2. American billionaires are 33% richer than they were at the start of the pandemic
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.
This is possible because, for decades, the system has been rigged in favor of the rich. Labor laws, CEO compensation, the privatization of public assets, and much more are skewed toward making the rich richer. This leaves little protection and support for the average person, putting them in a vulnerable position.
Yes. one of which is that the Covid-19 pandemic has caused a storm, in the form of a world economic recession. Although the rich also feel the same way, the poor, workers and women are the most vulnerable and most comfortable groups. The Covid-19 pandemic and this has become a marker, a turning point, exposing increasing economic tensions between groups.
The stages of his journey In the first months of the pandemic there was indeed a stock market crash that sent billionaires experiencing a dramatic decline in wealth. But, this decline in wealth did not last long. In the following nine months, the fortunes of the top billionaires have recovered. That's because the government's rush of funds to revive the economy allowed the stock market to thrive and revived this group's fortunes, even as the real economy faced its worst recession in a century.