Podcast: Pandemic Profiteering - How Billionaires Are Looting American Taxpayers
Podcast: Pandemic Profiteering - How Billionaires Are Looting American Taxpayers
Jun 09, 2020 Season 2 Episode 8
Alan Macleod

Welcome to MintCast, the official MintPress News podcast hosted by Mnar Muhawesh. MintCast is an interview podcast featuring dissenting voices, independent researchers, and journalists the establishment would rather silence.

In this episode, we joined by MintPress News senior staff writer, Alan MacLeod. MacLeod covers everything from socioeconomic inequality, the oligarch class in Western nations, U.S. foreign policy in the Global South, and press freedom. He is also the author of “Bad News From Venezuela: Twenty Years of Fake News and Misreporting and Propaganda in the Information Age: Still Manufacturing Consent.

MacLeod has uncovered how COVID-19 came to be a boon for the ultra-wealthy, reporting that America’s billionaires, including Jeff Bezos, Bill Gates, Warren Buffet, Michael Bloomberg, and others, accrued more wealth in the first three weeks of the lockdown than they made in total prior to 1980. Billionaire wealth surged by $484 billion in just three months, while a record 40 million Americans filed for unemployment. 

As MacLeod reported, 

“In the last 30 years, U.S. billionaire wealth soared by over 1100 percent while median household wealth increased by barely five percent. In 1990, the total wealth held by America’s billionaire class was $240 billion; today that number stands at $2.95 trillion. Thus, America’s billionaires accrued more wealth in just the past three weeks than they made in total prior to 1980.” 

While the pandemic and subsequent lockdown turned the world upside down for working-class people, forcing upon them school closures, long lines at the grocery store, empty shelves, panic buying, record unemployment, and miles-long bread lines, little media attention was given to the billionaires buying private islands and land where they could enjoy life in first-class bunkers built to withstand a nuclear war. 

Alan MacLeod joins MintCast to explain all of this and how the coming economic crash that is expected to contract the economy by 40 percent will only advance the interests of America’s ultra-wealthy and increase their wealth even further. 

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