U.S. tells how billionaires were allowed to cash in on the COVID-19 pandemic

The unprecedented coronavirus crisis has devastated the pockets of ordinary Americans. At the same time, US billionaires have become richer by $637 billion.

This is reported by the American edition “Newsweek”.

By the time 163,000 Americans fell victim to the deadly virus, Facebook founder Mark Zuckerberg was 59% richer, and Amazon CEO Jeff Bezos was 39% richer. American pharmaceutical companies are doing great. Since the start of the pandemic, Big Pharma has raised the prices of more than 250 prescription drugs, 61 of which are used to treat COVID-19.

“Apologists say this is a ‘free market’ that meets supply and demand”, – Newsweek writes.

“But the market also operates under laws that prohibit speculation, price gouging, and monopolization, and tax excess profits during wartime. Where have these laws gone?”

Washington ignores them. They don’t even notice speculation with insider information in the stock market. This allows companies to upload shares just before the deals are announced, making huge profits from the sale of securities. The speculation reportedly has allowed 11 companies to collectively earn over $1 billion.

In particular, the publication draws attention to the Moderna company. She didn’t even present a coronavirus vaccine, but sold $250 million in shares after Donald Trump promised her funding to develop the drug in April.

Such surplus profits are being fixed against the backdrop of how Congress cannot agree on the payment of unemployment benefits to Americans who are barely making ends meet. Moreover, many Republicans believe that by giving citizens money, they deprive them of the desire to work. At the same time, no one pays attention to the fact that billionaires are cashing in on pandemics by breaking laws.

“Trump believes that as long as they support the stock market, they are helping the American economy. This is complete nonsense. The stock market is not America. For years, stock prices have risen mainly because profits have been siphoned off the wages of ordinary workers”, – the article says.

With the worst economic crisis since the Great Depression, stock prices have almost returned to pre-pandemic levels. Large corporations and large investors are doing well. Billionaires are doing better than ever. But most Americans quickly sink to the bottom. 

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