The opposition to Prop 10 has been fierce, as tens of millions of dollars have poured into the campaign from both landlord and developer groups. Though polls show the measurelikely failing, its presence on the ballot reveals the rising potency of housing as an issue in state, local, and, soon enough national politics.Dan is a writer, thinker and occasional optimist in this random, chaotic world. You can follow him on Twitter @danescalona77.
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