By Jon Dougherty @TheNatSent
(TNS) If an added ‘benefit’ to the outbreak of coronavirus for Left-wing Marxists was a major decline in overall wealth, then they’ve gotten their wish.
As reported by Fox Business, the United States alone has lost more than 500,000 millionaires in the financial and economic fallout caused by mass business closures and a plunging stock market.
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According to the news outlet, under the Trump boom, the number of millionaires in the U.S. grew to a record 11 million before the virus outbreak began, but has since declined, mostly due to major losses on Wall Street:
At the end of 2019, there were an unprecedented 11 million American millionaires, evidence of the historic 11-year economic expansion and the tax cuts and ultra-low interest rates that accompanied it, according to a new study published by research firm Spectrem Group.
But the number of households in the U.S. above that threshold has dropped by at least 500,000 as of Friday. Wealthy Americans are more likely to feel the effects of a stock-market free-fall because they own more equity than the overall population. According to recent Federal Reserve data, the top 1 percent of households owned 53.5 percent of equities and mutual fund shares. …
The wealthiest people in the world have seen especially dramatic losses: According to the Bloomberg Billionaire Index, the world’s 500 richest people have lost almost $1.3 trillion since the start of the year. That’s close to a 21.6 percent decline in their collective net worth.
These losses aren’t concerning to Marxist Democrats who have convinced their minions that wealth is bad and Americans who accumulate it are somehow evil predators who didn’t earn it legitimately.
But ask yourself this: How many poor people start businesses, companies, and corporations that hire millions of people?
There’s also this: Many of the same lame brains pushing “Marxist socialist” ideas are themselves uber-wealthy, and yeah, that includes politicians like Sen. Bernie Sanders and House Speaker Nancy Pelosi.
So yes, the wealthy have been hurt by government-imposed shutdowns and a market collapse, but so, too, have ‘ordinary’ Americans, and even more so:
Of course, ordinary Americans are likely to experience a more severe fallout from the virus outbreak and will be among the people hit the hardest by an economic slowdown that experts warn could rival the 2008 financial crisis.
Last week alone, Goldman Sachs estimated that a record 2.25 million Americans lost their jobs as COVID-19, the disease caused by the novel coronavirus, forces businesses across the country to shut down and requires individuals to stay home to mitigate the spread.
Jobless claims continue to mount. The Labor Department reported Thursday that new jobless claims rocketed “to 281,000 for the week ending March 14, the highest level since June 2017 — but are expected to skyrocket in [the] coming weeks as American life comes to a grinding halt,” Fox News added.
And a one-time stimulus payment isn’t going to staunch the bleeding.
We need to get our country back to work, folks.
Yes, there are going to be hotspots of virus — got it. But we can’t shut down entire regions of the country for months on end. That’s not sustainable, as at least some governors are beginning to realize.
Also, once more of us figure out our ‘leaders’ are lying to us about key outbreak details just to score cheap political points against a president they don’t like, we’re going to demand they lift these onerous ‘social distancing’ restrictions and let businesses — and people — get back to earning a living.
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