In this pandemic, we are unfortunately not in the same boat.
Most Americans don’t even have a canoe. But some billionaires have taken to the high seas in their yachts – literally – to ride out the pandemic. While ordinary workers get furloughed or laid off in record numbers, billionaires as a group are actually seeing their wealth increase.
Between 18 March and 10 April 2020, over 22 million Americans lost their jobs. Over the same three weeks, my co-authors and I find in a new study for the Institute for Policy Studies, US billionaire wealth increased by $282 billion — an almost 10 percent gain.