Presumably this is because the government pumped money into the stock market, and rich people hold more stocks. If the government just let the stock market crash, would people be more upset than the current situation where the rich got richer?
It pumped money at all levels of the economy. It turns out the rich tend to benefit in such circumstance. For instance rent subsidies end up in the pockets of landlords who are protected from the decline in the broader economy. People here don’t like it to be pointed out (they downvote any mention) but inflation is here and here it will stay for at least another quarter probably much longer. Don’t take my word for it, read about it yourself. Yellen predicts 4-5% inflation by the end of the year.
They gave business owners a billion dollars in low-interest loans, then immediately forgave them. This was a direct payout too. Even though these funds were supposed to be used for paycheck protection (hence the name, Paycheck Protection Program), it seems that a lot of executives used the funds to finance personal bonuses because when it became clear that they wouldn't even need to use them to pay salaries.
That's pretty different from buying up $700MM in government bonds and mortgage-backed securities, because that's something the government generally does anyway, and doing so merely provides liquidity for institutions who serve as intermediaries of these debts.
And they got the middle-class and poor to cheerlead for policies that they knew would only enrich themselves and provide them the opportunity to strip mine society even more.
It’s pretty apparent that wealth correlates with power.
If inequality increases and you’re on the lower end you’ll find yourself losing out in society more and more as the wealthy influence it to their tastes and needs
Minimum wage where I am is $13.69, and there isn't a property within 50 miles of me for less than $200,000. There's empty plots of land for that much, but nothing with a structure that's livable.
But I take it your retort will be "just move somewhere else."
Just because you managed it where you are, doesn't mean anyone can do it, anywhere.
When your rent is 70% of your income it's a touch hard to save for a down payment/maintain good credit/pay for schooling to upskill. That's the reality some of us live in.
