“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.”
Biggest Takeaways from the Second Democratic Debate
Over the course of the evening, it became apparent the two frontrunners, Joe Biden and Bernie Sanders, aren't old dogs with new tricks.
Last night, the second round of Democratic debates came and went. Ten out of the twenty candidates who qualified for the debates were chosen at random to participate in the second half of NBC's nationally televised event. Of course, the goal for the Democratic Party is to take the Oval Office and hopefully the Senate.
Over the course of the evening, it became apparent the two frontrunners, Joe Biden and Bernie Sanders, are old dogs without any new tricks. Honestly, it'd be difficult to tell the difference between a clip of Senator Sanders debating in 2016 and 2019—maybe this time around, he's a little more tired. Joe Biden was alarming on the stage: He was ill-prepared, stumbled over his words, and leaned heavily on his smile. It's not that Biden had a terrible night' it's that he only had an okay night— which, for a frontrunner, is not a good sign. There were only three people anyone should be excited to hear from: Kamala Harris, Pete Buttigieg, and Marianne Williamson.
#LetYangSpeak
Between the two debates, candidate Andrew Yang spoke the least by a two-minute margin. During the three minutes he did speak, Yang introduced his Freedom Dividend policy. The Freedom Dividend Policy is a Universal Basic Income plan. All people over the age of eighteen would be eligible to obtain a basic income of a thousand dollars a month. Yang's policy is one of the few proposed that addresses an imminent threat: technology. If corporations like Amazon were heavily taxed, that'd free a lot more money for workers who are displaced due to automated jobs accomplished by AI.
If you look into Yang, he's a contender thanks to his reasonably successful grassroots campaign. Last night, Yang turned his campaign into the trending hashtag #LetYangSpeak. According to the candidate, his mic had been turned off multiple times throughout the evening. The only evidence available is footage of Yang attempting to get a word in but to no avail.
#LetYangSpeak Here’s proof that @AndrewYang was attempting to speak, but his mic was cut off. Coincidences don’t ex… https://t.co/cRhdujENfD— AVWilhite20 (@AVWilhite20) 1561733609.0
In the video, he's speaking, loud enough for Joe Biden to hear him. Beyond that clip, there is no other evidence. If that were, in fact, true, then NBC would have a lot to answer for ah regarding their meddling in a primary debate.
Marianne Williamson, Be Still My Heart
Marianne Williamson sure made a name for herself last night. Her dramatic and chaotic delivery was a delight for many. Yet, she did not come to play games; she came to bring up points of contention and big ideas we need to tackle. According to her, "It's really nice if we've got all these plans, but if you think we're going to beat Donald Trump by just having all these plans, you've got another thing coming. He didn't win by saying he had a plan. He won by simply saying 'Make America Great Again.'" She's right, like she was right about a lot of things: Williamson thoughtfully addressed the need for reparations, slammed ageist rhetoric, and exclaimed of love over hate.
Although her delivery was off-kilter to many, Williamson should not be underestimated for her flowery language; she explained:
"I have had a career not making the political plans, but I have had a career harnessing the inspiration and the motivation and the excitement of people. Masses of people. When we know that when we say we are going to turn from a dirty economy to a clean economy, we're going to have a Green New Deal, we're going to create millions of jobs, we're going to do this within the next 12 years, because I'm not interested in just winning the next election, we are interested in our grandchildren. Then it will happen."
Many Americans never imagined Donald Trump would be our president, but here we are. Williamson's bold statements and captivating delivery about her hopes and dreams for this country have the potential to capture the American imagination. Sure, she may give off the spiritual energy of a wine mom who likes crystals, but why does that discredit her abilities? Remember, the hippies of our nation began revolutions.
Marianne Williamson: I Will 'Harness Love' To Defeat President Donald Trump | NBC Newswww.youtube.com
Yes, We Just Witnessed a Murder
Kamala Harris came prepared last night. Over all the ruckus, Harris reprimanded her fellow candidates with her rehearsed one-liner: "America does not want to witness a food fight; they want to know how we're going to put food on their table."
