“The rich get richer” doesn’t even begin to tell the story these days.
According to the Institute for Policy Studies, the wealth of the top 12 billionaires in the U.S. recently exploded to more than one trillion dollars — yes, 13 digits.
The statistic, of course, is an eye-popping figure on its face, made even more so in light of the devastation in the broader economy due to the coronavirus pandemic.
“This is a disturbing milestone in the U.S. history of concentrated wealth and power,” said Chuck Collins, a director for the Washington D.C.-based progressive think tank. “This is simply too much economic and political power in the hands of twelve people. From the point of view of a democratic self-governing society, this represents an Oligarchic Dozen.”