Billionaires get Richer During Pandemic While the Poor Suffer
The 10 richest men in the world got a 540 billion dollar raise in 2020
It is not surprising that rich people gained more worth during the pandemic while poor and middle class folks suffered the consequences. The rich to poor divide keeps getting bigger, with no end in sight and the pandemic has increased this divide.
“We stand to witness the greatest rise in inequality since records began,” Gabriela Bucher, executive director of Oxfam International, said in a statement as the charity called for higher wealth taxes and stronger protections for workers.
“Rigged economies are funneling wealth to a rich elite who are riding out the pandemic in luxury, while those on the front line of the pandemic — shop assistants, healthcare workers, and market vendors — are struggling to pay the bills.”
The coronavirus has hit women and marginalized workers the hardest. The World Bank estimates 100 million workers could be pushed into deep poverty, and it will take 10 years to recover. A dismal warning to say the least.
The wealth of the globes billionaires increased by 3.9 trillion dollars between March and December 2020. This sum is enough to keep everyone on earth from experiencing poverty because of COVID-19, and allow everybody to receive the vaccine. Imagine how better off we would all be if this occurred.
I know it is fantasy. Corporate greed won’t allow it.
Higher corporate taxes and powerful worker protections would help greatly. With the election of Joe Biden the United States might be in a position to help, not only in the US but globally. Indeed, all the industrialized nations need to step up.
Aren’t we all in this together?
