How America’s Billionaires Fared in the Pandemic

This is not the graph from the WaPo article. This Statista graph looks at only the rise in profits from March (2020) to November (2020). From a Google Image Search

The article published in The Washington Post today (March 12, 2021) has an eye-opening graph which shows the profits that continued to fill the bank accounts of billionaires as unemployment rose and food lines lengthened. Elon Musk thrived with his profits soaring over 1000 times in one year. Even someone like Bill Gates who is a billionaire philanthropist saw his profits increase by a factor of 29. WaPo offers a graph that I could not capture. You can see it here:

Republicans are still railing against the pandemic relief bill. They seem rabid with anger because they contend that helping those at the bottom of our economy is the wrong move. They are suddenly back to being against raising the deficit even though there seems to be no other way (without making billionaires pay their fair share) to make sure our economy recovers. We certainly know trickle down doesn’t work.

Societies that get too top heavy often topple. We seem pretty close to a tipping point if we don’t pay some attention to those who have been neglected. Small businesses may be too pinched by a $15/hr wage, but that is only because some people are stockpiling profits that might oil the wheels of even the smallest enterprise.

Elon Musk may justify his enormous profits because his goals are very pricy, but if the American economy tanks no one will profit from his space flights or his automobiles except other wealthy people. He is just making toys for the rich. Will his rich boy toys eventually help save the earth or give us a way to escape a ruined earth. Maybe. But who wants a ruined planet Earth or a tanked US economy. We need to do a reboot in the ways our economy functions to reward so few over and over again, and so many hardly at all.

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