Prepare to be outraged by some gobsmacking and maddening numbers from today’s guest on The BradCast. [Audio link to show is posted below summary.]
But first, speaking of startling numbers, statistics from this year’s flu season prove that masks and social distancing do indeed help to prevent viral transmission and death. That, of course, is bad news for residents of Texas and Mississippi, where their idiot Governors this week lifted statewide mask mandates and all restrictions on businesses, even as COVID infection rates are on the rise in both states. Both are among the top 10 worst states in the nation in that regard in recent weeks. Mississippi leads the nation, with Texas not far behind. And that was before they ended statewide mandates this week in contradiction of strong advice from health experts.
In Washington, Congressman Eric Swalwell (D-CA), one of the House Impeachment Managers during Donald Trump’s second Impeachment Trial, filed suit against the disgraced former President, his son Don Jr., Rudy Giuliani and Rep. Mo Brooks (R-AL) for their roles in inciting the January 6th U.S. Capitol insurrection. Swalwell’s civil complaint follows on a similar one filed last month by Mississippi Rep. Bennie Thompson and the NAACP.
At the same time today, the U.S. Senate continued debate over the American Rescue Plan, President Biden’s $1. 9 trillion emergency COVID relief and stimulus package after Republican Sen. Ron Johnson of Wisconsin forced an all-night reading of the 628-page measure that was passed by the House late last week. In addition to funds to speed distribution of vaccines, the bill includes $1,400 payments to Americans making less than $75,000, an extension of federal unemployment benefits, hundreds of millions to reopen schools safely, and to supplement lost revenue to hard-hit, cash-strapped states and cities.
As tens of millions of Americans have lost their jobs through no fault of their own, and are both struggling to keep a roof over their heads and put food on the table, the relief can’t come soon enough, despite zero votes of support from Republicans in either the House or Senate, so far, for the otherwise wildly popular bill. Johnson described it as a “boondoggle” full of unnecessary spending that would blow out the national deficit, even as it will cost the same amount of money that he and all the other Republicans voted in favor of when they passed Donald Trump’s 2017 tax cuts for mostly wealthy Americans and corporations.
But while Senators — even on the Democratic side — squabble over whether unemployment payments should be $400 a week and last through August, or $300 a week and last until September, America’s 664 billionaires could cover almost the entire cost of the measure from only the money they’ve made during the last 11 months of the pandemic.
We spoke last Summer with CHUCK COLLINS, Director of the Program on Inequality and the Common Good at the Institute for Policy Studies, where he co-edits Inequality.org, about his “Billionaire Bonanza 2020” report. Today, he joins us again with a maddening update to that report, finding that, as more than half a million Americans died, 73 million lost work, nearly 100,000 business permanently closed, 29 million adults reported their household did not have enough food over the past week and 11 million children didn’t eat enough because their household couldn’t afford to fully feed them, the 664 billionaires in the U.S. actually gained $1.3 trillion in added wealth since the beginning of the pandemic!
The profits of that handful of mostly white, male billionaires could cover more than two-thirds of the entire $1.9 trillion American Rescue Plan and, “At $4.2 trillion,” Collins’ updated report reveals, “the total wealth of America’s 664 billionaires is also more than two-thirds higher than the $2.4 trillion in total wealth held by the bottom half of the population, 165 million Americans.”
Those are just some of the startling numbers from his latest report, highlighting the obscene inequality in the U.S., made even worse by the nearly year-long coronavirus pandemic. Shamefully, all of the numbers are still worse for women and people of color. “The inequalities of income and wealth and the racial wealth divide were the pre-existing conditions as we went into the pandemic,” he explains. Collins tell me that “the number of people who have no financial reserves — zero, or negative financial wealth” is “14% of white households…but double that, 28% of Black households, 26% of Latino households…[and] that was before the pandemic.”
“That’s why 660 billionaires can have almost twice as much as the bottom half of US households — because the bottom half doesn’t have much!,” he reports. So, what to do about it? Will the American Rescue Plan help? How about Sen. Elizabeth Warren’s recently refiled “Ultra-Millionaire Tax Act” that would tax two cents of every dollar of wealth above $50 million, generating at least $3 trillion in revenue over ten years in the bargain.
Warren cites Collins’ new study in making the case for her new wealth tax proposal. Her proposal is wildly popular among voters of all political stripes, as she pitched a similar version during her Presidential run last year. The fact that it isn’t already the law, Collins argues, “is simply a reflection of the power of wealthy interests to block change in our political system. It’s not that they’re changing the political system — they’re able to stop and thwart and block change. And that’s unfortunately what we’re up against.”
“That’s the debate we’re watching right now in the Senate,” he adds, “where half the members in the Senate, they don’t have a program to help America get through these hard times. They just want to block the one that would actually make a difference. Unfortunately, the Republicans have been the ‘Party of No’ because they don’t want government to succeed in making a difference in people’s lives, because that would undermine their whole program.”
Yes, we’ve got a lot to discuss today with Collins, whose newest book out this month, The Wealth Hoarders: How Billionaires Spend Millions to Hide Trillions, details “the shadowy Wealth Defense Industry,” which he explains today as well. Sen. Bernie Sanders writes that “Chuck’s book reveals a blueprint for reversing this obscene inequality so we can take back our democracy and ensure that our government works for everybody — not just the billionaire class and wealthy campaign contributors”…
(Comments are now closed.)