America’s billionaires have accrued more wealth in the past three weeks than they made in total prior to 1980

https://www.mintpressnews.com/super-rich-see-wealth-rise-282-billion-three-weeks-coronavirus/267027/

America's Super-Rich See Their Wealth Rise by $282 Billion in Three Weeks of Pandemic. Meanwhile, 26 million Americans have filed for unemployment over the last five weeks.

A new report from the Institute for Policy Studies found that during the coronavirus pandemic, America’s ultra-wealthy elite have seen their net worth surge by $282 billion. This is despite the fact that the economy is expected to contract by 40% this quarter.

In the last 30 years, U.S. billionaire wealth soared by over 1100%, while median household wealth increased by barely 5%. And the tax obligations of America’s billionaires have decreased by 79% since 1980.

Three people ­– Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Berkshire Hathaway’s Warren Buffet – own as much wealth as the least-wealthy half of all U.S. households combined.

This paints a picture of a modern day oligarchy, where the super-rich have captured legislative and executive power, controlling what laws are passed. The result has been crippled social programs and a decrease in living standards, and even a sustained drop in life expectancy – something rarely seen in history outside of major wars or famines.