As the era of Biden began, the rich got way, way richer while the middle classes and poor suffered heavily.
Billionaires including Elon Musk, Jeff Bezos, Bill Gates, Larry Page, Mark Zuckerberg, Sergey Brin, Steve Ballmer, Larry Elison, and Warren Buffett, saw their wealth grow by $341 billion in 2021.
For instance, Elon Musk, Tesla’s co-founder, gained $121 billion over the past year. His increase was more than any other billionaire in the world. But other U.S. billionaires also saw incredible new wealth. Amazon executive chairman Jeff Bezos saw his wealth grow to $195 billion.
For his part, Microsoft’s Bill Gates now has approximately $140 billion in wealth. Others also saw huge increases. Google cofounder Larry Page has around $130 billion after increasing his wealth by $47 billion in 2021, Facebook’s Mark Zuckerberg has a net wealth of roughly $128 billion due to a wealth increase of $24 billion in 2021.
But as the rich got richer, everyone else suffered.
Unfortunately, the American middle class experienced a significant drop in wealth. Breitbart News noted that the middle class includes 77.5 million American households with an annual income of $27,000 to $141,000.
Breitbart News added that the top 1% of income earners in America now possess more wealth than the entire American middle class. This report highlights that the middle class’s national wealth fell to just 26.6% while the top 1% ‘s share of wealth has grown to 27%. This marks the first time in American history that the top 1%’s share of wealth has outpaced the middle class’s share of wealth.
Biden is truly destroying the U.S.A.
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Tags: Economy Joe Biden
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