As we have continued to document, Central Bank “responses” to the Covid pandemic have done little for lower and middle class Americans and continue to disproportionately enrich the already wealthy.
Further evidence of how the Fed’s flawed policies work, in action, came from the Institute for Policy studies and Americans For Tax Fairness, who yesterday issued a press release noting that 10 months into the Covid crisis, America’s billionaires have seen their wealth rise 40%, or $1.1 trillion.
Using March 18th as a starting point for the pandemic, the release offers up similar stunning numbers to those that we have been covering since 2020.
“Not much has changed for America’s billionaires in the midst of the crisis—except the further swelling of their bank balances,” the release says. “The combined fortune of the nation’s 660 billionaires as of Monday, January 18, 2021 was $4.1 trillion, up 38.6% from their collective net worth of just under $3 trillion on March 18, 2020, the rough start of the pandemic.”
“At $4.1 trillion, the total wealth of America’s 660 billionaires is two-thirds higher than the $2.4 trillion in total wealth held by the bottom half of the population, 165 million Americans,” the release notes.