In a December 9, 2020, Twitter thread,1 Michael P. Senger, an attorney and author of the September 2020 article,2 “China’s Global Lockdown Propaganda Campaign,” reviewed the largely hidden impacts of global lockdowns. Ivor Cummins’ video above also reviews data showing just how “hugely ineffective” lockdowns have been.
As one would expect, shutting down businesses for extended periods of time leads to businesses going under for impaired cash flow from lack of revenue. Back in August 2020, Bloomberg reported3 that more than half of all small business owners feared their businesses wouldn’t survive. They were right.
According to a September 2020 economic impact report4 by Yelp, 163,735 U.S. businesses had closed their doors as of August 31, 2020, and of those, 60% — a total of 97,966 businesses — were permanent closures.5 As noted by Senger:6
“That ’leaders’ across the world transformed into tyrants, believing they had a right to bankrupt their subjects, is the core evil of lockdown.”
The Greatest Wealth Transfer in History
How does shutting small businesses but allowing big box stores to stay open protect public health? There’s really no rhyme or reason for such a decision, other than to shift wealth away from small, private business owners to multinational corporations.
While working-class Americans have been forced to file for unemployment by the tens of millions, the top five richest people in the U.S. increased their wealth by 26% between March 18 and June 17, 2020.7 Since the beginning of the pandemic, the collective wealth of 651 billionaires in the U.S. rose by more than 36% ($1 trillion).8 The assets of these 651 billionaires is now nearly double that of the combined wealth of the least wealthy 165 million Americans.
As noted by Frank Clemente, executive director of Americans for Tax Fairness, “Never before has America seen such an accumulation of wealth in so few hands.”9
Far from being the great equalizer, COVID-19 is the greatest wealth transfer scheme in the history of the world. Indeed, you may as well call it what it is: grand-scale asset theft from the poor and middle class. A December 14, 2020, article10 in The Defender reviews who has benefited from pandemic measures the most, from the finance and tech industries to the pharmaceutical and military-intelligence sectors.
Minority-Owned Businesses Have Taken Biggest Hit
According to an August 10, 2020, article11 by Forbes, pandemic measures had eliminated nearly half of all Black-owned small businesses in the U.S. by the end of April 2020. It cites data from a New York Fed report,12 which found that “Black-owned businesses were more than twice as likely to shutter as their white counterparts.”
While nationally representative data on small businesses showed active business ownership dropped 22% between February and April 2020, the number of businesses owned by Blacks dropped by 41%. The decline in Latin-owned businesses was 32%; Asian-owned 26%; and White-owned 17%. According to Forbes:13
“At the same time, Black-owned firms, already smarting from a Great Recession that hurt them badly, already entered the crisis with ‘weaker cash positions, weaker bank relationships, and preexisting funding gaps.’ ‘Even the healthiest Black firms were financially disadvantaged at the onset of COVID-19,’ said the report.”