More than 20 million people have filed for unemployment benefits over the past five weeks. In March, less than 30 percent of those who filed received any benefits. Millions more are ineligible for any assistance.
Millions of people have yet to receive anything, including the $1,200 federal cash stimulus, and are desperately attempting to stave off destitution. Food banks are overwhelmed by demand and are running out of staple goods. According to the Economic Policy Institute, more than nine million people who lost their jobs have also lost their health insurance through April 11, with millions more in the weeks that have followed.
There are, however, two realities, two Americas. While the economic destitution of workers is being used in an effort to drive them back to work over widespread opposition, the corporate and financial oligarchy has seen its fortunes increase.
Gigantic corporations, many of which have massive cash hoards, are laying off employees while continuing to pay executives. Entertainment giant Disney recently came under public scrutiny over the fact that it has furloughed more than 100,000 workers while maintaining its executive compensation program. But this is the general rule.
US billionaires, since mid-March, have increased their wealth by $282 billion. The collective fortune of these 614 individuals, which totals $3.2 trillion, has been buoyed by the continued rise of share values on Wall Street, which increased sharply again on Monday.
https://www.wsws.org/en/articles/2020/04/28/pers-a28.html
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