Our Changing World

Between things like the pandemic and Trump, it feels as if society and people are in a period of transition. One astute observer summarized the situation in cute little pictures like this:

Some evidence of changes that appear to be afoot include anecdotes about redistribution of wealth. It appears that the pandemic has enhanced the inherent trickle-up tendencies of markets. For example, in a fun article entitled, Billionaires Are Eating the Economy, The New Republic (high fact accuracy, solid left bias) reports on some indications of a new gush of wealth redistribution to the top.

TNR writes:

“Yet over a span of three weeks in March and April—right as hospitalizations and deaths were climbing sharply in the U.S.—the country’s billionaires managed to increase their combined net worth by about 10 percent. According to a report from the Institute for Policy Studies, during the same period that more than 22 million people lost jobs, the wealth of America’s billionaires rose by an astonishing $282 billion. “Already, the combined wealth of U.S. billionaires is higher than a year ago, according to our study,” institute scholar and study co-author Chuck Collins wrote. “At least eight of these billionaires have added another $1 billion to their wealth during the pandemic.” Among the billionaires who have gotten richer since the Covid-19 crisis began are a number of health care industry investors, Zoom founder Eric Yuan, and, of course, Amazon CEO Jeff Bezos. 

Though $282 billion is a nearly incomprehensible sum of money, for some general context, consider the following: Last week, New York Governor Andrew Cuomo threatened to cut $10 billion in funding to public schools, health care services, and other programs. He also applied for a $4 billion loan from the federal government to replenish the state’s unemployment benefits, now strained by mass layoffs. In April, the postal service, an institution now embroiled in a bitter dispute with the Trump administration over funding, asked for $50 billion to stay afloat. Several states are now anticipating budget shortfalls ranging from $1.1 billion in Arizona to as much as $15 billion in New York. And in 2018, Supplemental Nutrition Assistance Program and other food assistance benefits cost $68 billion in total. Billionaires’ earnings on paper over the period of less than one month, in other words, could have covered all of these programs, with money left over.”

What America and its people will look like when the pandemic has passed, assuming it ever passes, is unpredictable. Things could stay about the same. Or things could get better, worse or more muddled. Fortunately, we have a firm hand on the wheel of the ship of State as it sails gently on a sea of compassionate capitalism with a human face.

That firm hand is guided by a gentle, understanding and nurturing mind.

It's a way of life

Posted by Germaine the Serene