Wealthiest Americans Get $195 Billion Richer in Biden’s First 100 Days

Simon Hunt and Ben Steverman
Bloomberg
April 30, 2021

“We are the obscenely rich elite!—
and we’re getting richer while the poor starve!”

THE  GUILLOTINE

“LET  THE  POOR  EAT  CAKE!” 

— Marie Antoinette, Queen of France,
before her head was chopped  off, 16 October 1793
  

Joe Biden’s election has done little to slow the inexorable surge of wealth among U.S. billionaires. In the president’s first 100 days in office, against a drumbeat of calls for the rich to pay more in taxes, the 100 wealthiest Americans added a combined $195 billion to their fortunes, according to a Bloomberg analysis.

The most recent gains have been fueled by the continued rise of the stock market since Biden was sworn in Jan. 20, along with the vaccination program’s fast rollout and a $1.9 trillion government stimulus package. The S&P 500 and Dow Jones indexes have both climbed more than 10% during that time.

Attempts such as Biden’s to refloat the economy can boost incomes and wealth at the very top, said Mike Savage, a sociology professor at the London School of Economics.

“We’ve seen that paradox since the 2008 financial crash with quantitative easing, which has mostly benefited people with assets, inflating their value significantly,’’ Savage said.

The richest 100 made a further $267 billion between the 2020 election and Biden’s inauguration, amounting to a total gain of $461 billion since Nov. 4. From Donald Trump’s 2017 inauguration to last fall’s election, those billionaires got about $860 billion richer.

The combined fortunes of the richest 100 Americans have reached $2.9 trillion, greater than the combined $2.5 trillion wealth of the bottom 50% of the U.S. population, according to data from the Federal Reserve.

The rise has been driven by an explosion of wealth among a handful of ultra-billionaires. The 10 wealthiest Americans have added $255 billion since election day, bringing their combined net worth to $1.2 trillion.

The biggest driver of this wealth surge has been tech companies like Amazon.com Inc., Facebook Inc. and Alphabet Inc.’s Google, bolstered by increased online and stay-at-home activity during the coronavirus pandemic. The FANG stocks index has climbed 94% in the past 12 months compared with the 45% advance of the S&P 500.

Amazon founder Jeff Bezos, the world’s richest man, has gotten $11.7 billion richer this year, according to the Bloomberg Billionaires Index, adding to about $120 billion of wealth gains during the Trump presidency. Mark Zuckerberg’s net worth rose $8.1 billion yesterday alone on the strength of Facebook’s first-quarter results.

Google’s Larry Page has added $26.6 billion this year after the California-based company posted record profit last year, while the wealth of Tesla Inc.’s Elon Musk has grown $5.1 billion since January.

Finance billionaires such as Warren Buffett and Blackstone Group Inc.’s Stephen Schwarzman have also been major beneficiaries of stock market rises.

Good Fortune

The wealthiest 10 Americans have added almost $150 billion to their fortunes since the start of 2021

In his first 100 days, Biden has moved quickly to propose sharp tax hikes for the rich and programs to funnel trillions of dollars to middle- and lower-class Americans in the form of new infrastructure, social spending and stimulus checks. He laid out those policies in his first address to Congress on Wednesday.

“Sometimes I have arguments with my friends in the Democratic Party,” Biden said. “I think you should be able to become a billionaire or a millionaire. But pay your fair share.”

Under his “American Families Plan” announced Wednesday, the top rate of personal income tax would increase to 39.6% for the highest 1% of earners from the current 37%, while the capital gains rate would be raised to the same level for those earning above $1 million, wiping out the discrepancy between income and capital gains tax rates that has benefitted many of the ultra-rich.

The wealthiest 1% currently pay 40% of all federal income taxes, according to Internal Revenue Service data, an amount that doesn’t include payroll taxes.

“When you ask the American people what they want, they want corporations and millionaires and billionaires to pay higher taxes,” said Erica Payne, founder of the Patriotic Millionaires, a group of progressive high-net-worth individuals. “It is politically a winner, it is economically the right thing to do and it is morally a no-brainer.”

