As the COVID-19 pandemic overtook the U.S., it brought with it an unprecedented financial crisis and unemployment rates at their highest levels since the Great Depression, especially among Black, Hispanic and Asian workers (16.8%, 17.6% and 15% in May compared to 12.4% for whites). At least 45 million people have filed for unemployment since the pandemic began.
Yet between March 18 and June 17, as the pandemic raged, the combined wealth of the 614 U.S. billionaires increased by $584 billion, according to an analysis released late last week by the Institute for Policy Studies, a progressive think tank based in Washington, D.C. The researchers calculated the billionaires' wealth gains based on real-time data from Forbes.
Experts said the wealth of the richest Americans is tied more closely than the rest of America to the stock market, which crashed at the onset of the crisis but has rallied since -- largely detached from the broader economic picture.
Yet between March 18 and June 17, as the pandemic raged, the combined wealth of the 614 U.S. billionaires increased by $584 billion, according to an analysis released late last week by the Institute for Policy Studies, a progressive think tank based in Washington, D.C. The researchers calculated the billionaires' wealth gains based on real-time data from Forbes.
Experts said the wealth of the richest Americans is tied more closely than the rest of America to the stock market, which crashed at the onset of the crisis but has rallied since -- largely detached from the broader economic picture.
Source:
Comments
Post a Comment