Globalism continues to only benefit the elites.
According to data from the Federal Reserve, the 1% now controls a larger share of wealth than the entire middle class.
This is the first time in history this has happened.
NEW – For the first time, the super-rich 1% in the U.S. has a larger share of wealth (27%) than the entire middle class (26.6%), according to Federal Reserve data. pic.twitter.com/SuJk3F3QHS
— Disclose.tv (@disclosetv) October 18, 2021
After years of declines, America’s middle class now holds a smaller share of U.S. wealth than the top 1%.
The middle 60% of U.S. households by income — a measure economists often use as a definition of the middle class — saw their combined assets drop to 26.6% of national wealth as of June, the lowest in Federal Reserve data going back three decades. For the first time, the super rich had a bigger share, at 27%.
The data offer a window into the slow-motion erosion in the financial security of mid-tier earners that has fueled voters’ discontent in recent years. That continued through the Covid-19 pandemic, despite trillions of dollars in government relief.
While “middle class” has different meanings to different people, many economists use income to define the group. The 77.5 million families in the middle 60% make about $27,000 to $141,000 annually, based on Census Bureau data.
What is rarely reported is how the rich benefited from the tyrannical COVID lockdowns imposed by the Government.
This is the unemployment rate during the COVID-19 pandemic. And this is Amazon CEO Jeff Bezos’ net worth during that same time span. From March to June 2020, Amazon founder Jeff Bezos saw his wealth rise by an estimated $48 billion. The founder of the video-conferencing platform
grew his nest egg by over $2.5 billion, and former Microsoft CEO Steve Ballmer’s net worth increased by $15.7 billion.
These kinds of examples might lead you to think that when billionaires profit during a crisis, it’s just a matter of right place, right time. Well, that’s not false, but it’s not entirely true either. Casino magnate Sheldon Adelson saw his wealth increase by $5 billion, while Elon Musk saw an increase of $17.2 billion. When you add up the numbers, billionaires in the United States have increased their total net worth $637 billion during the COVID-19 pandemic so far.
At the same time, more than 40 million Americans filed for unemployment. With tens of millions of Americans out of a paycheck and the stock market plummeting by 37% in March, how is it that the rich have continued getting richer?
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions. You can help us beat Big Tech by following us on GETTR , Telegram, and Rumble.