Corporate Tax Hike

The White House has also proposed a plan to hike corporate taxes to fund infrastructure spending. In a surprise this month, Bezos issued a statement saying he supports the general idea. “We look forward to Congress and the administration coming together to find the right, balanced solution that maintains or enhances U.S. competitiveness,” he said.

Conservatives say boosting spending by adding a greater burden on the wealthy can backfire.

“Government investments are often sold to the public with the promise that they will improve lives and improve the economy,” Scott Hodge, president of the Tax Foundation, argued in testimony before Congress this week. “In every case, the economic harm caused by the taxes would swamp any of the benefits from the new spending, leaving taxpayers and the economy worse off.”

Despite the pandemic, Fed data show all groups gained wealth last year. The top 1% did best, however, adding $4 trillion in 2020 and bringing their total net worth to almost $39 billion, more than the bottom 90% of Americans combined.

Source

CHILD  POVERTY  IN  AMERICA

Thousands  go to bed hungry every night in America,
while the obscenely rich elite  get richer and richer.
Meanwhile millions of young women are forced to offer sex
to their rich predatory landlords in lieu of rent.

29 thoughts to “Wealthiest Americans Get $195 Billion Richer in Biden’s First 100 Days”

  1. “In his first 100 days, Biden has moved quickly to propose sharp tax hikes for the rich and programs to funnel trillions of dollars to middle- and lower-class Americans…….Blah…..Blah……blah.

    One would have thought Old guy Biddie is still in “Elections” mode. Or is he? I hear he sometimes forgets that he is the president. Sometimes he calls his side kick Kamara, “president” Kind of, the guy would want to pinch himself, just in case it’s a all dream. After all the election was not exactly your kind of “Clean” And between you and me, Biddie guy was not exactly serious. Must have been a shock to him, when he was told; Biddie Guy, You are it! Yeah, “The President!” . No wonder Trump guy is still hollering “Elections Was A Big Lie!”

    So here Biddie goes on, dreaming, that he can make the 1% part with some freebies for the useless eaters. Yeah. That, is what the Masses are to them. Tough Luck Biddie Guy.

    What Old guy Biddie does not understand, is that the 1% intends to come for even the little still being held by the 99%

    As hunger burns on the little ones, and one by one, the Americans are kicked out of their homes, as Covid Lockdown bites on the economy, this is what one can say to the 1%. “Stupid, is as Stupid does” And “whom the gods wish to destroy, they first make mad.” These guys are mad. And the madness of the 1% is incurable, until “The Wheel of Justice” crashes on their “Wheel of Injustices” and wipes out that smirk on their faces.

    As for Old Man Bidie, if he insists on irritating the Sharks, he will be fortunate if he meets the same fate as “The Old Man And The Sea” The Sharks will start circling him, and they do not want to part with anything.

    1. “Money is like sh*t. When dispersed evenly it’s a great fertilizer helping the crops grow. But when piled in one big heap, it just stinks.”

      Quote by David Carridine. American actor of KUNG FU series.

  2. We’re gonna need six wooden stakes and a large bag of salt.
    On second thought, better make it two bags..

  3. If you want a deep insight into the current tragedy, then listen to Jeff Booth tell it as it is:

    The Fed’s Losing Battle with Deflation (w/ Jeff Booth)
    254,179 views •Mar 24, 2020

    https://www.youtube.com/watch?v=F8lfLqnhuGs

    SUMMARY of Jeff Booth’s thesis:

    1. Technology drives DEFLATION

    2. We should be seeing prices falling but because of central banks, we have inflation, central bankers have inflated 185 trillion with barely any inflation as a result

    3. technology is growing exponentially and will eventually overwhelm the central bankers because General Artificial Intelligence will replace human jobs, automation and Ai will drive job loss and no one can stop this trend, thus unemployment is permament

    4. QE is driving financial inequality, the rich own stocks and real estate which is “hyperinflating” while the poor are unable to pay rent or are in forebearance.

    5. This wealth disparity will drive the civil war / revolution – Fed policies are causing disparity and forcing a armed conflict between the poor and rich

    6. the Fed will not stop it’s current policies, and the Fed does not understand the crisis

  4. I know where this is going -or- will go….
    How many of those billionaires-not only those in the pic above-but over all, are Jews?
    And most importantly, how did this extremely small -tiny- minority have such an unbelievable success..
    It’s just amazing!

