{Photograph} by Nathaniel St. Clair
Former Clinton administration Secretary of Labor Robert Reich not too long ago wrote an article with the subtitle “Biden’s financial insurance policies are probably the most profitable within the US in many years.” He continues stating that the Biden administration insurance policies “could even put the nation on the trail to broadly shared prosperity for a technology” and “are starting to change the construction of the American economic system in favor of the underside 90%.”
These insurance policies have actually been profitable at creating larger prosperity for the ten wealthiest folks in america. Their wealth, after a big decline in 2022, is now nearly 24% larger than it was originally of 2021, proper earlier than the beginning of Biden’s presidency. (see second desk under)
In 2022, in response to the Blomberg Billionaire Index, their mixed losses have been greater than $454 billion. The August 1, 2023, Bloomberg Index reveals that the wealthiest 10 U.S. residents, as a gaggle, have skilled a restoration of most of their 2022 losses.[1]
In 2022, Zuckerberg’s wealth was down $79.9 billion. To date in 2023, it’s up $71.5 billion.
Throughout 2022, the wealth of Musk declined by $133 billion. One may assume that Musk’s fortune in 2023 would proceed to say no given the autumn within the worth of X/Twitter and the elevated competitors within the electrical automotive trade. Such an assumption can be unsuitable. In response to Bloomberg, there’s excellent news for Musk. As of August 1, he had recovered over $100 billion of the losses he sustained in 2022.
Beneath, as of August 1, are the most recent figures for the wealthiest 10. Their wealth, as a gaggle, is up $411.2 billion or 45% in a matter of seven months. Had been this charge of improve to proceed, on the finish of the 12 months, the rise of their wealth will far exceed the losses sustained in 2022.
The next desk, based mostly on Bloomberg figures on the time, reveals their wealth as of August 1 and the setback of their wealth throughout 2022. The setback could be seen by evaluating the second and third columns. Examine columns one and 4 to see the massive improve of their wealth since 2021 of greater than $250 billion. Observe: Bezos is the one one whose present nominal wealth is decrease than it was at first of 2021–poor man.
Is Reich right to assert that the Biden administration’s financial insurance policies have been profitable? Would his declare be confirmed by the hundreds of thousands of people that have not too long ago misplaced their jobs and/or are homeless and/or reside in poverty and/or endure meals insecurity? A few of these of us could even embody hundreds of the scholars at UC Berkeley the place Reich teaches.[3]
Notes.
[1] See my The Rich Took a Hit in 2022. Who Misplaced the Most? https://www.counterpunch.org/2023/01/20/the-wealthy-took-a-hit-in-2022-who-lost-the-most/
[2] U.S. residents held 9 of the slots of the ten wealthiest folks on the earth, rising from 7 originally of the 12 months. The opposite place within the high 10 is held by France’s Bernard Arnault who’s value $196 billion. Walton is the 15th wealthiest.
[3] https://meals.berkeley.edu/from-the-field/uc-berkeley-basic-needs-today/
Earlier than the pandemic, a survey carried out discovered that, “At UC Berkeley, 39 p.c undergraduates and 23 p.c of graduate college students expertise meals insecurity, and a current examine carried out by the Chancellor’s Housing Activity Drive discovered that ten p.c of UC Berkeley college students expertise housing insecurity or homelessness. That is about 14,000 Berkeley college students experiencing meals insecurity and three,800 experiencing housing insecurity.”
