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Dear John,
Since the start of the pandemic, Facebook CEO Mark Zuckerberg's wealth has grown by 59 percent, Amazon CEO Jeff Bezos' wealth has grown by 39 percent, and America’s billionaires have collectively enjoyed a $584 billion wealth increase.
Over that same period, $6.5 trillion in household wealth disappeared and 45.5 million Americans filed for unemployment — and now 20 million Americans are at risk of eviction as renter protections are set to expire.
The system is rigged, folks.
It’s no accident that billionaires’ wealth is soaring and corporate profits are booming in an unprecedented public health and economic crisis.
Mega-corporations have become so dominant, enjoying near-total monopolies of their respective industries, that workers and consumers have fewer options and have to accept the wages and prices these giant corporations offer.
Our latest video breaks down how monopolies are boosting record corporate profits at the expense of workers and consumers — and what we can do to stop America’s slide toward oligarchy. [[link removed]]
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Even before the pandemic, the monopolization of America has pushed a larger portion of national income into profits and a lower portion into wages than at any time since World War II.
Most of the increasing value of the stock market has come directly out of the pockets of American workers. Shareholders have gained because workers stopped sharing the gains.
This is all about power.
We must rebalance the power of workers and corporations to create an economy and a democracy that works for all, not just a privileged few.
Thanks for watching,
Robert Reich
Inequality Media
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