    1. The jews have a lot of success because the stupid f*cktard white kwans prefer jews over White Race Nationalist Socialists like the Nationalist Socialism of Hitler’s NAZI Germany. white kwans don’t like Nationalist Socialists/ “Nazis” and LOVE jews.

      We get what we deserve, like it says in Lasha’s poem “As A Man Soweth”.

  5. Trump is starting a social media network, called “One Way”. Gee, I can’t wait ’till he’s president again, so he can pardon lots more jew and black mobsters and throw his White American supporters under the bus again so the COMMUNISTS can label White Americans “terrorists” and treat them the way one treats terrorists and he can build 3-4 miles of a wall the illegals can climb over with no problem whatsoever. How exciting, Trump is back in action. [ It’s all so tiresome and wearisome ]

  6. Themuz Haz Gitts…
    Raising corporate tax rates doesn’t do a GD THING for the public…
    Raise the rates on the money the corporate owners pull out of the corporations… now you’re getting somewhere…
    If they did that, they could drop 😤 all income tax on wages…
    Or just stop all the deductions and let everybody pay 1% on everything they earn…
    But by all means put a total stop to offshoring money to security jurisdictions (trillions), and then repatriating it back into the USA through cahoots states like jobama obiden’s Delaware….

  7. In a world of fiat currency, someone’s good fortune is not, necessarily, someone else’s demise. Remember, the $$ fluctuates daily – and drastically. These “rich” men are steadily becoming targets in a society of envy. (There is such a thing as “too much”.)

  8. Same oh-Same oh: Again; it is not the damn ‘rich’ that are the problem-it is usury and the damn banking system (Money out of thin air!!), that is the problem-wake up!

  9. Rāksasas ‘R’ Us

    “They are called raksasas. No shame. “My sense gratification should be satisfied. Never mind. You go to hell.” So this is the age. So we, we create a machine that everyone comes and becomes smashed in that machine, and my sense satisfaction is there. Although I’ll never be happy by that sense satisfaction. This is going on.”

  10. Bloomberg School of Medicine at Johns Hopkins and not listed? Did he not give them over $1Billion and is he not a Genesis Israeli award winner? Claus Schwab mom is Jewish making him Jewish and is the author of the book, “Superclass”. Idiots that are part of the group that believes that the Kabbalah is the path to illumination and the US is entirely Freemasonic. Christianity is just as ugly with being written the opposite of what a Nazarene, an Essene would live as that does not eat meat of any form, i.e. Vegan. KJV – Rosicrucianism Sir Francis Bacon was a creator of the foundation of Freemasonry, formerly known as the merger of the NT which is all Freemasonry, OT update in Greek of the Septuagint, Talmud and Kabbalah.

    It’s over. All leaders of institutions are run by these people in thousands of entities that all ties into one unit run out of Israel. One should know that the writers of the Talmud and Kabbalah know that the Torah is a group of stories that did not happen as stated but are to teach the followers to wipe out the Chaos, which is pure evil and the ONLY group that have the spark of the one of many (Many are to be the One, the point that is pure and the center of which their god resides). So who are they? Eretz with a zeta means ALL LAND, not Erets which is what is assumed.

    Science is now an idiotic realm of stupidity as virus is nothing more than a protein chain, no DNA, no attributes of any cellular structure and as enzymes, are part of the immune system to help in the elimination of dead and dying cells as the Virome exists by the creation within the human body and is part of the human gnome. https://www.cshl.edu/the-non-human-living-inside-of-you/ . The nudge of science to the absurd is obvious when I learned the makeup of virus back in physiology and zoology as they are not alive and not dead but just proteins, you know, those enzymes that clean clothes. Electron microscopy has shown in the past, the human cell generating virus with no entity previously within the cell structure.

