2. American billionaires are 33% richer than they were at the start of the pandemic[/b]
In 2020, the US experienced the worst economic growth since World War II. Much of the country felt this burden, especially marginalized groups, but the top 1% did not struggle. Instead, they became significantly richer.
There's a reason for this, and it isn't because billionaires gamed the system.
COVID was the biggest systematic wealth transfer from the lower and middle class to the upper class ever seen, and it was entirely government sponsored. The billionaires didn't have to ask for it -- bureaucracy gave it to them for free. No lobbying, no campaign contributions required.
The government essentially told businesses that they must comply with COVID lockdowns and regulations or cease operations. The large corporations owned by the wealthy were able to make adjustments to their business operations, especially those involved with digital commerce, while smaller businesses were decimated. The smaller businesses couldn't afford the increase in operating costs either with much of the labor force being paid to stay home. Large corporations had the capital to manage, and with smaller businesses closing, their competition was reducing.
Can't forget the stimulus checks. Where do you think much of that went? Straight into the pockets of corporations as consumers flocked to spend the free money the government printed for them. Billionaires face unfair scrutiny when the government created an anti-capitalistic environment. Ask them why.
Your source is Oxfam. Can't imagine where their political views may lay.
Oxfam is a global organization that fights inequality to end poverty and injustice. We offer lifesaving support in times of crisis and advocate for economic justice, gender equality, and climate action. We demand equal rights and equal treatment so that everyone can thrive, not just survive. The future is equal.