Coddington III: An economic epidemic
Since March 2020, our country has endured the devastating effects of the COVID-19 pandemic. During this period 1,127,152 people have died due to this widespread pandemic nationally. May 11 marked the end of the federal COVID-19 Public Health Emergency declaration. This is a long-awaited welcome sign of relief from such a widespread catastrophe.
During the pandemic, America’s billionaires have grown $2.1 trillion richer, their collective fortune skyrocketing by 70%, according to Forbes’ data. The $5 trillion in wealth now held by 745 billionaires is two-thirds more than the $3 trillion in wealth held by the bottom 50% of U.S. households, as estimated by the Federal Reserve Board.
Income disparities are now so pronounced that America’s richest 1% of households averaged more than 84 times as much income as the bottom 20% in 2019, according to the Congressional Budget Office. Americans in the top 0.01% with average household income of $43 million bring in 1,807 times more income than the bottom 20%.
For over four decades, our country continues to endure an economic affliction that adversely affects a large segment of our country’s population. Congressional Budget Office data show that between 1979 and 2019, the richest 0.01% of households had a cumulative income growth rate of 507%. That’s more than five times the 94% growth rate for the bottom 20% of households. Tax cuts for the rich are a key driver of this rising inequality.
Now is the time for us to unite and share in our prosperity. Tax Reform: The Sequel. Unlike the Tax Cuts and Jobs Act of 2017, this long-awaited campaign will provide true tax reform that will directly impact the vast majority of Americans.
Jim Coddington III