RAB Source Entry #3- Laurencia Colon

PART 1 MLA CITATION

“How Billionaires Got $637 Billion Richer during The Pandemic.” 23 Apr. 2022.

PART 2 SUMMARY

This video contrasts the unemployment rate with the growth in the net wealth of some billionaires, such as Amazon CEO Jeff Bezos, throughout the epidemic.

Casino mogul Sheldon Adelson’s fortune climbed by 5 billion, while Elon Musk’s wealth increased by 17.2 billion, bringing the total number of billionaires in the United States to 637 billion thus far during the COVID-19 epidemic.

He gives some facts about billionaires profiting from government resources in addition to their own during economic upheavals, as well as well-friendly tax laws and loopholes that keep those billionaires at the top, while more than 40 million Americans filed for unemployment benefits, with tens of thousands receiving benefits.

It proposes setting up a pandemic profiteering monitoring committee to go beyond the oversight of federal stimulus funds.

It also supports the corporate transparency act, which would impose stricter laws to prevent US millionaires from hiding their wealth through shell firms.

According to him, the research underlines the need to shut down the global hidden wealth industry and concludes that if the link between wealth and income disparity is to alter, it will require all of us.

PART 3A REFLECTION

My thoughts on the video: I felt it was wonderful how he showed us all sides, so wealthy and average Americans do everything in difficult times, especially during the COVID-19 pandemic. He gives examples of earlier happenings and how billionaires have transformed negative conditions into amazing opportunities to increase their wealth.

As he cited examples of how many small firms were forced to close owing to lockdowns and social isolation, while others were compelled to function with remote workers.

This Small Business Administration made $349 billion accessible to small firms, such as the paycheck protection program, but in 2000, $8243 million of that was picked up by huge publicly listed enterprises, some of which were worth more than $100 million.

PART 3B RHETORICAL ANALYSIS

The Business Insider is a business and financial news website based in the United States.

It provides the information and backs it up with data to provide the listener or reader with some level of accuracy.

Its target audience includes not just business owners and financial specialists, but also, believe young working professionals who are ambitious and seek the better things in life.

PART 4 NOTABLE QUOTABLES

” Again, the Fed lowered short-term interest rates for banks to near 0%, and as before, they have promised to hold those rates low until the economy is on track.”

“By 2020, the combined wealth of the United States’ billionaire class had increased by more than 80%.”

“If the relationship between wealth and income inequality is ever going to change, it’s going to require all of us.”

Leave a Reply

Your email address will not be published. Required fields are marked *