“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.”
Jamal Khashoggi Disappearance Update
The pressure is building for Saudi Arabia to disclose information about the journalist's disappearance.
Reports now confirm that Maher Abdulaziz Mutreba, a frequent companion of Saudi Arabia's crown prince, entered the Saudi consulate in Istanbul shortly before journalist Jamal Khashoggi arrived.
The time-stamped photograph is one of the most condemning pieces of evidence to link Khashoggi's October 2nd disappearance to the crown prince, Mohammed bin Salman.
Associated Press
The
New York Times reports that Sabah, a Turkish newspaper, also published photos of Mutreb "outside the Saudi consul general's home, leaving a Turkish hotel with a large suitcase, and leaving the country from Istanbul's international airport — all later that day."
This news comes in the wake of Steven Mnuchin, Treasury Secretary, announcing that he will not attend an upcoming investor conference in Saudi Arabia because of Khashoggi's disappearance. The DOW dropped 400 points after Mnuchin's tweet confirming his withdrawal.
Just met with @realDonaldTrump and @SecPompeo and we have decided, I will not be participating in the Future Invest… https://t.co/ESULIhy6Ov— Steven Mnuchin (@Steven Mnuchin) 1539876574.0
Mnuchin had previously said he planned to attend the Future Investment Initiative, despite reports in the American and Turkish press alleging the gory dismemberment of the journalist at the hands of individuals with ties to high-up Saudi officials.
It's likely that Mnuchin's decision was influenced by several European countries recently announcing their respective withdrawals from the conference. The Trump administration had reportedly been waiting to see what other countries would do before making a decision about American representation at the conference.
This withdrawal comes as a surprising development in light of President Trump's repeated defense of Saudi Arabia since the news of Khashoggi's disappearance broke. Trump said the crown prince of Saudi Arabia "totally denied" knowledge about the suspected death of the journalist and that information about the matter would be coming "shortly."
But CNN reports that a group of Saudi men, who Turkish officials believe were involved in Khashoggi's apparent killing, were led by a high-ranking intelligence officer, with one source saying he was close to the inner circle of the country's Crown Prince Mohammed bin Salman.
With news of Mutreba's presence at the consulate, as well as the many withdrawals from the Future Investment Initiative, many speculate that the Saudis will soon be forced to reveal more information about Khashoggi's disappearance.
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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