Income Inequality News Stories

Excerpts of Key Income Inequality News Stories in Major Media

Below are key excerpts of revealing news articles on income inequality from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.

Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America's largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill – sometimes to zero – thanks to a range of legal deductions and exemptions that have become staples of the tax code. Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy. Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates. Publicly traded corporations are required to file financial reports. The institute used that data along with other information supplied by each company. The $2.2 trillion coronavirus relief act ... contained a provision that temporarily allowed businesses to use losses in 2020 to offset profits earned in previous years. Tax avoidance strategies include a mix of old standards and new innovations. Companies, for example, saved billions by allowing top executives to buy discounted stock options in the future and then deducting their value as a loss.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.

When West Virginia declared a state of emergency to arrest the coronavirus, the social network that aids the homeless froze along with everything else. Ordered to shelter in place, people without shelter died at an alarming rate. In a bad year here ... two to four of the unhoused die. Over the past year, they have tallied 22 deaths, a sevenfold increase. Only two of the deaths are suspected to be from COVID-19. But all occurred during the collapse of the safety net that in normal times addresses the complex mix of ­afflictions–trauma, medical conditions, addiction–that accompany homelessness, and worsened during the profound isolation of the pandemic. What happened in [West Virginia] is happening across the country. Even before the pandemic lockdowns that fell hardest on low-income Americans –– and stand to push more people out of their homes –– the Department of Housing and Urban Development reported U.S. homelessness at 580,466 people, up 7% from a year earlier. Deaths are rising even faster. In San Francisco, the department of public health says deaths tripled over the past year in an unhoused population of 8,035. In Los Angeles, home to a vast homeless population tallied at 41,290, deaths increased by 32%. Homeless deaths in Washington, D.C., soared by 54%. In New York City, the Coalition for the Homeless reported a death rate up 75%. And over the past year, they died ... at a rate many times higher than the rate of deaths from the virus.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

Bill Gates has never been a farmer. So why did the Land Report dub him "Farmer Bill" this year? Gates' achievement, according to the report, is that he's largest private owner of farmland in the US. A 2018 purchase of 14,500 acres of prime eastern Washington farmland – which is traditional Yakama territory – for $171m helped him get that title. In total, Gates owns approximately 242,000 acres of farmland with assets totaling more than $690m. To put that into perspective, that's nearly the size of Hong Kong and twice the acreage of the Lower Brule Sioux Tribe, where I'm an enrolled member. A white man owns more farmland than my entire Native nation! The relationship to land – who owns it, who works it and who cares for it – reflects obscene levels of inequality and legacies of colonialism and white supremacy in the United States, and also the world. Wealth accumulation always goes hand-in-hand with exploitation and dispossession. Our era is dominated by the ultra-rich ... and a burgeoning green capitalism. And Bill Gates' new book How to Avoid a Climate Disaster positions himself as a thought leader in how to stop putting greenhouse gases into the atmosphere and how to fund what he has called elsewhere a "global green revolution" to help poor farmers mitigate climate change. What expertise in climate science or agriculture Gates possesses beyond being filthy rich is anyone's guess. Investment firms are making the argument farmlands will meet "carbon-neutral" targets for sustainable investment portfolios.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.

The pandemic has worsened income inequality, with the world's richest people regaining their losses from COVID-19 shutdowns in nine months while the number of people living in poverty has doubled to more than 500 million, according to a new report from the anti-poverty group Oxfam. Almost 9% of total working hours were lost last year when compared with the levels of employment at the end of 2019, before the pandemic shuttered the economy, according to a separate report from the International Labour Organization (ILO), a United Nations agency. That's the equivalent of 255 million full-time jobs lost across the globe, or about four times greater than the impact from the Great Recession of 2009. The world's poorest could take a decade to regain their financial footing. Oxfam describes the pandemic's impact as "the greatest rise in inequality since records began." The International Labour Organization said the crisis has been the most severe on work since the Great Depression in the 1930s. "Its impact is far greater than that of the global financial crisis of 2009," said ILO Director-General Guy Ryder. America's richest people have seen their wealth soar during the pandemic by more than $1 trillion, thanks to a booming stock market and a K-shaped recovery that has benefited the rich, while poorer people have struggled with lost wages and jobs and future opportunities. It's a rich vs. poor phenomenon that is replicating across the globe.

