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Billionaires Rake in the Big Bucks While Regular Americans Suffer from an Economic Downturn

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According to Bloomberg Quint, billionaires such as Jeff Bezos, Elon Musk, Mark Zuckerberg, and Bill Gates are striking it rich during the current Wuhan virus pandemic.

In the case of the Amazon founder, Jeff Bezos witnessed his net worth skyrocket by $63.6 billion in 2020. His net worth grew by a mind-blowing $13 billion in just one day in July. According to the Bloomberg Billionaires Index, Bezos is on the verge of reaching a $200 billion net worth.

Similarly, Zuckerberg has grown $9.1 billion richer in 2020. Ben Steverman and Sophie Alexander noted that Zuckerberg’s fortune is “within reach of the centibillionaire status already held by Bezos and Bill Gates.”

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“We moved the brick-and-mortar economy to an online economy dramatically,” said Luigi Zingales, a professor of finance at the University of Chicago Booth School of Business. “Probably the same thing would have happened in a longer period of time. Now it’s happening in weeks instead of years.”

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The total wealth of tech billionaires in Bloomberg’s index, which ranks the world’s 500 richest people, has almost doubled since 2016, from $751 billion to $1.4 trillion in 2020. This represents a faster growth rate than every other sector.

The majority of the seven of the world’s 10 wealthiest individuals’ fortune comes from technology holdings. These individuals have a combined net worth of $666 billion, which represents a $147 billion increase in 2020.

Elon Musk also had a big 2020, with his net worth more than doubling to $69.7 billion after Tesla Inc shares recently soared.

Big Tech companies exercise tremendous economic power and have drawn comparisons to the trusts of the Gilded Age which also gobbled up a large portion of market share.

As of 2020, five of America’s most prominent tech companies — Apple, Amazon, Alphabet, Facebook, and Microsoft — have market valuations that make up 30 percent of U.S. gross domestic product. This figure is nearly double what it was at the end of 2018.

Such concentrations of wealth have spurred criticism from politicians like Alexandria Ocasio-Cortez and Bernie Sanders who are now pushing for radical wealth taxes to address perceived inequalities. If passed, this measure would build off the current income tax regime and create another layer of taxation.

Policymakers can address this issue by investigating the ways these companies potentially game government privileges to secure their place in the markets and also consider policies that actually deregulate the economy and make it easier for smaller players to enter the market.

 

Immigration

Flashback: Ann Coulter Warns Steve Bannon about Donald Trump’s Hires During 2016

Coulter tells it like it is.

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Earlier this week, former White House adviser Steve Bannon reached out to President Donald Trump, in an apparent move to reconcile with the president. Bannon was one of the more renowned advisors in the Trump administration who received a lot of attention for his unconventional views. The former White House adviser is likely looking for Trump to pardon him for several federal criminal charges that he is currently facing.

Bannon was one of the strongest contrarian voices on the right who questioned traditional conservative dogma on free trade and immigration. His rise to prominence represented a raw, populist anger that was building within the Republican Party base. Bannon ended up leaving the Trump administration after the infamous Charlottesville rally. This left a massive void for populist voices within the Trump brain trust, which was never adequately filled with populist figures.

Most of the strong populist voices during the Trump era came from the outside. Conservative commentator Ann Coulter has been one of the leading figures trying to steer populist discourse in America.Although a harsh critic, Coulter did her best to hold President Trump accountable and watch his every move, especially personnel decisions that did not align with his America first vision. To the average pro-Trump individual, Coulter’s criticism may come off as abrasive, but it was and still is  necessary to have a viable nationalist movement.

As a reminder to her followers about how she knew that there were subversive elements in the Trump administration who wanted to gut the president’s America First agenda and pursue more traditional Republican policies, she tweeted about email correspondence she had with Bannon dating back to December 2, 2016. In light of the rapprochement between Bannon and Trump, Coulter called attention to how she warned the former White House adviser about some of the latter’s questionable staffing decisions during the early stages of his presidency.

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Coulter tweeted, “No, actually, I knew Trump was betraying us pretty early on – and that it would cost him re-election. My December 2, 2016 email to Steve Bannon:”

In an email sent on December 2, 2016 with a subject line titled “ghost of christmas future”, Coulter warned then-White House adviser Bannon about some of Trump’s hiring decisions.

She first noted that “the fact that Trump is even CONSIDERING rep. Mccaul (rubio in the house) for homeland — and is NOT considering kobach— tells me we’re not getting any major deportations, no removal of refugees, no e-verify, no end to end anchor babies… and trump will be dead.

also, “mad dog” isn’t going to build a wall.”

She was referring to Texas Congressman Michael McCaul, a known mass migration booster and a potential nominee for the head of the Department of Homeland Security. United States Marine Corps General James Matthis would be Trump’s first Secretary of Defense, who ended up turning out to be a Deep State hack. On the other hand, Kris Kobach is a nationally recognized immigration hawk, who gained fame for implementing some of the stiffest voter ID standards in the nation during his time as Secretary of State.

The Trump administration was successful in implementing several administrative changes that limited immigration and also did not get involved in any nation-building engagements like previous administrations.

Nevertheless, Coulter’s incisive suggestions still have use for future Republican administrations. The new GOP should follow Coulter’s pro-migration restriction suggestions if it wants to not only remain politically relevant, but also protect the integrity of America’s political system.

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