Billionaires Continue to Hoard Wealth During Pandemic
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FEATURING CHUCK COLLINS – As the coronavirus pandemic devastates the nation with more than 170,000 deaths so far and widespread economic collapse, Congress remains deadlocked on providing a lifeline to the tens of millions of unemployed Americans.
Now, a new report shows that the wealthiest Americans have not just remained immune to the crisis but have thrived during it. The richest 12 billionaires in the nation now have a combined wealth of $1 trillion.
According to the report’s author Chuck Collins, “This is simply too much economic and political power in the hands of twelve people. From the point of view of a democratic self-governing society, this represents an Oligarchic Dozen.”
Chuck Collins, senior scholar at the Institute for Policy Studies where he directs the Program on Inequality and the Common Good. He has written a number of books including 99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It, and Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good. He is the author of a new report, “Twelve U.S. Billionaires Have a Combined $1 Trillion