“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.”
Nan Goldin Leads Guggenheim Protest Against Opiod-Pushing Sackler Family, Sparking Nationwide Pushback
The venerated photographer and hundreds of others overtook the atrium of New York's Guggenheim to protest the museum's ongoing relationship with the Sackler Family, one of its largest donors. The majority of the Sacklers' wealth comes from Purdue Pharma—the primary manufacturer and distributor of OxyContin.
Visionary photographer Nan Goldin made waves in the 1960s with her raw, vivid portraits, which showed the electric underside of New York's gritty arts scene as well as the intimacies of human life and love.
Back then, her photos were protests against stereotypes; they lovingly portrayed queer culture, denounced domestic violence, and provided a window into an open kind of sexuality that was not often seen during the stultified conformity of the 1950s.
Image via Artnet News
Since then, Goldin's work has been exhibited at the MOMA and she has been recognized as one of the 20th century's most influential photographers. But in 2019, she's been occupying space in museums for a very different reason.
On Saturday night, Goldin and hundreds of others overtook the atrium of New York's Guggenheim to protest the museum's ongoing relationship with the Sackler Family, one of its largest donors. Exchanging money to support the arts certainly isn't a crime, but the majority of the Sacklers' wealth comes from their involvement with Purdue Pharma—the primary manufacturer and distributor of the extremely addictive and deadly drug OxyContin.
Image via the Forum
In 2013, Goldin was prescribed OxyContin for wrist surgery. "I ended up locked in my room for three years," she told the crowd that gathered in the Guggenheim on Saturday night. "I came to and I realized it was time to speak out." After a near-death experience with the drug, Goldin dedicated herself to taking down the Sackler Family, the group of billionaire pharmaceutical moguls who made tens of millions of dollars off OxyContin sales before the drug was flagged and criminalized for its addictive properties.
In 2007, Purdue Pharma admitted that OxyContin's branding was misinformative, but continued to distribute and profit off the product, allegedly paying themselves as much as $4 billion that year. Since then, waves of lawsuits have continued to dog the pharmaceutical company as they have continued to profit off opioid sales. In 2018, New York City won $500 million in damages as part of a suit against Purdue and a host of other narcotics peddlers, including the makers of Percocet and fentanyl patches.
None of the Sackler family members themselves have been individually targeted, though lawyers hope this may change as investigations ramp up, thanks to protests like Goldin's. Also, the sheer number of opiod-related deaths each day in America—over 130 per day, according to the U.S. Department of Health and Public Services—is a factor that's hard to ignore.
The Sacklers have filtered money earned through Purdue into thousands of cultural institutions, including the Guggenheim, which has its own Sackler wing. Other institutions that have benefitted from their donations include the Metropolitan Museum of Art, the Smithsonian, Harvard, and MIT. Goldin, among other activists, has been calling for the museums to stop taking Sackler money for years; her organization P. A. I. N. (Prescription Addiction Intervention Now) has staged die-ins at the Met, among other protests.
Image from a P.A.I.N. ProtestImage via ART News
That February night at the Guggenheim, protesters dropped sheets of paper resembling prescription notes from balconies high above, each printed with various Sackler quotes. One bore a phrase spoken by the late Purdue president Richard Sackler, in which he advised his employees to "hammer on abusers in every way possible," belying insidious involvement and intentional sabotage of already vulnerable populations. The quote appeared in a recent Massachusetts court filing that is accusing the Sackler family of direct, intentional involvement with the start of the opioid crisis. "It is an attractive market," an internal memo read, according to the suit. "Large unmet need for vulnerable, underserved and stigmatized patient population suffering from substance abuse, dependence and addiction."
So far, all of the aforementioned institutions have continued taking Sackler money, though the Met announced in January that it was planning on reconsidering its gift acceptance policies.
"We see museums and cultural institutions glorifying the very rich and we also see them giving them positions of power," one of the protestors, L. A. Kauffman, told ArtNews. "The Sackler family is one of many who has been able to stand outside the law because of their great wealth and we are saying: the time is up."
Eden Arielle Gordon is a writer and musician from New York City. Follow her on Twitter at @edenarielmusic.