“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.”
As Google falters over data privacy, a second search engine war emerges
We're at the dawn of a second search engine war.
In the early days of the Internet, Google wasn't the biggest fish in the pond. They weren't worth billions. They didn't have a 78% market share in the US. In fact, at the turn of the century, their competitors were numerous and wide-ranging, both in their approach to searching the web, and in their overall style. When the first search engine war began in 2000, it was fought between so many belligerents that it could more accurately be described as a battle royale. Tons of companies, most of which have since lost their claims to legitimacy, were chasing the de facto monopoly Google has today. One by one though, they fell off, mutating, getting bought out, and merging along the way. Ask Jeeves, MSN, Excite, and even Google's top competitor Yahoo, couldn't keep up. Google has reigned supreme for the past decade. Now, almost thirty years after the invention of the first search engine, it looks as though another war is on the horizon.
The cellophane packaging the Internet arrived in has long since been removed and discarded. Nowadays, everyone–from grandparents to toddlers–is online, the novelty has worn off, and people are beginning to pay attention. With the recent news of Facebook and Cambridge Analytica, it's no longer a secret that tech companies make their money by collecting and selling data. While this practice isn't technically illegal, it certainly rubs people the wrong way, and Google is one of the biggest offenders. From tracking cell phones and search histories, to creating advertisement profiles based on its users, Google has rapidly become the poster-child for the ugly and invasive side of the Internet. Sensing Google's weakness–though whether or not one can call this PR hiccup a weakness is debatable–smaller search engines are crawling out of the woodwork and trying to take a piece of Google's pie by advocating for privacy online.
Should data privacy be the primary deciding factor in which search engine you chose?
Companies like DuckDuckGo and StartPage are attempting to live up to their mission statements, aiming to set a "new standard of trust online" by promising not to profit off of users' personal data. And they've had some pretty huge success so far, shaving close to 10% off of Google's total market share in the past year alone. DuckDuckGo, perhaps the biggest of the private search engines, reportedly averages about 16 million queries per day and has shown steady growth every year since its inception in 2011. In post-Snowden America, Internet privacy is more important than it's ever been, and, barring a massive shift in public opinion, these search engines can only be expected to continue growing.
Even considering DuckDuckGo's meteoric rise, the rest of the Search Engine' War may be a civil one, as challengers certainly aren't presenting a unified front against Google's tech empire. Between DuckDuckGo, StartPage, Wolfram Alpha, Yippy, and the rest, the relatively niche market is saturated with competitors and is starting to look a bit like the original search engine war in the early 2000s. Google on the other hand, is an entrenched power. Averaging 3.5 billion search queries per day and valued at over 500 billion dollars, Google is almost unchallengeable. Google also doesn't have to rely solely on its search engine for income, considering the amount of software and hardware they produce. On top of this, DuckDuckGo's foundational promise doesn't help them make money, considering how valuable a person's internet data is.
DuckDuckGo and Google face off again
Currently, websites that support online privacy simply are not well positioned to overtake Google in Search War II, especially considering that Google owns not only the most popular search engine, but the most popular browser as well. And despite the public's grumbling, congress decided to strip some of our commonsense privacy laws last year, electing to allow Internet services providers (ISPs) to sell users' data to third parties without their consent. While this repeal doesn't directly relate to the search engine battle, it sets an important precedent about Internet privacy; the likelihood of stopping data collection anytime soon is nothing more than a pipe dream. That said, it is important that we commend companies like DuckDuckGo for their groundbreaking business model. These websites are still for-profit corporations, but inasmuch as market trends can be used to indicate our moral valence as a country, it would seem that things are looking a little brighter regarding Internet privacy.- DuckDuckGo vs Google: It's all about the Bangs! ›
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