The U.S. Senate on Tuesday passed a $483-billion spending bill to further aid Americans during the COVID-19 pandemic—with only six members of the 100-member Senate participating.
The bill was approved by the “unanimous consent” of senators—most of whom were not there when that approval was given.
$484 billion is about $1,466 for every single American.
Instead of sending everyone $1,466, why don't we just give $242 billion to Ken Griffin & $242 billion to Ray Dalio, and then they can lever up & buy stocks and we'll hit new highs and then the wealth effect will kick in? pic.twitter.com/4D1e437G0B
— Rudy Havenstein, still waiting for my check. (@RudyHavenstein) April 23, 2020
Though the coronavirus itself may not discriminate in terms of who can be infected, the COVID-19 pandemic is far from a great equalizer. In the same month that 22 million Americans lost their jobs, the American billionaire class’s total wealth increased about 10%—or $282 billion more than it was at the beginning of March. They now have a combined net worth of $3.229 trillion.
The initial stock market crash may have dented some net worths at first—for instance, that of Jeff Bezos, which dropped down to a mere $105 billion on March 12. But his riches have rebounded: As of April 15, his net worth has increased by $25 billion. Eric Yuan, founder and CEO of Zoom, was one of the few to see an increase in net worth even as the markets crashed, and he’s now up $2.58 billion.
Some $1 trillion in deposits flooded in during the first quarter—with more than half going to JPMorgan, Bank of America, Wells Fargo, Citigroup