The rich keep getting richer: Billionaires made enough to pay for everyone’s vaccine during the pandemic, while workers lost $3.7 trillion.

How did we get here? 🧵
As stocks plummeted 37% in March 2020, 70% of small business aid went to large, publicly traded corporations. By June, a stock-market rebound made seven of the world's richest people even richer.
Women and younger workers were the hardest hit by employment losses. One million married women lost their jobs in September 2020 and Gen Z has become the most unemployed generation. https://www.businessinsider.com/workers-lost-37-trillion-in-earnings-during-the-pandemic-2021-1
Workers lost $3.7 trillion in earnings during the pandemic. Women and Gen Z saw the biggest losses.

American workers saw the largest losses in earnings during the coronavirus pandemic, a 10.3% decline, per an International Labour Organization report.

https://www.businessinsider.com/workers-lost-37-trillion-in-earnings-during-the-pandemic-2021-1
There's hope for recovery, but it'll likely be uneven. Lower-paying industries are currently below their level of pre-pandemic employment, while high-paying industries have regained employment.

https://www.businessinsider.com/3-charts-show-december-jobs-report-devastating-for-vulnerable-workers-2021-1
In December, @thisisinsider reported the 10 richest American billionaires were worth over $1 trillion — a little more than half the value of President Biden's proposed stimulus package. https://www.businessinsider.com/billionaires-made-39-trillion-during-the-pandemic-coronavirus-vaccines-2021-1
Billionaires made $3.9 trillion during the pandemic — enough to pay for everyone's vaccine

The increase in wealth of the 10 richest billionaires could pay for everyone worldwide to get the COVID-19 vaccine, per an Oxfam report on inequality.

https://www.businessinsider.com/billionaires-made-39-trillion-during-the-pandemic-coronavirus-vaccines-2021-1
Nearly 8 million Americans have fallen into poverty in recent months. Many Americans were left without a lifeline as government benefits expired. https://www.businessinsider.com/8-million-americans-fallen-into-poverty-as-government-benefits-lapse-2021-1
8 million Americans have fallen into poverty in recent months as government benefits lapse, a new...

Economists found that poverty rose by 2.4 percentage points from June to December, from 9.3% to 11.8%, even as the unemployment rate declined.

https://www.businessinsider.com/8-million-americans-fallen-into-poverty-as-government-benefits-lapse-2021-1
Throughout the pandemic, support for wealth taxes has grown in efforts to provide relief. Sen. @ewarren said the wealth tax is an investment in the future of the country.

https://www.businessinsider.com/elizabeth-warren-need-wealth-tax-america-in-k-shaped-recovery-2021-1
NYU’s Scott Galloway argues a one-time wealth tax would raise up to $1 trillion to support low-income families during the pandemic. https://www.businessinsider.com/scott-galloway-why-we-should-impose-wealth-tax-on-richest-2021-1
SCOTT GALLOWAY: The pandemic allowed America's wealthy elite to pull off the greatest economic...

Galloway says we should impose a one-time 2% wealth tax on the richest 5% of households to raise up to $1 trillion to aid low-income families.

https://www.businessinsider.com/scott-galloway-why-we-should-impose-wealth-tax-on-richest-2021-1
The International Monetary Fund encouraged countries to consider implementing wealth taxes to raise revenue during the pandemic. https://www.businessinsider.com/governments-wealth-taxes-imf-new-source-revenue-coronavirus-economy-consider-2020-4
The IMF says governments should consider new wealth taxes to raise cash from the rich as coronavi...

In recent years, the IMF has shifted its focus from tax cuts and recommended policies aimed at reducing income inequality.

https://www.businessinsider.com/governments-wealth-taxes-imf-new-source-revenue-coronavirus-economy-consider-2020-4
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