Amid Covid-19 and Nationwide Protests, America’s Billionaires Got $79 Billion Richer

An analysis released Thursday by the Institute for Policy Studies finds that the combined wealth of U.S. billionaires surged by $565 billion between March 18 and June 4—the same period in which 42.6 million Americans filed jobless claims.

Over just the past week, according to IPS, the collective net worth of America’s billionaires rose $79 billion as mass layoffs caused by the coronavirus crisis continued across the country. The U.S. Department of Labor announced Thursday that 1.9 million Americans applied for unemployment benefits last week, meaning that nearly 25% of the U.S. workforce is now either receiving unemployment insurance or waiting for approval.

Chuck Collins, director of the Program on Inequality and the Common Good at IPS, said in a statement that “in a turbulent week in the life of the nation, these statistics remind

— source commondreams.org | Jun 04, 2020

Nullius in verba


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