Name: Here's the case for Elon Musk, Warren Buffett and the rest of America's billionaires sending $3,000 stimulus checks to everybody
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Here's the case for Elon Musk, Warren Buffett and the rest of America's billionaires sending $3,000 stimulus checks to everybody

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“The rich get richer” doesn’t even begin to truly capture what’s been happening across the United States during the coronavirus pandemic. According to Americans for Tax Fairness and the Institute for Policy Studies, the 651 U.S. billionaires have seen their collective wealth grow by more than $1 trillion over the past nine months, while the less fortunate struggle to keep their jobs and put food on the table.If the ultrarich were to share their “pandemic profits,” , they could give everybody in the country a one-time $3,000 stimulus check and still be wealthier than they were back in March. Here’s a look at the gains enjoyed by some of the country’s richest men, including Amazon’sJeff Bezos, Berkshire Hathaway’sWarren Buffett, Microsoft’sBill Gates and Tesla’sElon Musk:“As tens of millions of Americans suffer from the health and economic ravages of this pandemic, a few hundred billionaires add to their massive fortunes,” ATF’s Frank Clemente said in a&nbsp;. “Their pandemic profits are so immense that America’s billionaires could pay for a major COVID relief bill and still not lose a dime of their pre-virus riches.” At this point, the exploding net worth of the billionaires has surpassed $4 trillion, in total — that’s almost double the combined wealth of the bottom half of the U.S. population. Also read: In , Clemente said it was “time to levy an emergency wealth tax on billionaire profiteers and direct the funds to offset the cost of the nation’s health-care costs.” In the meantime, Congress is still working out if and when another round of direct stimulus checks will be issued as dozens of federal safety-net programs are set to expire by the end of the year. Senate Majority Leader Mitch McConnell on Wednesday , saying they were moving the goalposts. “There is a huge list of helpful policies that both sides agree on,” he said. “This need not be rocket science. But we can’t do a thing unless the Democrats decide they actually want to make a law.”Falling gas prices last month delivered a second low inflation reading in a row as the consumer price index rose by just 0.1% in August. But inflation is still running near a 40-year high and is set to spur the Federal Reserve to sharply raise U.S. interest rates again this month.SearchVisit a quote page and your recently viewed tickers will be displayed here.Search TickersNo results found

“The rich get richer” doesn’t even begin to truly capture what’s been happening across the United States during the coronavirus pandemic. According to Americans for Tax Fairness and the Institute for Policy Studies, the 651 U.S. billionaires have seen their collective wealth grow by more than $1 trillion over the past nine months, while the less fortunate struggle to keep their jobs and put food on the table.If the ultrarich were to share their “pandemic profits,” , they could give everybody in the country a one-time $3,000 stimulus check and still be wealthier than they were back in March....

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Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.

https://www.marketwatch.com/author/shawn-langlois?mod=MW_author_byline

Shawn Langlois

MarketWatch is a website that provides financial information, business news, analysis, and stock market data. Along with The Wall Street Journal and Barron's, it is a subsidiary of Dow Jones & Company, a property of News Corp. Notable contributors include Mark Hulbert and Francine McKenna.

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Here's the case for Elon Musk, Warren Buffett and the rest of America's billionaires sending $3,000 stimulus checks to everybody

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