She continued to command the evening by confronting Joe Biden on his record. Harris challenged the former VP, asserting:
"I'm going to now direct this at Vice President Biden, I do not believe you are a racist, and I agree with you when you commit yourself to the importance of finding common ground. But I also believe, and it's personal— and I was actually very—it was hurtful to hear you talk about the reputations of two United States senators who built their reputations and career on the segregation of race in this country. And it was not only that, but you also worked with them to oppose busing.
"And, you know, there was a little girl in California who was part of the second class to integrate her public schools, and she was bused to school every day. And that little girl was me."
Kamala Harris Confronts Joe Biden On Race | TIMEwww.youtube.com
Biden, who was once a spirited debater, floundered in his response. He clarified that he supported busing, but on the state level. Harris clapped back, recounting how in her hometown of Berkeley, California, busing was not enforced. She utilized the anecdote to explain why The Civil Rights Act of 1964 and the Voting Rights Act of 1965 were crucial to this country, which is why we need to ratify the Equal Rights Amendment.
Biden was given thirty seconds to respond. He vouched for his record, reasserting that he always supported Civil Rights, before cutting himself off, saying, "— anyway, my time is up. I'm sorry." Biden caused the most damage to himself, as he failed to successfully defend himself.
Sometimes, You Just Can't Get it Done
Pete Buttigieg was another candidate with a breakout performance. The South Bend, Indiana Mayor may be young, but he's had skin in the game for seventeen years. Buttigieg is a veteran, a politician, a polyglot, and a gifted orator. He also made history last night as the first openly gay candidate to participate in a primary debate.
On the topic of immigration, he broke down the hypocrisy of the Christian-aligning Republican Party. Buttigieg did not hold back, proclaiming:
"The Republican Party likes to cloak itself in the language of religion. We should call hypocrisy, and for a party that associates with Christianity to say it is okay to suggest that God would smile on the division of families at the hands of federal agents, that God would condone putting children in cages has lost all claim to ever use religion language again."
The South Bend native also candidly addressed his failure to diversify his city's police force, noting, "I couldn't get it done." He went on to explain the pain his city is experiencing due to the devastating death of a local black man, Eric Logan. Logan was shot and killed by a white police officer. The officer did not have his body camera on at the time of the incident. Buttigieg unpacked how he could not take a position on the matter until the investigation is complete.
The mayor's transparency was received favorably and for a good reason. We need a president who doesn't spread fake news.
Stop Name Dropping
Joe Biden name-dropped Obama almost as frequently as he did Trump. Biden's attempts to piggy-back off the former President's accomplishments highlighted the reason Biden why was only able to make it into the Oval Office as a running mate instead of president: He is not our future. While Biden is a respected Washington staple, his vision for our country is dated and boring. It doesn't capture the America we live in today. After Harris' takedown, it's apparent that Biden cannot justify his unfavorable past.
Maybe California Senator Eric Swalwell was right when he told Biden to finally "pass the torch" to the next generation. Biden slyly smiled and said, "Not yet." However, if last night proved anything, it's that he should've let go of it a long time ago.
- Democratic ›
- Green New Deal ›
- Alexandria Ocasio-Cortez Protests U.S. Concentration Camps ... ›
- 3 Ways Presidential Power Can Be Abused During a National ... ›
- Biggest Takeaways from The First Democratic Debate - Liberty Project ›
- Why Students Are Demanding Police-Free Schools - Liberty Project ›
- The First Democratic Debate Deadline Has Passed: Who's In And ... ›
- Democratic debates 2019 live updates: Candidates spar in first night ... ›
- 2020 Democratic Debates Guide - POLITICO ›
- First Democratic debate 2019: Live updates from Night Two ›
- Who won the second Democratic debate? ›
- Live coverage: 2020 candidates face off in second night of ... ›