Note: The media continue to blame the pandemic for these dire consequences when it is clearly not the virus, but the lockdown policies that are the main reason for this huge increase in poverty and income inequality. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

$13,000,000,000. If all those 000s are making your eyes go funny, I'll spell it out: thirteen billion. That's how much Jeff Bezos added to his net worth in one day last July after the pandemic caused Amazon's stock price to surge. Bezos's $13bn (Ł10bn) payday set a record for the largest single-day increase in individual wealth ever recorded; however, he was far from the only billionaire getting that corona cash. According to a report by Oxfam, the combined wealth of the world's 10 richest men has increased by $540bn since March 2020. How much money is half a trillion dollars? Enough to vaccinate everyone in the world and ensure no one is pushed into poverty by the pandemic, Oxfam's report, The Inequality Virus, claims. Oxfam releases a report on inequality, timed to coincide with the Davos summit, every year. If there is one upside to the pandemic, it's that some ideas formerly dismissed as "radical" are now anything but. The idea of wealth taxes (levies on assets rather than income) is ... gaining global momentum. The British government has been urged to levy a one-off wealth tax on the value of household assets above Ł1m. Wealth taxes are also being pushed by progressive politicians in Germany and the US. A system in which 10 men can see their collective wealth increase by half a trillion during a global crisis can't be fixed with a one-off wealth tax – we need greed taxes that prevent people amassing that much in the first place.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

The end of 2020 brought the sharpest rise in the U.S. poverty rate since the 1960s, according to a new study. Economists Bruce Meyer from the University of Chicago and James Sullivan of the University of Notre Dame found that the poverty rate increased by 2.4 percentage points during the latter half of 2020 as the U.S. continued to suffer the economic impacts of COVID-19. That percentage-point rise is nearly double the largest annual increase in poverty since the 1960s. This means an additional 8 million people nationwide are now considered poor. Moreover, the poverty rate for Black Americans is estimated to have jumped by 5.4 percentage points, or by 2.4 million individuals. The scholars' findings, released Monday, put the rate at 11.8% in December. While poverty is down from readings of more than 15% a decade earlier, the new estimates suggest that the annual Census Bureau tally due in September will be higher than the last official, pre-pandemic level of 10.5% in 2019. Black Americans were more than twice as likely to be poor than their white counterparts in December – an improvement from the summer months when they were nearly three times more apt to live in poverty – but an increase from before the pandemic, when the differential was under two. Despite improvements in the overall poverty rate since the middle of the 20th century, Black Americans had been about three times as likely to be poor as white Americans for most of the past 60 years.

Note: Meanwhile, as the Washington Post reported on Jan. 1, 2021, "billionaires as a class have added about $1 trillion to their total net worth since the pandemic began." The CDC also reports overdose deaths hit a record high last year. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

All around the world, the coronavirus and its restrictions are pushing already hungry communities over the edge, cutting off meager farms from markets and isolating villages from food and medical aid. Virus-linked hunger is leading to the deaths of 10,000 more children a month over the first year of the pandemic, according to an urgent call to action from the United Nations shared with The Associated Press ahead of its publication in the Lancet medical journal. Further, more than 550,000 additional children each month are being struck by what is called wasting, according to the U.N. – malnutrition that manifests in spindly limbs and distended bellies. Over a year, that's up 6.7 million from last year's total of 47 million. Wasting and stunting can permanently damage children physically and mentally, transforming individual tragedies into a generational catastrophe. From Latin America to South Asia to sub-Saharan Africa, more families than ever are staring down a future without enough food. The analysis published Monday found about 128,000 more young children will die over the first 12 months of the virus. In April, World Food Program head David Beasley warned that the coronavirus economy would cause global famines "of biblical proportions" this year.

