Research that the Institute for Policy Studies published on August 17, 2020 indicated that the dozen richest Americans now own more than $1 trillion in wealth. One analyst described this development as “a disturbing milestone in the U.S. history of concentrated wealth and power.” Omar Ocampo, an analyst at the Institute for Policy Studies said, “The total wealth of the Oligarchic Dozen is greater than the GDP of Belgium and Austria combined. Meanwhile, tens of millions of Americans are unemployed or living paycheck to paycheck.” Jake Johnson of Common Dreams highlighted some of the key findings from the progressive think tank’s research. IPS noted that the 12 leading American billionaires have witnessed their combined wealth increase by 40 percent — $283 billion — since the Wuhan virus outbreak, which has propelled policymakers to implement economically devastating shutdowns. “During the first stage of the pandemic, between January 1 and March 18, the collective wealth of the Oligarchic Dozen declined by $96 billion,” IPS analysts Chuck Collins and Omar Ocampo wrote. “But their wealth quickly rebounded and surpassed their September 2019 Forbes 400 wealth level. The only exception is Warren Buffett, who is still $2 billion below his September 2019 wealth, but is currently worth $80 billion.” “This is simply too much economic and political power in the hands of twelve people,” Collins, director of IPS’ Program on Inequality and the Common Good, declared in a statement.Right-wing populism may be the only hope to overthrow this system that has enriched the few at the great expense of the many. Read more at: BigLeaguePolitics.com
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