Billionaires Became $5 Trillion Richer During the Pandemic

Obscene. If this is capitalism then this evil. But it’s really about government being used by the wealthy to promote their interests to the detriment of the rest of us. The U.S. political system, in particular, is controlled by the 1 percent. And they are using that power and wealth to destroy us all:

Nearly 500 new billionaires joined the ranks of Jeff Bezos and Elon Musk last year as the world’s richest became $5 trillion richer:

2020 was a great year for billionaires.

That’s according to Forbes, which released its annual billionaires list on Tuesday. Forbes found that the world’s wealthiest people, many of whom are recognizable as the top names in the business world, are $5 trillion richer than they were one year ago.

Here’s how the five richest billionaires fared in 2020:

Jeff Bezos, Amazon’s CEO, saw his fortune grow from $113 billion in 2020 to $177 billion in 2021

Elon Musk, the CEO of Tesla and SpaceX, saw his net worth rise from $24.6 billion in 2020 to $151 billion in 2021

Bernard Arnault, the CEO of LVMH, saw his wealth rise from $76 billion in 2020 to $150 billion in 2021

Bill Gates, the cofounder of Microsoft, saw his fortune grow from $98 billion in 2020 to $124 billion in 2021

Mark Zuckerberg, Facebook’s CEO, saw his net worth rise from $54.7 billion in 2020 to $97 billion in 2021

39% of Americans have no money in the stock market and over 50% say it’s ‘rigged,’ survey finds

Not the American dream. Everything is stacked in favor of the 1 percent:

Investing is the key to building long-term wealth and meeting big financial goals such as retirement. But 39% of adults say they have no money invested in the stock market, according to a new survey from Bankrate that polled more than 2,500 people.

Two of the main issues holding them back: a lack of resources and of knowledge. The first holds back 56% of people who don’t invest and the second 32%. “People who aren’t investing predominantly say it’s because they don’t have the money available to invest, or they don’t understand stocks,” says Greg McBride, chief financial analyst for Bankrate.

Suspicions about the fairness of the system don’t help, either. When asked whether they believe the market is “rigged against individual investors,” more than half of all people surveyed agreed.

Appalachian Fracking Boom Was a Jobs Bust, Finds New Report

Fracking is nothing but a terrible environmental evil that causes earthquakes. All good people must fight it at all costs:

The decade-long fracking boom in Appalachia has not led to significant job growth, and despite the region’s extraordinary levels of natural gas production, the industry’s promise of prosperity has “turned into almost nothing,” according to a new report.

54 Million Americans are going Hungry this Holiday Season

It is criminal that the wealthiest country in the world has so many Americans going hungry:

54 million or one in six Americans are projected to be food insecure by the end of the year, according to an analysis by Feeding America.

Feeding America, the largest anti-hunger organization in the United States, distributed 4.2 billion meals between March and October, with around 20% of its 200 food banks in danger of running out of supplies. This represents a 57% increase from last year, with around 4 in 10 visitors being first-timers, the Associated Press reported.

Almost 26 million people, or one in eight Americans, did not have enough food as of mid-November, the US Census Bureau found. A report commissioned by the Food Research & Action Center noted that 1 in 4 of those in food poverty typically had incomes above $50,000 a year before COVID-19, the Associated Press added.

It is especially galling given that US billionaires’ wealth grew by $845 billion during the first six months of the pandemic. And the stock market is higher today than before the pandemic hit America. As for corporate profits, they are doing quite well, thank you:

Corporate profits in the United States rose 27.5 percent to USD 1,569.2 billion in the third quarter of 2020, rebounding from a 11.7 percent plunge in the previous period, a preliminary estimate showed. It was the sharpest increase in corporate profits since the first quarter of 2009, as the economy continued to recover from the coronavirus pandemic. Undistributed profits jumped by 201.9 percent to USD 678.8 billion and net cash flow with inventory valuation adjustment, the internal funds available to corporations for investment increased by 24.9 percent to USD 2,625.7 billion.

