Covid-19: US Billionaires Add $282bn to Fight the Pandemic

Elon Musk, who has profited around $5bn from Tesla and SpaceX’s involvement in developing and producing new ventilators to fight with this situation and to help the people around in the country

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A new study from a progressive think tank has found that while the coronavirus pandemic was exploding across the US, the country’s billionaires saw their combined wealth surge by $282bn – with eight of them netting more than $1bn each since the beginning of the year.

 

Around “1, 484, 287 people are affected with coronavirus in the US, 88,507 are deaths, and 327,751 people have been recovered. Due to the pandemic, the USA has seen a drastic low growth rate in its economy. As millions of employees got unemployed, many markets went out of their control and not been able to cope up with this harsh condition. 

 

According to the Institute for Policy Studies’ “Billionaire Bonanza 2020”, worldwide total numbers of billionaires also have been dropped slightly due to this pandemic. But to fight with this, some of the several individual billionaires as what they call as the “pandemic profiteers”. One of them is Elon Musk, who has profited around $5bn from Tesla and SpaceX’s involvement in developing and producing new ventilators to fight with this situation and to help the people around in the country. Amazon CEO Jeff Bezos the richest man of the world whose wealth has been increased by $25bn since January 2020. And to the extent billionaires have come out to help the country as they seem to be mostly recovering even as the crises are increasing. 

 

As per the report, in 2008 many billionaires’ wealth declined due to the meltdown of the market but all the billionaires recovered within 30 months and over the course of 2010. The WHO institute also gives some recommendations to overcome this pandemic, including establishing a congressional “pandemic profiteering oversight committee, It also suggests the creation of an excess profits tax meant to “discourage speculating and profiteering around the basic needs of life “and also argues for a progressive estate tax and a wealth tax. But there was only some support of the party lines towards these measures. 

 

According to the Pew Research center that the economic center unfairly favors that the rich should become richer, it’s all right if it is creating the inequality between the high-level class and the low-level class. However, a recent poll by Reuters and Ipsos asked respondents how much they agreed with the following statement: “The very rich should be allowed to keep the money they have, even if that means increasing inequality. But all the different members of the different parties just disagreed with this statement. 

 

As Gallup reports, the policy of very rich should be allowed should be changed and the distribution of money should be equal among the citizens of US as the distribution of money equally among the high and the low class will not create the low growth of the economy so to make it equal they agreed that wealth should be more evenly distributed for 35 years.

So in this primary year to fight with the pandemic the chance was given to the billionaires to fight but the demo craters declined about it and just mentioned about the world richest man Michael Bloomberg, one of the ten richest men in America, spent nearly a billion dollars of his own money on his campaign, but won just a handful of delegates in American Samoa and dropped out shortly afterward.

 

Summary
Article Name
Covid-19: US Billionaires Add $282bn to Fight the Pandemic
Description
Elon Musk, who has profited around $5bn from Tesla and SpaceX’s involvement in developing and producing new ventilators to fight with this situation and to help the people around in the country
Publisher Name
THE POLICY TIMES
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