Two foundational myths of Corporate America were dispelled during COVID in 2020. The first is that Trickle Down Economics — tax breaks to the rich — do not work. In a landmark, 50 year global study by London School of Economics and King’s College of London, it was found that tax cuts for the rich perpetuated inequality, while simultaneously increasing the wealth of the 1%, without having any significant effect on jobs or growth. Nothing trickled down. Here is how the report, entitled The Economic Consequences of Tax Cuts for the Rich put it,
We find that major reforms reducing taxes on the rich lead to higher income inequality as measured by the top 1% share of pre-tax national income. The effect remains stable in the medium term. In contrast, such reforms do not have any significant effect on economic growth and unemployment.
Additionally, the Republican party has argued, backed by the now disgraced Trump Administration, that the more generous unemployment benefits, which provide $600 per week above state unemployment insurance payments, would disincentivize work. In fact, a newly released report from Yale, completely debunks this theory. In their report entitled, Employment Effects of Unemployment Insurance Generosity During the Pandemic, this is how they opined,
We find that that the workers who experienced larger increases in UI generosity did not experience larger declines in employment when the benefits expansion went into effect. Additionally, we find that workers facing larger expansions in UI benefits have returned to their previous jobs over time at similar rates as others. We find no evidence that more generous benefits disincentivized work either at the onset of the expansion or as firms looked to return to business over time.
What we do know, is that while hundreds of millions of people have lost their jobs, their homes, and even the ability to obtain food and clothing, the richest 651 people on Earth profited over $1 Trillion dollars during the COVID pandemic in 2020. In a Press Release released by the Americans For Tax Fairness and the Institute For Policy Studies entitled, NET WORTH OF U.S. BILLIONAIRES HAS SOARED BY $1 TRILLION— TO TOTAL OF $4 TRILLION—SINCE PANDEMIC BEGAN, and accompanying spreadsheet here we learn,
The collective wealth of America’s 651 billionaires has jumped by over $1 trillion since roughly the beginning of the COVID-19 pandemic to a total of $4 trillion at market close on Monday, December 7, 2020.
Foreclosurepedia, with this article, kicks off its Series discussing the perils of Employee Misclassification and the ramifications of prolonged Remote Worker settings with respect to both Gig Workers and Labor within the Mortgage Field Services Industry. We also resubmit our landmark Employee Misclassification White Paper which I proffered back in 2018 and is now beginning to unfold the revelations I predicted then. This, coming on the heels of weekly, near 1 Million new unemployment claims filings, staggering infections and prolific death counts, was foretold as early as February, 2020, when Foreclosurepedia sounded the alarm bells over COVID all the while as National Association of Mortgage Field Services (NAMFS) remained silent for nearly 90 days. The continued refusal of NAMFS members to properly protect Labor upon their federal jobsites; the continued refusal of NAMFS members to pay prevailing wage; and the continued refusal of NAMFS members to orchestrate Industry-wide testing mandates has not gone unseen. Foreclosurepedia submits that NAMFS member actions will ultimately create superspreader events as we witnessed in Illinois, as well as continue to deteriorate the ability of Labor placing food on the table ensuring a perpetuation of domestic violence and children starving behind closed doors.
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