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The rich get richer

As many Americans have struggled under the weight of multiple crises during the past five months, the combined wealth of America’s top dozen billionaires has grown by a staggering $792 billion. That works out to an increase of 27% since the COVID-19 lockdown in mid-March.

It also is the equivalent of giving every man, woman and child in the United States $2,400. Put another way, it would be like giving every man, woman and child in Carbon County (population about 64,000) nearly $12.4 million each.

Not only are these mega-rich fortunate few raking it in at an unheard of pace, but it is coming at a time when half of American households are suffering various degrees of hunger, about 40 million families face eviction because they don’t have the money to pay their rent, some 30 million workers are collecting unemployment, and upward of 5.8 million have tested positive for the coronavirus and nearly 190,000 have died from its effects.

Even with help for the historic numbers of unemployed from the state and federal governments, workers were just barely making it thanks to the added $600-a-week unemployment payment on top of their state unemployment check.

With the expiration of the $600 boost at the end of July, President Trump signed an executive order which would allow the unemployed to receive $300 on top of their state unemployment check, but it would be just for a few weeks, and states would have to apply for it, just as Pennsylvania has decided to do.

I am concerned about this overconcentration of wealth in the hands of a few, who never even experienced the recession that others in the rest of the nation have. In fact, for them, it turned out to be a bonanza.

Nearly one-third of the $3.7 trillion in collective wealth enjoyed by the country’s 650 billionaires is held by the superrich dozen, led by Amazon’s Jeff Bezos, whose wealth is now pegged at $195 billion, or 73% more than it was five months ago.

After the nation’s wealthiest individual comes the next top four who also have done exceedingly well during the pandemic: ex-Microsoft chief Bill Gates, Facebook’s Mark Zuckerberg, Tesla’s Elon Musk and Berkshire Hathaway’s Warren Buffett.

Musk especially has seen his wealth soar as Tesla stock took off like one of his company’s spaceships. Musk’s worth went from $24.6 billion to $85.2 billion - an incredible 246% increase - in just five months.

Much of this increase has occurred in the rebounding stock market fueled by these companies being well-positioned to take advantage of some of the anomalies brought on by the coronavirus. In Amazon’s case, for example, online sales have gone through the roof, igniting its stock and Bezos’ wealth.

I was wondering how this staggering amount of wealth compared to that of less fortunate residents in our area. Using U.S. Census Bureau figures, I determined the wealthiest areas in each of the five counties of the Times News region in terms of per capita earnings for each household and how they compare to the wealthiest households in each of the other counties in Pennsylvania.

Our wealthiest area is East Lawn Gardens in Upper Nazareth Township, Northampton County, with its 1,165 households and a per capita household income of $94,271, ranking it 17th among the wealthiest communities in each of Pennsylvania’s 67 counties.

Upper Exeter in Exeter Township, with its 234 households, led Luzerne County with a per capita household income of $93,542, 18th among counties in the state.

Wescosville in Upper and Lower Macungie townships, with its 2,202 households, led Lehigh County with a per capita household income of $89,418, coming in 22nd.

Effort in Chestnuthill Township, with its 794 households, led Monroe County with a per capita household income of $83,160, ranking 26th.

Grier City in Rush Township, with its 123 households, led Schuylkill County with a per capita household income of $75,078, ranking 33rd.

Towamensing Trails in Penn Forest Township, with 790 households, led Carbon County with a per capita household income of $64,295, ranking 45th.

The wealthiest community when taking per capita household income into account was Sewickley Heights in Allegheny County with $228,953, while the lowest highest household income was Emporium in Cameron County with $34,886.

By Bruce Frassinelli | tneditor@tnonline.com