    Books such as Vaccine: proved useless and dangerous from 45 years of registered statistics by Alfred Wallace back in 1889 is just one of several that have shown that vaccines, in later books, show a nearly 1.0 relationship between vaccines and autoimmune diseases of which is over 100 and autistic disorders are a fraction with now every child getting a hepatitus B shot automatically creating the child to have brain pressure to encephalitis as the child cries while the doctor says “the child will get over it”. Of course the doctors get kickbacks, follow the CDC COVID-19 instructions given to each making over 90% of the doctors and medical academia a group of diseased psychopaths as well as the entire industry.

    It’s over. The books have been re-written and the doctrine of those such as Pfizer, Lilly, Pasture, Johnson and Johnson … were liars from the start, with the evil Jonas Salk and his gift of SV-40 and widespread cancer which is an ingredient as well as mercury and nano aluminum which pass into the brain for the REST OF YOUR LIFE as research showed in the EU but the US has not tested it as this question was brought up by a member of the court of like minded liars, the same reason why peer review is nothing more than lies by liars that do not accept the fact that the DO, Beauchamp group was correct and the book of 1889, written and read by Parliament shows the fact that the US and UK were the first and most powerful group for keeping the best and ridding the world of the rest.

    For those that have the desire how for up this goes, read http://eugenics.us/letter-by-theodore-roosevelt-to-charles-davenport-society-should-not-permit-degenerates-to-reproduce-their-kind/176.htm the Eugenics letter from Teddy Roosevelt (Van Rosenvelt) to C. Davenport and the list of luminaries is long and very wealthy.

    1. JR –

      This is one of the best comments I have ever read on this site. Dots well connected….. BRAVO!!

      This point is very well taken:
      “It’s over. All leaders of institutions are run by these people in thousands of entities that all ties into one unit run out of Israel.”

      And…. that includes global pass-through invoicing in Israel, through the Free-Trade Zones, which is unseen generally. Materials to not have to be exchanged, just invoices, on which Israel garners huge commissions. That is untold $$$BILLIONS yearly!!

      1. Very true. Take a look at the website of the International Chamber of Commerce. There are subsections of every aspect of what is now being pushed for a global trade system and the pieces are all in place. https://iccwbo.org and https://iccwbo.org/more-icc-websites/ . I think you would enjoy browsing around from the trade agreements, intellectual property, internet which lies in their control now, beyond the Uniform Commercial Code and the connections (connect the dots) to a significant number of alliances which interestingly, those who are part of the programs are all called “Stakeholders”.

        I’m glad you do know what is going on as you must be well read, and hope that, with your help, perhaps change may occur.

        1. Thanks, JR! The ruses are massive.

          Israel and other countries, even their phony enemies, all use the same warehouses also!

          Here is an example of Israel’s Free Trade Zone tricks set up to ‘colonize thru trade’ under international authority:
          MSC MEDITERRANEAN SHIPPING COMPANY S.A., GENEVA
          https://www.msc.com/global-document-library/msc-israel/pdf/israel-terms-conditions

          5. EXPORT- AND CROSS-TRADE BOOKINGS
          5.1 MSC (Israel)Ltd Booking Confirmation formalizes the transport contract concluded between the Merchant and MSC, as a consequence of which both Booking Party and Shipper become jointly and severally contractual partners of MSC MEDITERRANEAN SHIPPING COMPANY S.A.
          5.2 The Booking Party and Shipper are responsible for and have to recheck all information provided concerning description of goods, hazardous cargoes, reefer and out of gauge details as well as for the correctness of weights indicated. They must inform MSC or MSC (Israel)Ltd immediately in writing in case of any discrepancies or missing details. Any discrepancies or wrong information at the time of receipt of the goods, especially in respect of the cargo’s weight and dimensions, may lead to substantial risk and costs for account of the Merchant and might result in short-shipments. In particular, discrepancies may lead to Status Change costs as per quay / terminal tariff.
          AND>>>>>>

          Since the Reagan Administration, Israeli goods enter the commerce of the United States duty free.
          Israel Free Trade Agreement (ILFTA):
          [-U.S. Customs and Border Protection-]
          https://www.cbp.gov/trade/free-trade-agreements/Israel
          The Israel Free Trade Area Agreement (ILFTA) went into effect on September 1, 1985 and has included Qualified Industrial Zones (QIZs) since 1996. The QIZs, although originally limited to the West Bank and Gaza Strip, were subsequently expanded to include parts of Egypt and Jordan.(that we know of)
          http://www.cbp.gov/sites/default/files/documents/ILFTA%20Sum%20Page_0.pdf

          1. I should have included this…. under “Tariffs” from:
            https://www.msc.com/global-document-library/msc-israel/pdf/israel-terms-conditions

            Then items can be sold to Russia or Iran… etc., without anyone being the wiser. That is the case with Egypt and Turkey.

            In addition to its general agreement on tariffs and trade (GATT) multilateral trade commitments, Israel has free trade agreements with many countries and trade blocks including:
            • European Union
            • European Free Trade Association (EFTA) countries
            • United States
            • Canada
            • Mexico
            • MERCOSUR block
            • Colombia
            • Turkey
            • Panama (under negotiations).
            There are also special economic zone agreements with Jordan and Egypt.
            Import tariff information is available online at Israeli Department of Customs and VAT.

            1. Great specific information. I’m going to copy and see far the rat hole it goes too. It’s appears that the world is one organized criminal class of organizations that have connections in all institutions.

    2. I have finished reading the letter by Roosevelt and agree. Degenerates should not be allowed to breed.

  11. By the way, the French Revolution is a Jacobin Revolution, just as the US was funded by the Jewish Bankers and Financiers as the US came under control of private bank investors who bought script in every bank the US ever had, with the US going bankrupt in 1871 and into receivership in 1933 – read James Traficant and the detailed information on the ordeal. The US is DEAD. It was DOA from the beginning. The lie of Marie Antoinette still is prepetuated by fools that regurgitate, just as that of the founders of the Bolshevik revolution based and executed out of the United States and planned in NYC. China, the same but the OSS in China before WWII was over and the fact that Germany operated without a central bank, had no interest or increase in prices, had the greatest economic system in the world, created Israel through the Ha’avara agreement with the swastika (which is sacred to Jews as well as those around the world as the earliest symbol of God, the North Star and the Big Dipper moving around it in the four seasons. WWI was made by the Jews and listen to Benjamin Freedman at the Willard hotel in 1961 as he was one of the planners and look at what they did to the people of Germany of which drunken, Jewish stogie fool Churchill mentioned immediately after WWI that there would have to be another if they ever moved beyond the impoverishment of what hell they lived in, when millions of Deutchmarks were need for bread and prostitution and perversion were necessary for a making a living. Wheel barrows were need to truck the money of the poor while looted by Jewish financial interests, then again starting in 1933 with H. G. Wells “The Shape of Things to Come” congratulates the Wilson administration genius for the separation of Germany to provoke another war.

    Napoleon, a freemason (hidden hand can be found from very early on also through Marx, Bronstein (Trotsky), US and foreign presidents…, found out after being funded by Rothschild to fight to return Jews back to the “holy” land that he was used, France put in massive debt, and gave the Bank of England to Rothschild. In the end, Napoleon state “History is a set of lies that people have agreed upon,”

  12. I’ll tell you how this people got so much money, Adam Sandler got mad and walked out of IHOP because ….

    The milk shakes were not included in the all you can eat deal …!!
    Seriously ..
    🤣

  13. Life is a dream for the wise, a game for the fool, a comedy for the rich, a tragedy for the poor.After the game is over,the King and the Pawn go in the same box.

  14. The ultimate in exponential growth is the inexorable Hegelian dialectic. Long in the works of “(imposed) order out of (manufactured) chaos”….coming to a neighborhood near you

    The true spirit of wampum woulda been so much better. Exemplified by the Ojibwa credo stating that a man’s prestige is heightened by the more he gave away. Can’t beat that with a big stick

  15. HAWK
    “The true spirit of wampum woulda been so much better. Exemplified by the Ojibwa credo stating that a man’s prestige is heightened by the more he gave away. Can’t beat that with a big stick”
    Your talking Christianity…
    the priest is supposed to be the poorest man in town…

  16. No one cares about that.

    A black man digging ditches for peanuts seeing a white man drive past in a Ferrari coupé, thinks HE is the object of his struggle and he (Black/brown) gets disgusted by that.

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