US billionaires are cashing in big at a time of widespread unemployment, underemployment, and deprivation. More below on reported data.
A previous article stressed that the disparity between super-wealth and growing poverty in the US is greater than any time since the 19th century gilded age.
For ordinary Americans, the hardest of hard times are indicative of what may prove to be a new normal.
Growing poverty, food insecurity, the threat of widespread evictions, collapsing small businesses, and overall deprivation may persist longterm.
For 31 straight weeks, over one million jobless Americans filed claims for unemployment benefits.
Each week since March, the number was more than double the total of any previous reporting period at a time when annualized inflation in September was 7.69% — not the phony 1.4% CPI figure.
At 26.9% — based on the pre-1990 calculation model — US unemployment is 26.9%.
Because of growing layoffs and extraordinarily high numbers of unemployment insurance filings, US joblessness is likely to rise in the months ahead.
Federal Reserve data show over 100 million working-age Americans without jobs.
In 2021, the number may be much higher because of what’s likely to be protracted Depression conditions.
A massive disconnect exists between bubble-level equity prices and dismal main street economic conditions gone largely unaddressed — Depression conditions exceeding the worst of the 1930s.
According to Americans for Tax Fairness (ATF) and Institute for Policy Studies, “(t)he collective wealth of America’s billionaires has jumped by $931 billion, or nearly one-third, since mid-March…”
It’s at a time of economic collapse, mass unemployment, “and a collapse in taxes collected” at the federal, state and local levels.
“The total net worth of (America’s) 644 billionaires (rose) from $2.95 trillion on March 18 to $3.88 trillion on October 13…or 31.6%…”
Despite the hardest of hard times for tens of millions of US households, the White House and Congress failed to agree on extending financial help to needy Americans after earlier aid expired at end of July.
According to the ATF and IPS report, average wages for working Americans declined 3.5% this year.