Note: Meanwhile, as the Washington Post reported on Jan. 1, 2021, "billionaires as a class have added about $1 trillion to their total net worth since the pandemic began." For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

More Americans are going hungry now than at any point during the deadly coronavirus pandemic, according to a Post analysis of new federal data – a problem created by an economic downturn that has tightened its grip on millions of Americans and compounded by government relief programs that expired or will terminate at the end of the year. Experts say it is likely that there's more hunger in the United States today than at any point since 1998, when the Census Bureau began collecting comparable data about households' ability to get enough food. One in 8 Americans reported they sometimes or often didn't have enough food to eat in the past week, hitting nearly 26 million American adults, an increase several times greater than the most comparable pre-pandemic figure. That number climbed to more than 1 in 6 adults in households with children. Nowhere has there been a hunger surge worse than in Houston, with a metro-area population of 7 million people. More than 1 in 5 adults in Houston reported going hungry recently, including 3 in 10 adults in households with children. The growth in hunger rates has hit Hispanic and Black households harder than White ones, a devastating consequence of a weak economy that has left so many people trying to secure food even during dangerous conditions. Yet the hunger crisis seems to have escaped widespread notice in a nation where millions of households have weathered the pandemic relatively untouched.

Note: Meanwhile, as the Washington Post reported on Jan. 1, 2021, "billionaires as a class have added about $1 trillion to their total net worth since the pandemic began." For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

At the end of 2020, Chicago police reported more than 750 murders, a jump of more than 50% compared with 2019. By mid-December, Los Angeles saw a 30% increase over the previous year with 322 homicides. There were 437 homicides in New York City by Dec. 20, nearly 40% more than the previous year. New Orleans-based data consultant Jeff Asher studied crime rates in more than 50 cities and says the crime spikes aren't just happening in big cities. With the numbers of homicides spiking in many places, Asher expects the final statistics for 2020 to tell a startlingly grim story. "We're going to see, historically, the largest one-year rise in murder that we've ever seen," he says. Asher says it has been more than a half-century since the country saw a year-to-year murder rate that jumped nearly 13%. "We have good data that the rise in murder picked up in the early stages of the summer," Asher says, "and we also have good data that the rise of murder picked up again in September and October as some of the financial assistance started to wear off." Chicago minister the Rev. Marshall Hatch Sr. says the spike in violence is sadly not surprising. His church is located in a west side Chicago neighborhood hard hit by both poverty and the pandemic. "COVID has had a disproportionate impact and people are increasingly desperate," Hatch says. "And people, because of the concentration of poverty, tend to turn on each other."

Note: It is not the pandemic which is causing these homicides. It is the lockdown measures that are negatively impacting the emotional and spiritual lives of billions of people around the globe. The CDC also reports overdose deaths hit a record high last year. And poverty had the sharpest rise in 50 years. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

The pandemic has forced untold hardships onto many Americans, with tens of millions of families now reporting that they don't have enough to eat and millions more out of work on account of layoffs and lockdowns. America's wealthiest, on the other hand, had a very different kind of year: Billionaires as a class have added about $1 trillion to their total net worth since the pandemic began. And roughly one-fifth of that haul flowed into the pockets of just two men: Jeff Bezos, chief executive of Amazon (and owner of The Washington Post), and Elon Musk of Tesla and SpaceX fame. Musk has quintupled his net worth since January, according to estimates put together by Bloomberg, adding $132 billion to his wealth and vaulting him to the No. 2 spot among the world's richest with a fortune of about $159 billion. Bezos's wealth has grown by roughly $70 billion over the same period, putting his net worth estimate at roughly $186 billion as the year came to an end. Such a rapid accumulation of individual wealth hasn't happened in the United States since the time of the Rockefellers and Carnegies a century ago, and we as a society are only just beginning to grapple with the ethical implications. What does it mean, for instance, that two men amassed enough wealth this year to end all hunger in America (with a price tag of $25 billion) eight times over? Or that the $200 billion accumulated by Bezos and Musk is greater than the amount of coronavirus relief allocated to state and local governments in the Cares Act?

Note: The new richest man in Asia reached his position partially through making vaccines for the coronavirus. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.

