The second wave of COVID-19 is about to hit the world again. Coronavirus has been starting since November 2019 in, Wuhan China. The first wave left a devastating impact on Europe. America and Italy faced massive economic damage and a high death ratio due to tiny deadly virus. Hence in the middle of the year, the infected rate and death rate have reduced to the effective number but it seems like with the winter the second wave is ready again to hit the world brutally. A fresh spike of coronavirus has been reported in many countries around the globe. But will the second wave of COVID-19 make the rich richer and how the second wave of COVID-19 will be different from COVID-19 first wave.
Billionaires are bad for society. This rich breed was few in the 20th century but it seems like the 21st century has encouraged billionaire to make more money. Billionaire really disrupts the ability of other people to make money.
They also disturb the security and decency of the general public. It is about the health of democracy not just about the economy. The global wealth gap between the richest and poorest has been charged by the coronavirus pandemic.
Additional 150 million people are prone to fall into poverty. But despite the crises, the rich are becoming richer. A survey stated 643 billionaires of the USA have seen their wealth go up by 850 million dollars in six months.
They are on track to hit a trillion-dollar increase over a year ago. It is working out as an extra 141 billion dollars a month, 32 billion dollars a week and 4.7 billion dollars a day.
These super-rich groups are being called pandemic profiteer. Rich has become richer by taking advantage of bad circumstances.
History has a flash back of the same scenario as well where a business man in the Second World War and black plague made immense wealth. While millions have lost their jobs, the world managed to create 178 new billionaires.
There are now calls to limit extreme wealth. It was generated during a time of national crises. When we instituted the first income tax and first inheritance tax it really did slow that concentration of wealth and power and it saved our democracy for a generation or two.
Extremely wealth can buy a lavish lifestyle for generations but most important it can buy power. Billion dollars is a tremendous amount of power.
Whatever it is buying media, controlling the economy, monopoly, ownership of the business, influencing an election, and influencing candidates. The influence of wealth has extended to suspicious places.
Many of these wealthy people have charitable foundations. This is an extension of influence and power. It is the ability to shape the conversation, what research gets done, what gets studied in university.
Recent opinion shows overwhelming support for raising the tax on the super-rich. The billionaires also do funding which is beneficial for society.
But philanthropy is not is a substitute for a fair tax system. The purpose is not to give them back but want to make them less. But all billionaires are not the same. Some do not fund at all.
Some argue that maker or entrepreneur billionaire creates jobs and drive economic growth. How did they get such a vast windfall?
Was it a cornering market or was it through monopoly practices? Was it through the natural extracting source? So it should matter where the wealth comes from.
Some first-generation billionaires use their wealth wisely to improve the lives of others. But some families do not pay taxes at all. This is characteristic of the wealthy dynasty.
They are not focused on creating new wealth but hiding and protecting the existing wealth and power they have.
This is the most dangerous form of wealth. Sweden has more billionaires per capita than the US. But high taxation at a higher level of wealth and universal access to education and healthcare make billionaires of fortune not much of a debate topic.
They are healthier societies. They just have less inequality. Wealth inequalities one day will kill all the goose that lay the golden egg. This pandemic for sure will not remain forever.
The suppressed will go another way to earn more. Whenever there is trouble come two people act in a different manner. The one who gets the advantage of bad circumstances and the others who suffer.
The second wave of coronavirus will definitely bring these two communities across each other. But let’s see who is going to win this time.