US Billionaires Got $434 Billion Richer During the Pandemic

This advanced stage capitalism. The largest consolidation of wealth in human history. The CARES Act gave $4.5 trillion to select corporations so they could absorb all the distressed assets caused by the government shutdown of the economy.

Meanwhile, the unemployment rate is going to exceed 25%. People will be forced to settle for lower wage jobs. Tens of millions are on the verge of losing their homes. It's going to be the worst homeless crisis in US history.

All of this is intentional by Trump, Pelosi and McConnell. Instead of doing what every other developed country did - nationalizing wages freezing rents and mortgages - they gave a trillions of dollars to billionaires.

The donor class wants the public to remain in economic pain so that they're forced to return to work for survival.

American billionaires got $434 billion richer during the pandemic
https://www.cnbc.com/2020/05/21/ame...t-434-billion-richer-during-the-pandemic.html

 

This is just the beginning - and of course some are going to make money of the Trillions of debt that was just thrown into the economy.

The volcano has erupted -and some ash fallen - but the economic Tsunami has yet to hit.. The Large Established companies will gobble up the smaller - and the Oligopolies get bigger and more powerful.

The little guy will foot the bill.

 

As an outspoken Capitalist I agree completely. This happened in 2008 also.

 

So why don’t you do what they did to become rich?

 

Ive gotten richer from the pandemic as well. Put a lot of money into the stocks and made at least 30% on my investment since March cause I saw this coming. Gotta say, being a forward thinker will always make you money, hence why the rich get richer forever and always.

 

Here is a perfect example of the left-wing media tailoring news to meet their socialist and communist agenda. The Cares Act does not give rich people money. It provides businesses money to keep them afloat during the pandemic by offsetting their losses, and keeping their employees on the payroll. Otherwise, a much larger percentage would be unemployed.

The left-wing has long been against companies operating at a profit, and falsely portrays the money earned by a company is really belonging to the business owner. They intentionally ignore that the majority of that money goes back into the company for improvements. It never hits the owner's personal bank accounts. This is why most business owners does not pay as much taxes as the left-wing wants.

 

You foresaw that Trump would keep on being an idiot, brilliant.

Unfortunately the government might try to get you for insider trading or even espionage since you are profiting off what some of them regard as a State Secret, though it's certainly obvious to any non-Trumper.

 

Wasn't this supposed to go to small businesses, and some of the big businesses that wrongly got it actually gave it back?

 

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You are confusing the Payroll Pay Program portion of the Cares Act with that set aside for larger corporations. They are two separate programs. There were some incidences of larger corporations that have franchises where the franchises applied for grants under the Payroll Pay Programs. This is actually because these franchises are not actually owned by the company, and their number of employees are within the guidelines for the Payroll Pay Program. Therefore, their actions are legal. Now, the problem is with banks that limit the loans to business that have a large amount of franchises because they will be making more loans then a single branch business. That is why they passed a third program that supported community banks that make loans to small and minority owned businesses.

You really need to research the subject before you parrot the fake news media.

 

Obviously, Wildjoker5 did what you didn't. He researched which companies would be making money during the pandemic. You have not even researched the subject that you are posting against. So, obviously, you would not take the time to research investments during this pandemic. After all, you disagree with business operating for a profit. So, it would be hypocritical for you to profit from their profits. But you should not attack others, or the President that disagree with you personal values.

 

Not American. But I will give my gut instinct on this one.
Instead of "advanced capitalism" lets look at "advanced socialism" where there's 100% employment
and people earn less than capitalist welfare programs (think Cuba, North Korea)
And I suspect "giving money to billionaires" is not what the program is about - I haven't heard of anyone
putting cash into Bezos' account.

 

Nationalized wages?

Not a damn chance thankfully!

 

Careful, your jealousy is showing...

 

Well, you sure screwed the pooch with those predictions.

BLOCKBUSTER JOBS REPORT

The May jobs report came out today, and it shocked everyone. Nonfarm payrolls up by 2.5 million, and unemployment dropping to 13.3%. This compares with private forecasts, where the median prediction was 7.5 million jobs lost in May and an unemployment rate of 19.2 percent.

 

There’s A Glaring, Misleading Error In The May Jobs Report: U.S. May Be At 20% Unemployment

https://www.forbes.com/sites/jackke...may-jobs-report-us-may-be-at-20-unemployment/

 

Every other industrialized country did so. That's why they don't have an unemployment crisis.

 

Your source is a bit of an idiot. He adds "around" 3 to 13 and comes up with 20.

Then he quotes this: In plain English, this means the May unemployment rate is actually 16.3%, not 13.3%, apparently thinking that this reinforces the claim in his title that unemployment is actually at 20% even though neither 16 nor 16.3 = 20.

This clown who adds 3 to 13 and comes up with 20 them makes dire predictions about job loss in Oct based on his own wish-casting followed by 3 paragraphs of "Orange Man Bad!"

Those off only a week, temporarily, who fully expect to return quickly to work are generally classified as employed, absent for other reasons, whereas they decided, for some reason that they should be counted as unemployed, which apparently confused some staff members. If they have to make revisions with the next report, they will, this is not unusual.

Then the clown shares several conspiracy theories and closes with a beg for us all to follow him on Twitter and Linked in.

The guy's pathetic. We've never had a presidential election where the losing side just brain melted for four years. Well, the Democrats launched and lost the civil war after losing the election of 1860, that was certainly worse, but outside of that I don't think I've seen a more pathetic performance from losers of a presidential election.

 

"And a note of caution. The job growth reflected mostly laid-off or furloughed workers returning to their jobs — the number of people who reported permanently losing their jobs was higher in May. And many employees who are back at work now have reduced hours. The unemployment rate for black and Asian workers continued to rise."

https://www.nytimes.com/2020/06/08/business/dealbook/jobs-numbers-fact-check.html

 

Pathetic, everyone knows that. It's great watching you guys fume in frustration that Americans are not seeing their futures destroyed.

But, you know who is getting their applecart overturned? These totalitarian disease and crime ridden Blue Cities.

Coronavirus sparks ‘insane’ evacuation from NYC, movers say, as residents head south.

 

The economy was bound to bounce back quick because the cause of it's downturn was not recession or economic based. It was relatively healthy when it was foolishly locked down.

 

We are not every other industrialized nation, we are in fact the largest economy in the world. Why would we want to copy lesser performing ones?

 

Apparently we need everyone to like us.

 

Over 40 million Americans lost their jobs. That didn't happen in Europe and Australia. The government shut down the economy and you're arguing that it was right for it to leave the public to fend for itself. That's sociopathic.

 

Are you sure that's not just from inflation due to the bailout?

I mean, pump out a bunch of money, further devalue the dollar, and the billionaires will seem to grow "richer" because they will be worth "more money".