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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?
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
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
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
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
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
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
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
Do you support a wealth tax?