Bottomline: There should be no excuse for such hunger in America.

Woman Recovering from Covid is Kicked out of her House

This is how Americans down on their luck are treated. There is no mercy. Just greed. And only the crooks thrive. And one of them is in the White House. The wealthy in America get unlimited bailouts. If you are a homeowner who, due to no fault of their own, you get nothing but kicked to the curveside.

This might be the most evil example of what is happening to Americans due to no fault of their own. But millions of our fellow citizens await a similar fate:

Millions of Americans who have missed rent payments due to the coronavirus pandemic could be at risk of being evicted in the coming months unless government measures to protect them are extended, economists and housing experts say.

It’s really bad. And not getting better:

As the economic fallout from the coronavirus pandemic continues, almost one-third of U.S. households, 32%, have not made their full housing payments for July yet, according to a survey by Apartment List, an online rental platform.

About 19% of Americans made no housing payment at all during the first week of the month, and 13% paid only a portion of their rent or mortgage.

That’s the fourth month in a row that a “historically high” number of households were unable to pay their housing bill on time and in full, up from 30% in June and 31% in May. Renters, low-income and younger households were most likely to miss their payments, Apartment List found.

Meanwhile, the government fiddles while Rome burns:

U.S. Treasury Secretary Steven Mnuchin on Monday said the Trump administration and Congress could reach an agreement on further economic relief amid the novel coronavirus pandemic as soon as this week if Democrats are “reasonable.”

Families Struggle to Survive. Politicians, Wall St. are Indifferent.

There is no indication that the politicians have a clue on how to fight Covid or save the economy. As a result Americans are going hungry and cannot pay their rent. Meanwhile Washington twiddles it’s thumbs. Corporate greed has wiped out the economy. There is nothing left of value.

And then the stock market is going to crash. Because it was a bubble all along. How can you have a stock market that keeps going up despite catastrophe everywhere:

Yet it would appear that disaster is looming for equities.

Though Wall Street and Main Street aren’t attached at the hip, three economic indicators would suggest that the stock market is in very big trouble and headed for a crash.

The Motley Fool
Continue reading “Families Struggle to Survive. Politicians, Wall St. are Indifferent.”

Trump’s Touted Unemployment Numbers are Bogus

Donald Trump was ecstatic Friday when he held a news conference to celebrate a 13% unemployment rate for the month of May. Even though that number is still the worst since the Great Depression. He needed something to positive to talk about. Trump has had nothing but bad news lately. Problem is it’s all a mirage. Things have not gotten better:

The actual jobs report appeared later in the day and it did say that the unemployment rate was 13.3%. But it also said that the BLS and the Census Bureau were investigating a “misclassification error” around workers sidelined by the coronavirus pandemic. The truth is that the actual unemployment rate was around 16.3%.

The problem was that the the surveys used for the jobs reports polled employers about jobs and put a large number of people into the category of being absent from work for “other reasons.” In this case, the reason was that companies had shut down or cut back because of the pandemic and related impacts. However, that category of “other reasons” is normally used for workers who are essentially taking some uncategorized form of leave. It’s used for people who are on jury duty or taking personal time off to deal with a family crisis. These people are still counted as being employed.

But in this case, that same category was used for people who had genuinely been let go due to the downturn caused by the COVID-19 crisis.

DailyKos.com
Continue reading “Trump’s Touted Unemployment Numbers are Bogus”

US billionaires got $434 billion richer during the pandemic, according to report

Big business is profiting from America’s demise:

While many Americans are facing financial hardship due to the coronavirus outbreak, US billionaires saw a boost in net worth in the first two months of the pandemic, according to a new report.

According to the report, published on Thursday by the left-leaning think tanks Americans for Tax Fairness and the Institute for Policy Studies, the total net worth of all US billionaires got a $434 billion boost since March 19, when many US states were placed on lockdown.

…In total, the roughly 600 US billionaires saw their wealth grow from $2.948 trillion to $3.382 trillion within the past two months.