These predictions came from around the world—economists in 77 of the 79 countries included said they expected an increase in income inequality. According to the Oxfam report on inequality that survey was a part of, “This shock is set to reverse the decline in global poverty we have witnessed over the past two decades. It is estimated that the total number of people living in poverty could have increased by between 200 million35 and 500 million36 in 2020. The number of people living in poverty might not return even to its pre-crisis level for over a decade.”
Meanwhile, the world’s 10 wealthiest people have sucked up an additional $540 billion. Collectively, billionaires added $3.9 trillion in wealth between March 18 and Dec. 31, 2020.
There needs to be a plan for fighting inequality. Instead, in the U.S., Democrats are fighting just to get modest one-time payments to people.