“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.”
The Las Vegas Massacre: One Year Later
Is America finally headed towards real gun reform?
Tonight, the iconic Las Vegas strip will go dark to mark the first anniversary of the mass shooting that killed 58 people.
Fans were gathered on the Strip for the Route 91 Harvest Festival, listening to Jason Aldean close out the night's performances. Meanwhile, Stephen Paddock, equipped with semi-automatic firearms, was in a room on the 32nd floor of the Mandalay Bay hotel. At 10:05 p.m., Paddock opened fire on the crowd. For the following ten minutes, pandemonium ruled as victims fell and survivors scrambled to avoid the spray of bullets. More than 400 people were injured by Paddock's bullets, and hundreds more were hurt trying to flee the scene.
In the wake of the shooting, many legislators pledged to make strides to reform gun laws. Now, a year later, little has changed. An Associated Press review of all the firearms-related legislation that passed this year shows mixed results. In some states, gun control bills did pass, but the "year was not the national game-changer that gun-control advocates had hoped it could be," AP reports.
Many Americans are using the anniversary of the Vegas massacre to remind the public of the need for meaningful gun reform. Zach Elmore, brother of Alicia Elmore, who was a victim of the Vegas shooting, marks the anniversary by asking people to vote in November. In a letter published in the Seattle Times, Elmore says that voters can help to end gun violence "in just a few weeks by electing gun-sense candidates up and down the ballot. It's critical that we elect candidates who will stand up and take action rather than just accepting shootings on our streets, at concerts, at playgrounds and in our homes."
The Press-Enterprise
Elmore is not alone in his sentiment. Students and activists gathered in D.C. Sunday to remember the 58 victims of the massacre and demand national gun reform. Robert Disney, the organizing director of the Brady Campaign To Prevent Gun Violence, attended the protest and said, "I'm here because I'm sick of the way the NRA has a chokehold on Congress, I think for the first time in my lifetime, we have a chance to break the chokehold, and I am doing everything I can to help that to happen."
Law enforcement officials said that at least a dozen of the 23 firearms found in Las Vegas were semi-automatic rifles legally modified to fire like automatic weapons, using an alteration known as a bump fire stock. Nevada law allows the purchase of machine guns and silencers in compliance with federal law and regulations, so Paddock's possession of the guns used in the attack was lawful, but perhaps not for much longer.
This morning President Donald Trump said in a speech addressing the anniversary that rapid-fire devices like those used in the Las Vegas massacre will soon be "ruled out." He stated, "We are knocking out bump stocks. I've told the NRA. Bump stocks are gone."
CNN
NBC News reports the Justice Department's confirmation that a proposal to ban bump stocks was sent late last week to the Office of Management and Budget for review. After a review of up to 90 days, the proposal will be published in the Federal Register and made available for public comment. The proposal would ban the manufacture, importation, and possession of bump stocks.
While reforms of this kind have been proposed and shot down multiple times since the Las Vegas massacre, this is the first that's been backed by President Trump.
Brooke Ivey Johnson is a Brooklyn based writer, playwright, and human woman. To read more of her work visit her blog or follow her twitter @BrookeIJohnson.
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