The Blubber

Per Market Watch

A recent study by Oxfam revealed that the number of US billionaires grew to over 700. This came as a 60% increase from just a decade ago.

The report highlighted how this was due to an inflow of trillions of dollars of pandemic wealth, which was injected into the financial markets.

“This fresh cash, while vital to keeping economies afloat, ended up with the ultra-wealthy who were able to ride a stock market surge, without the guardrails of fairer taxation to share that wealth more equitably.”

The report also focused on the gap of wealth, saying that almost a third of the US labor force earned less than $15 hourly. It was also revealed how half of the working women of color were not even earning that much.

The report also highlighted five arguments for wealth tax.

• New source of revenue to reinvest into policies with positive effects on working families and women.
• Help narrow what was described as the "racial wealth gap."
• Climate crisis would be helped (it was revealed that the 125 richest billlionares had a million times more emissions compared to the average person).
• Federal debt would be reduced.
• Democracy would be protected against oligarchy.

Recently, Marianne Williamson also commented on the situation, saying the top 1% of Americans accumulated $50 trillion in wealth transfer from the bottom 90% over the last 48 years.

It was also recently found that the richest 1% owned two-thirds of new wealth created since 2020. This meant that this small percentage had more than the other 99% of Americans.

This study also came from Oxfam, specifying how billionaires earned around $1.7 million for ever $1 of new global wealth earned by the bottom 90% of people. In 2020 alone, out of the $42 trillion in new wealth that was creatred, the top 1% amassed $26 trillion of it.

See flow at unusualwhales.com/flow.

Other News:

• Marianne Williamson says the top 1% of Americans accumulated $50 trillion in wealth transfer from the bottom 90% over the last 48 years
• The richest 1% owns two-thirds of the new wealth created, owning more than the other 99% of Americans

Resources:

Market Watch

Oxfam