“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.”
How America Celebrates Black History While Erasing It
In February we celebrate Black History Month in America.
For the entire month, we commemorate the vast contributions from Black people who have impacted society here and abroad. After all, we are responsible for countless inventions and innovations in art, science, athletics, business, and activism, contributions that often get overlooked because of our country's pervasive legacy of racism.
Black History Month may also be the only annual instance that this country comes close to acknowledging its racist heritage. The brilliance that Blackness has provided modern-day society is, unfortunately, also rooted in hatred and exclusion.
Recognizing the creations shaped by the hands of Black people means examining the oppressive infrastructures that sparked their genius. One of those infrastructures is slavery.
The mention of slavery prompts various reactions among white people. Some declare it to be our country's greatest shame, while others act as if it never happened. If the latter admits to its existence, it's to admonish others for "living in the past."
The celebration of Black History Month and the acknowledgment of slavery go hand in hand. Although a vast majority of Black History itself isn't a direct result of slavery, its ramifications are certainly a factor.
For instance, Martin Luther King Jr'.s vaunted legacy hinges upon his fight against racism and segregation. His peaceful marches and resounding speeches became the introduction to Black History and the Civil Rights Movement for most children in elementary schools across the country.
King is a lauded American hero for his fortitude. But his battle with a racist system is often romanticized. His reimagining sees him as a man standing up for his beliefs instead of a victim of a hateful construct who was forced to rise up against his oppressors.
The irony resides in Black people being labeled as world-changers and trailblazers in the eyes of history but only being allowed to access a small portion of it in order to apply their craft.
Similarly, Black people becoming a dominant force in sports and entertainment hasn't been without their share of obstacles. Unlike today where they have access to a worldwide audience to entertain, Black musicians and athletes' sole audiences used to be people who looked like them.
Sports pioneer Jackie Robinson made history as the first Black man to play professional baseball. His breaking of the color barrier instituted a new day in American sports, but the country's prejudicial temperament remained the same. Robison received death threats from angry white fans, players, and even owners.
Robinson Jackie Robinson of the Brooklyn Dodgers poses at Ebbets Field in the Brooklyn borough of New York. John Rooney/AP/Shutterstock
Furthermore, musicians like Chuck Berry and Muddy Waters, who are pioneers of Rock and Roll, are credited with inspiring The Rolling Stones and Eric Clapton. But during the '50s, their sound was classified as "race music." Conversely, that same "race music" was acceptable when taken and repurposed by white artists.
They and others like them persevered in the face of adversity to open doors for Black people today. Their struggles are reminders of the resiliency of Black people that changed the world and the unnecessary roadblocks they had to overcome to do so.
The observance of Black History Month in today's racial climate in America feels insincere. When entities are dedicated to oppression the other 11 months of the year, it's hard to believe their calls for racial unity in February
We voice our grievances about the government and law enforcement's wanton negligence daily, only to hear how stuck in the past we are as a race. Yet, that same past is responsible for the evolution of civilization as we know it today. Without Black people, America would not be the culturally rich place it is today.
Still, many feel sentiments like "Black Lives Matter" are radical movements, when in actuality they are an ever-present reminder of the conditions Black people had to navigate to pull off these incredible feats.
America cannot sincerely immerse itself in the celebration of Black History Month until it confronts its history. Racism is the beating heart beneath the floorboards of privilege. But as the beating grows louder, our country continues to disregard its pulse.
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