(PresidentialWire.com)- According to a new report, the COVID pandemic made the super-wealthy even wealthier while the rest of the world’s income dropped.
Oxfam’s report “Inequality Kills,” released on Monday, showed the wealth of the ten richest people in the world doubled from $700 billion to $1.5 trillion during the COVID pandemic. Since the start of the pandemic, the wealth of billionaires rose more than it did in the last fourteen years, and a new billionaire was made every 26 hours since the pandemic began two years ago.
In 2020, the CEOs of the COVID vaccine developers Moderna and BioNTech made billions thanks to the COVID pandemic.
Meanwhile, the vast majority of the population is now worse off than they were before the pandemic, with 160 million more people falling into poverty.
Oxfam noted that a one-off 99 percent windfall tax on COVID-19 wealth gains imposed on the ten richest people alone would generate $812 billion in tax revenue. The left-leaning organization believes that confiscating that money would allow governments to make enough vaccines for the entire world population, boost climate change, universal healthcare, and address “gender-based violence in over 80 countries.”
Yeah, probably not. More likely, over half of the money confiscated would go to making already bloated government bureaucracies even more bloated. But Oxfam, like most Leftist organizations, is filled with idealistic dreamers divorced from reality.
But, Oxfam points out, even if governments confiscated this 99 percent, the top ten wealthiest people would still be wealthier than 99 percent of the rest of the world’s population.
To take care of that, Oxfam concludes its report by advocating for governments to impose permanent wealth and capital gains taxes to “fundamentally and radically reduce wealth inequality.”
In short, Oxfam’s report boils down to the typical socialist demand that everybody be equally poor.
But it wasn’t the pandemic itself that caused the gap between the very rich and everyone else to widen.
It was the governments’ response to the pandemic that did it.
They closed down small businesses while forcing everyone to rely on wealthy corporations like Amazon and Walmart. Wall Street flourished while Main Street got crushed.
The solution isn’t to give governments more tax revenue to squander. The solution is to get governments out of the way of a free market economy so that more people can lift themselves out of poverty.