When I called up Chuck Collins on Tuesday afternoon, I found him glued to one of the grimmest new metrics documenting America's economic and social unraveling. Collins is a scholar of inequality at the Institute for Policy Studies, a progressive think tank, and since March he has been tracking how the collective wealth of American billionaires has been affected by the coronavirus pandemic. In previous recessions, Collins said, billionaires were hit along with the rest of us; it took almost three years for Forbes's 400 richest people to recover losses incurred in 2008's Great Recession. But in the coronavirus recession of 2020, most billionaires have not lost their shirts. Instead, they've put on bejeweled overcoats and gloves made of spun gold – that is, they've gotten richer than ever before. On Tuesday, as the stock market soared to a record, Collins was watching the billionaires cross a depressing threshold: $1 trillion. That is the amount of new wealth American billionaires have amassed since March, at the start of the devastating lockdowns that state and local governments imposed to curb the pandemic. On March 18, according to a report Collins and his colleagues published last week, America's 614 billionaires were worth a combined $2.95 trillion. When the markets closed on Tuesday, there were 650 billionaires and their combined wealth was now close to $4 trillion. In the worst economic crisis since the 1930s, American billionaires' wealth grew by a third.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality and the coronavirus from reliable major media sources.

The coronavirus pandemic and corresponding lockdown made way for "one of the greatest wealth transfers in history," CNBC's Jim Cramer said. The stock market is rising as big business rebounds from state-ordered stoppage of nonessential activity, while small businesses drop like flies. Despite the ongoing economic woes, the S&P index of 500 large-cap companies, which is considered a benchmark for the stock market, is within striking distance of its levels from the start of the trading year. Since bottoming near 2,191 in March, the index is up about 42%. The tech-heavy Nasdaq 100 has recovered all of its losses from the coronavirus meltdown and set a new high. Many investors are betting on a V-shaped economic recovery, Cramer said. "I think we're looking at a V-shaped recovery in the stock market, and that has almost nothing to do with a V-shaped recovery in the economy," he said. Chapter 11 bankruptcies in May ballooned by 48% compared to a year ago. "That's that pesky real world asserting itself, but the only big bankruptcy we've seen in the stock market is Hertz," Cramer said. Cramer said it still only scratches the surface of what impact the halt in global economic activity will have on the country.

Note: This report is from June 2020, early in the pandemic. How many more bankruptcies occurred after that? This astoundingly blunt 10-minute interview from 2006 by the Street's James Altucher of CNBC's Jim Cramer telling his secrets is amazingly revealing. A Harvard-educated former hedge fund manager, Cramer shows just how depraved and heartless some stock market trading is and how corrupt hedge funds traders are in particular. For more, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.

David Beasley, the executive director of the World Food Programme, knows the existence of his organization is both a blessing and a curse: it helps so many, but that means many are suffering. On Friday, that World Food Programme's fight against hunger ... was honored with the Nobel Peace Prize. "[COVID-19] comes on top of what you already thought was a worst-case scenario. It is literally horrific," Beasley told ABC News. At the beginning of this year, 135 million people already faced starvation from manmade conflict and climate extremes, Beasley said. Now, 270 million people are on the brink of starvation. "We've got a vaccine against starvation. It's called food," said Beasley. The award comes with the equivalent of a $1.1 million U.S. cash prize and a gold medal to be handed out at a ceremony in Oslo, Norway, on Dec. 10. "The economies of the world's strongest nations on Earth are struggling. We are not going to have the money we need next year. And not only are the resources going to go down, but the needs are going to be going up," said Beasley. Established in 1962, the United Nations World Food Programme is the world's largest humanitarian organization that delivers food assistance in emergencies and works with communities to improve nutrition and resilience, according to the website. The World Food Programme assisted 97 million people in 88 counties in 2019 alone.

Note: As of early October 2020, 1.5 million people had reportedly died from the virus, yet 135 million had been pushed to "the brink of starvation" not by the virus, but by the lockdown measures. Are the consequences of the lockdown policies worse than the consequences of the virus itself? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.

