Get your news from a source that’s not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily.

Deadly viruses don’t much care what’s in your wallet, but socioeconomic privilege and access to wealth do wonders when it comes to not just surviving a plague but cashing in on it. Having spent more than a year pre-COVID working on a new nonfiction book about the absurdity of wealth in America during this second Gilded Age, I figured the pandemic would throw a wrench into my story. Yet perhaps unsurprisingly, over the past year, the superrich have remained safely ensconced on their side of an economic chasm that just keeps widening as investment profits flow to the very top while America’s less fortunate struggle just to get by. I put together these stats to demonstrate the degree to which our most privileged citizens have benefitted, often at the expense of the rest of us.
 

 

Who’s on top?

Long before the pandemic hit, America’s economic spoils flowed disproportionately to the top earners, while more than half of the population failed to thrive. 

 

 

The Cares Act, passed in March 2020, included …
to bolster social safety net programs

for reeling state and local governments

in tax breaks for businesses and their (mostly wealthy) owners

How the rich fared during the pandemic

In the first three months of 2020, the combined wealth of Americans with assets of $30 million or more dipped 26%—but then bounced back almost entirely by the end of August. 

The pandemic relief passed in December 2020 included a bipartisan provision that will save America’s wealthiest 1 percent an estimated $120 billion in taxes.

In the pandemic’s first full year, the combined net worth of 657 American billionaires increased by nearly 45%—about $1.3 trillion. 

How the rest fared

During that first pandemic year, 82 million people filed for unemployment benefits, and more than 100,000 businesses* shut down permanently. 

In March 2021, more than 1 in 7 renters said they were behind on rent, as did roughly 1 in 5 renters of color. Meanwhile, 45 million Americans experienced food insecurity in 2020. That’s 10 million more than in 2019. 

 

Noblesse oblige? Non.

Foundations and wealthy philanthropists—notably MacKenzie Scott—opened their wallets wider in 2020 to help the needy weather the pandemic, and also gave in response to the nationwide protests for racial equity. For example, in a Council on Foundations survey of 250 major foundation leaders, 60% said their organizations would distribute more money than initially planned—17% more on average. Which seems pretty generous, until you consider the growth of foundation endowments in 2020, driven by a booming stock market.

 

 

 

 

From March to December 2020 …
Hazard pay given to Walmart workers

Increase in net worth of Walmart heirs Alice, Jim, and Rob Walton

Hazard pay given to Amazon workers

Increase in net worth of founder/CEO Jeff Bezos

Not working

In 2020, the employment rate for people making less than $27,000 tumbled 28%. For those making more than $60,000, it dropped less than 2%. 

Fired up

Average wages grew nearly 7% last year—but mostly because 7.9 million workers earning less than $14 per hour had lost their jobs.

Homework

76% of lower-income workers say their work cannot be done from home. Only 44% of upper-income workers say the same.

Stimulus response

The cares Act lifted more than 18 million people out of poverty in April 2020. But 14 million fell back in after the act’s unemployment benefits dried up.

The average personal income of Americans jumped 10% in January—almost entirely due to the second round of stimulus.
 

 
Sources (not linked above)

PLEASE—BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things it doesn’t like—which is most things that are true.

We’ll say it loud and clear: At Mother Jones, no one gets to tell us what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please do your part and help us reach our $150,000 membership goal by May 31.

payment methods

PLEASE—BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things it doesn’t like—which is most things that are true.

We’ll say it loud and clear: At Mother Jones, no one gets to tell us what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please do your part and help us reach our $150,000 membership goal by May 31.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate