U.S. Billionaires Could Give $3,400 Stimulus Checks To 331 Million Americans Using Only Their Increase In Wealth Since March 2020

Here’s a rich fact: The 660 billionaires in the U.S. have increased their collective net worth by $1.1 trillion since the start of the pandemic. The jaw-dropping statistic, contained in a report by Americans for Tax Fairness and based on data from Forbes, hints at the sharp divergence in the economic fate of Americans. While over 40 million Americans relied on unemployment benefits in 2020, the richest of the rich saw their wealth soar over $1 trillion.

The dynamic is even starker when contextualized in the current negotiations over the next stimulus relief. “With their $1.1 trillion increase in wealth since March, America's 660 billionaires could give every one of the 331 million people in the United States a $3,400 stimulus check and still be billionaires,” tweeted Robert Reich. Reich, the Secretary of Labor under Bill Clinton and author of the forthcoming book, “The System: Who Rigged It, How We Fix It.” Instead of arguing over small changes in stimulus check size that would have a huge impact on the lives of millions, perhaps we should be arguing over small changes that would barely be noticed by the 660 billionaires in the country.