Current COVID-19 lockdowns protect low-risk college students and young professional bankers, attorneys, journalists, scientists and others who can work from home, while older high-risk working-class people are risking their lives building the population immunity that will eventually protect us all. While mortality is inevitable during a pandemic, the COVID-19 lockdown strategy has led to more than 220,000 deaths, with the urban working class carrying the heaviest burden. Many older workers have been forced to accept high mortality risk or increased poverty, or both. While the current lockdowns are less strict than in March, the lockdown and contact tracing strategy is the worst assault on the working class since segregation and the Vietnam War. Lockdown policies have closed schools, businesses and churches, while not enforcing strict protocols to protect high-risk nursing home residents. Denying in-person teaching to students is harmful to their education and physical and mental health, with working-class children hardest hit. Online schooling puts a disproportional burden on our children, despite their own minimal risk. For ages 1 to 15, Sweden kept day care and schools open throughout the height of the pandemic, and among the 1.8 million children of that age, there were zero COVID-19 deaths without masks used or physical distancing. Neither was there any excess risk for in-person teachers compared with the average of other professions.

Note: The above article was written by three doctors, one from Stanford, one from Harvard, and one from the UK's Oxford. Explore an abundance of good information questioning the official story of COVID. Explore a summary of alternative views on the coronavirus. Explore a revealing article questioning the origin and causes of the coronavirus. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.

"Capital in the 21^st Century" is based on the bestselling 2013 book by Thomas Piketty, a French economist. The film, directed by Justin Pemberton, undermines that core power of the world's elites – shaping how we think – in a particularly wise, sneaky way. The movie starts by going back to the ... Industrial Revolution. Both the American and French revolutions were in part fights between old feudal elites and a new business elite struggling to be born. And while the old and new elites disagreed on who should be in charge, they both agreed that regular people shouldn't be. By 1914 in Paris, the top 1 percent owned 70 percent of all wealth, and two-thirds of the population died with nothing. In the face of this raw brutality, all kinds of alternatives, from communism to socialism to Georgism, gained adherents across Europe. Capitalists were petrified. What could they do that wouldn't require them to share any wealth or power? "You have this rise in nationalism and competition between European countries," Piketty says. "Nationalism is often used by elites to make people forget class conflict and instead focus on national identity." It was only with the worldwide slaughter of the Second World War that capitalism was willing to make some changes. But as World War II receded into the distance, capitalism mounted a counterattack with the elections of Ronald Reagan in the U.S. and Margaret Thatcher in the U.K.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.

A COVID-19 envoy appointed by Director-General of the World Health Organisation (WHO) Dr Tedros Adhanom Ghebreyesus has appealed to world leaders to stop resorting to lockdown to control the pandemic. Dr David Nabarro, who has spent his career working for the WHO and the United Nations (UN), seems to have marked a departure from the global health body's early stance on the COVID-19 pandemic, warning about the economic and social consequences of lockdown as a means of controlling the spread of the disease. On Sunday, Dr Nabarro appealed to world leaders to stop "using lockdowns as your primary control method", insisting that such drastic measures can have a dire impact on global poverty rates. The British doctor stated: "We in the World Health Organisation do not advocate lockdowns as the primary means of control of this virus. The only time we believe a lockdown is justified is to buy you time to reorganise, regroup, rebalance your resources, protect your health workers who are exhausted, but by and large, we'd rather not do it." Dr Nabarro went on to say that developing economies had been indirectly affected by lockdown measures, adding: "Look what's happened to smallholder farmers all over the world -- look what's happening to poverty levels. "It seems that we may well have a doubling of world poverty by next year. We may well have at least a doubling of child malnutrition. Lockdowns just have one consequence that you must never ever belittle, and that is making poor people an awful lot poorer."

Note: Strangely, this article has been removed from the MSN website. Even the copy at archive.org shows for a minute and then disappears. The full, revealing article can still be found on this webpage. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

Disruption to food production and supplies due to COVID-19 could cause more deaths from starvation than the disease itself, according to an Oxfam report. The report found that 121 million more people could be “pushed to the brink of starvation this year” as a result of disruption to food production and supplies, diminishing aid as well as mass unemployment. The report estimates that COVID-19 related hunger could cause 12,000 deaths per day: the peak global mortality rate for COVID-19 in April was 10,000 deaths per day. “COVID-19 is the last straw for millions of people already struggling with the impacts of conflict, climate change, inequality and a broken food system that has impoverished millions of food producers and workers,” said Oxfam’s Interim Executive Director Chema Vera. Oxfam says Yemen, Democratic Republic of Congo (DRC), Afghanistan, Venezuela, the West African Sahel, Ethiopia, Sudan, South Sudan, Syria, and Haiti are “extreme hunger hotspots” that are likely to be severely affected by the pandemic. Women, who also make up a significant portion of informal workers, are more likely to have been severely affected by lockdown measures. The report notes that there are enough funds globally to address starvation. Eight out of ten of the biggest food and drink companies paid more than $18 billion to shareholders since the beginning of this year, an amount that is “ten times more than the UN says is needed to stop people going hungry,” according to the report.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

