The pandemic has proven to be social welfare for the rich. The rich have gotten richer during the pandemic. Increasing significantly an already serious inequity.
While 30 million lost their jobs, the wealth of America’s 600 plus billionaires has ballooned by $434 billion to $3.4 trillion.
Notice how the stock market is booming. Only a few benefiting, however. The already rich.
Ten percent of American households own 84 percent of the value of stocks. They are America’s richest. The remaining 90 percent own 16 percent.
The first big stimulus hit helped the wealthy more than those receiving the dollars. I refer to the unemployment checks, the $6oo per week per person, monies per child, etc.
It only took a little while.
Hundreds of billions of dollars went to persons needing help. Those receiving the stimulus dollars spent them. Such was the purpose for which they were authorized. People needed the monies to survive.
Companies like Amazon and Walmart did and are doing a hell of a business. Rent and mortgages have been paid.
Supermarket sales increased. Albertson Companies posted a 53 percent increase in revenues for the second quarter of this year.
The stimulus dollars recycled. From the government to the needy receiving the checks to the person and entities where the dollars were spent. The effect was to drive the wealth of the richest up after it left the hands of little people.
Ballooning inequality leads to disaster. It is a form of social welfare for the rich. The cycle: The government sends money to the poor who spend it with the rich. In the end, the poor are left with nothing at the same time the rich have gotten richer. Concentrated gains in the hands of a few.
A society cannot survive with this type social welfare. Concededly, the stimulus package was needed. Another one soon, hopefully.
Then what? The government will have to print more money, inflation will occur, the poor will be no better off, the rich will have become richer so any problems resulting will not affect them.
Only the poor and needy and the government will suffer. The rich will have so much they will be immune from economic disaster. Their monies sitting in off shore accounts all over the world.
An excellent Democratic Convention this week. Biden excelled. Everyone who spoke did.
It was a different type convention. I am not referring to how it had to be conducted in this coronavirus year. I refer rather to clean and dirty.
When Trump and his Republican cohorts speak, I feel dirty. I did not feel that way listening to Biden and Company. They are committed to making it all right again.
Amazing all the people Trump had in his administration who have been arrested. Most convicted. Some jailed. The number endless.
The most recent Steve Bannon. He was part of Trump’s pre-election team and then a White House adviser following election. Till Trump fired him. If my recollection is correct, he was fired because Trump thought Bannon was receiving more publicity than he.
Bannon has always been a bad guy. Developed into a far right conservative. Disliked existing governments. Spoke right up and let everyone know his purpose in life was to destroy existing governments/establishments.
Bannon was arrested yesterday.
Appears he was leader of a pack who set up a Go Fund Me account to erect a border wall in New Mexico. Money flowed in. To the tune of $25 million.
The operation a phony. The Go Fund Me account was for the personal benefit of Bannon and others and to launder money.
Since leaving the White House, Bannon has been involved with the Catholic Church. He is ultra-right. He became tight with the Conference of American Bishops officed in Washington, D.C.
The group is anti-Pope Francis. They have been giving Francis a hard time since his election. Bannon has worked hand in hand with the group.
The Bishops’ group ultra right also.
Bannon and the group want Francis to go or Francis’ powers to be curtailed.
What Bannon is doing is consistent with his basic philosophical motivation. He wants to take the established Catholic Church down and replace it with a different structure with a new Pope, etc.
The man is dangerous.
Enjoy your day!