Report Claims Billionaires Profit Off of Human Suffering

Report Claims Billionaires Profit Off of Human Suffering

( – When the COVID-19 pandemic started its global spread, countries decided to enforce lockdowns in hopes of mitigating damage — in terms of economic and, more importantly, human losses. Unfortunately, nearly two years later, we’re still in the merciless throes of the seemingly neverending variants, but that’s not the worst part of it. The pandemic has given birth to another pandemic, one of wealth inequality — and it affects 99% of the world’s population.

The Rich in America Got Richer

During the beginning of the pandemic, when states were locked down, millions of businesses were forced to close and wait out what was supposed to be a two-week period to slow the spread. Two weeks turned into a month, which turned into several months.

In the midst of this, millions of small businesses suffered, and many closed permanently. But some companies didn’t close and, in fact, capitalized on the fact people were home-bound. Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg were at the top of the food chain before the pandemic, but their earnings soared while everyone else had to rely on the Paycheck Protection Program, business loans, extended unemployment and stimulus payments just to make ends meet — and many still couldn’t.

According to the Oxfam Report, the ten richest billionaires’ wealth exceeded the cumulative wealth of two-thirds of the rest of humanity by the end of 2021. The report also pointed out 99% of humankind was worse off economically because of the pandemic.

Report Analysis

The Oxfam Report touches on several points where people suffer from inequality, not just individual wealth. Third-world countries, for example, were especially hard hit. In fact, the report compares Bangladeshi people to white British people, saying those former group were five times more likely to die from COVID-19 simply because of their life circumstances. It is unclear whether this is due to a lack of vaccines or medical treatments, but it’s not a far-fetched idea.

Oxfam also called out billionaire Elon Musk, who’s now the richest man in the world, for using his money to travel to space during a time of “unprecedented rising poverty and suffering on planet Earth.”

The report also called out pharmaceutical companies for profiting from the development of vaccines and medical treatments. Specifically, Oxfam references BioNTech, a company that partnered with Pfizer and “earned record-breaking profits on its COVID-19 vaccine.” The other aspect is costs associated with the vaccine mean “less than 1% of people in low-income countries can access it.”

Proposed “Solutions”

Of course, while the report outlines several issues worldwide that contribute to inequality, it also offers “solutions.” One proposed solution is to introduce “redistributive mechanisms” through taxation and progressive spending methods to redistribute wealth. Basically, implementing social programs the likes of which we’ve never seen. The organization is calling for governments to get more involved, which is not likely to fly in today’s society — no matter how much the Bernie Sanders of the world might wish it were so.

Billionaires gained money during the pandemic as a result of the circumstances. While the wealth gap and inequality are certainly issues that warrant a closer look, does anyone really believe more government intervention and social programs are a viable answer, now or ever?

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