The top 10 richest Americans have added about $1 billion to their combined fortune a day during the COVID-19 war while many in the country face soaring inflation and job insecurity.
Children’s Health Defense, citing Americans for Tax Fairness, reported that the combined net worth for these billionaires has doubled since the start of the outbreak, and hit $1.35 trillion last week.
Frank Clemente, the director of ATF, said the pandemic has “been very good to American billionaires, especially the top 10.”
The Trends Journal has been reporting on the massive gains that the richest have benefited from during the outbreak. (See “AMERICA’S RICHEST 400 FAMILIES PAY A TINY PERCENT OF FEDERAL INCOME TAX COMPARED TO THE WORKING CLASS,” “RICHEST AMERICANS BEAT THE TAXMAN,” “SOCIALISM FOR RICHEST, CAPITALISM FOR WORKING CLASS” and “BILLIONAIRE TAX SCOFFLAWS PLOW SAVINGS INTO WEBS OF CONTROL.”)
The Children’s Health Defense report noted that Senator Ron Wyden’s effort tax capital gains of the country’s richest.
“Their obscene rise in wealth—all of it potentially untaxed—stands in stark contrast to a lot of America’s working families, who’ve struggled through almost two years of a health crisis and economic uncertainty including, most recently, rising prices,” Clemente said.
He said Wyden’s billionaire tax better aligns the fortunes of America’s “richest of the rich with the needs of average Americans.”
Last October, 89 million Americans lost their jobs during the COVID-19 pandemic and the net worth of billionaires increased by an average of 70 percent, Interesting Engineering reported. The report pointed out that the richest tech tycoons saw their net worth fall by $85 billion in the past week after the stock selloff.
TREND FORECAST: As we have long been reporting, the rich are getting richer and the “Bigs” keep getting bigger. Indeed, each week, we report instances where the money junky hedge funds, private equity groups and the already big company swallows another piece of the global economy.
Last year, companies, private equity firms, and special-purpose acquisition companies (SPACs) announced mergers and purchases worth more than $3.6 trillion worldwide, with about half—more than $1.8 trillion—in the U.S., data firm Dealogic reported.
With the desecration of the Robinson-Patman Act, Sherman Antitrust Act, Clayton Antitrust Act and Glass-Steagall Act by American politicians who get paid off with “campaign contributions,” aka bribes and payoffs… the small business, mom and pops, local banks, etc have been replaced by the few who own the most. Thus, the rich keep getting richer. (See “A MODEST TAX PROPOSAL FOR BILLIONAIRES,” and “BILLIONAIRES BEAT TAXES: LITTLE PEOPLE PAY.”)
However, as the Bigs grow bigger without limits, there is little need for advancement and innovation since there is no competition in the fight for market share. Overall, with a few selling the most, there are fewer consumer choices for a wide variety of products and services that would be available if there were more businesses in the sectors.
Therefore, from sounds and style, to health and wellbeing, from hi-tech to heavy industry… across the spectrum there will be OnTrendpreneur® opportunities to fill market gaps in virtually every business sector of society that the “Bigs” won’t see, or will be too small for them to invest in.