Billionaires have seen their fortunes hit record highs during the pandemic, with top executives from technology and industry earning the most. The world's richest saw their wealth climb 27.5% to $10.2trn (Ł7.9trn) from April to July this year, according to a report from Swiss bank UBS. That was up from the previous peak of $8.9trn at the end of 2017 and largely due to rising global share prices. UBS said billionaires had done "extremely well" in the Covid crisis. It also said the number of billionaires had hit a new high of 2,189, up from 2,158 in 2017. It comes as a World Bank report on Wednesday showed extreme poverty is set to rise this year for the first time in more than two decades due to the pandemic. Among the billionaires, the biggest winners this year have been industrialists, whose wealth rose a staggering 44% in the three months to July. "Industrials benefited disproportionately as markets priced in a significant economic recovery [after lockdowns around the world]," UBS said. Tech billionaires have also had a good pandemic, seeing their wealth soar 41%. UBS said this was "due to the corona-induced demand for their goods and services" and social distancing accelerating "digital businesses [and] compressing several years' evolution into a few months". Healthcare billionaires also benefited as the crisis put drug makers and medical device companies in the spotlight.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

The world’s wealthiest individuals have become even richer during the coronavirus pandemic as the prices of financial assets have been supported by widespread policy intervention while employment and wages, well, not so much. The Institute for Policy Studies, a liberal think tank in Washington, chronicles just how bifurcated the road the recovery from an economy slump is likely to be. At the upper end of the spectrum, the combined wealth of all U.S. billionaires increased by $821 billion or 28% between March 18, 2020 and September 10, 2020, from approximately $2.947 trillion to $3.768 trillion. That means they own the equivalent of nearly 20% of U.S. gross domestic product. The richest five billionaires, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and Elon Musk, saw a 59% increase in their total wealth, from $358 billion to $569 billion. One University of Chicago study found that, between the start of February and the end of June, the lowest-income group had the highest job loss rate while the highest-income workers had the [lowest] rate of lob losses. Black and Hispanic workers were also much more likely to become unemployed during the pandemic than Whites despite their predominant role in work deemed ... essential. As the pandemic forced many industries into remote work, millions of Black and Hispanic workers have been left out. “Only 19.7% of Black and 16.2% of Latinx people work in jobs where they are able to telework, compared to 29.9% of White and 37.0% of Asian workers,” the report said.

Note: For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

Millions of Americans have lost jobs during a pandemic that kept restaurants, shops and public institutions closed for months and hit the travel industry hard. While lower-wage workers have borne much of the brunt, the crisis is wreaking a particular kind of havoc on the debt-laden middle class. Before the pandemic, Americans had amassed $4.2 trillion in consumer debt, excluding mortgages, according to the Federal Reserve Bank of New York, a record even when adjusting for inflation. Housing debt added an additional $10 trillion to the tally. The coronavirus has spared few industries and expanded unemployment benefits designed to replace the average American income didn’t cover all the lost pay of higher-earning workers, especially in or near expensive cities. The extra $600 weekly payments expired in July, putting them even further behind. Unemployment has fallen from its pandemic peak of near 15%, but the rate stood at 8.4% in August, up from 3.5% in February, according to the Bureau of Labor Statistics. Unemployment for the arts, design, media, sports and entertainment was 12.7% in August, more than triple its year-earlier level. In education, it more than doubled to 10.2%. Sales and office unemployment was 7.8% in August, up from 3.8% in August 2019. It could get worse. Many people who have jobs are struggling with pay cuts. As of August, 17 million workers were getting paid less due to the pandemic. Some 9.5 million took pay cuts; the remaining 7.5 million are working fewer hours.

Note: You can find the full article available for free viewing on this webpage. For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus and income inequality from reliable major media sources.

Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.