largest transfer of wealth covid

This meant trillions of dollars, created at the stroke of a digital entry by the Fed, were pumped into the market. Those concerns contributed to a 65% percent decline in Tesla's stock last year that wiped out more than $700 billion in shareholder wealth far more than the $14 billion swing in fortune that . Hit him up! CNBC's Jim Cramer said Thursday that that coronavirus pandemic has triggered "one of the greatest wealth transfers in history." The remark from the network's "Mad Money" host came amid "ominous" economic data but a rebounding stock market. "My heart's broken because I don't see my tappers weekly and my feet aren't making noise. Got a confidential news tip? The super-rich have made a killing off of the pandemic. Josef Stadler, the head of UBSs global family office department that deals directly with the worlds richest people, said: Billionaires did extremely well during the Covid crisis, not only [did] they ride the storm to the downside, but also gained up on the upside [as stock markets rebounded].. Send us a note with the Letter to the Editor form. While often posed as a $500 billion fund for large companies, in fact, the CARES Act allocated over $4 trillion to corporate America, since the federal reserve can leverage the initial funding by aratio of ten toone. But we should still savor this fun, low-stakes debate. The impending great wealth transfer will be wildly regressive. And some millennial homeowners actively defend that investment by supporting the zoning restrictions that have kept housing artificially scarce. Over the next two decades, the United States will experience an unprecedented shift of demographics and finances that will likely be felt by every American. Maybe it won't be an extinction event if we pay attention this time. People need to wake the hell up. After all, millennials are already quite economically stratified, and their class divisions have nonetheless had little bearing on contemporary politics. Trillions of dollars and our freedom hangs in the balance. As part of the nationwide protests in Iran, women union members are taking to the streets, saying: we have nothing to lose but our lives.. Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram, Questions, comments, suggestions for the "Mad Money" website? Obviously no one really knows exactly how long this shutdown will last, but one thing's for sure - "remote working" will now be normalised forever. My opinion above does not represent any other party or parties whatsoever. Alongside this devastating loss of life, over 30 million Americans are newly out of work due to the shutdown and lack of arobust response from the federal government. To view or add a comment, sign in Meanwhile, she continued paying rent on her 5,000 square foot space. Why climate reparations are top of the agenda at COP27. When subtracted from the April 10 total at $3.229 trillion, the difference - or net . Of course, one millennials rising home equity is anothers rising rent. By 2022, global unemployment will exceed 200 million workers (2) and 150 million people will be pushed into extreme poverty (3). I would not have expected that in good times. Dont blame progressives for Bidens failures. RT @JCB_Journo: COVID was the largest wealth transfer to the Uber rich in history. At the end of this year's. Apart from the 2.2% growth in 2020 following the initial COVID outbreak, last year's performance was the worst showing since 1976the final year of the decade-long Cultural Revolution. The importance of entrepreneurship for a countrys economic growth. No political movement can be healthy unless it has its own press to inform it, educate it and orient it. The deadly flu eventually receded , and the world continued on . For their part, millennials on the wrong side of housing inflation are increasingly making their discontent known. A Division of NBCUniversal. October 27, 2022. That's up significantly from April when transactions plummeted 51% year over year. from where? We need to stop their war on the little guy and their war on small business. But some other angry millennial renters have organized campaigns to eliminate exclusionary zoning and promote housing abundance. (If youre baffled by the woke lefts dissatisfaction with racial progress, put down White Fragility and pick up The Survey of Consumer Finances.). Almost half of all U.S. wealth transferred from the end of 2020 through 2045 will come from the top 1.5% of households, according to estimates from research firm Cerulli. The 10 richest men in the world have seen their global wealth double to $1.5tn (1.01tn) since the start of the global pandemic following a surge in share and property prices that has widened the gap between rich and poor, according to a report from Oxfam. In a scathing assessment of the Senate legislation before it passed the chamber Wednesday, HuffPost senior reporter Zach Carter wrote that the bill "represents a transfer of wealth and power to the super rich from the rest of us, with the support of both political partiesa damning statement about the condition of American democracy." "The new law would establish a $4.5 trillion corporate . All rights reserved. The top 0.01% richest individualsthe 520,000 people who have at least $19 million now hold 11% of the world's wealth, up a full percentage point from 2020, the report found. Its the status quo thats radical. This transfer will constitute the largest redistribution of wealth in human history. All the while, hundreds of thousands of small businesses had closed in a matter of months and millions more were fighting for their lives-- businesses that accounted, pre-2020, for about half the employment and GDP of the country. The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. In fact crisis often enables or acts as a catalyst for societal & global transformation at all levels - what will be the key outcomes post Covid19 ? The Fed and other government actions to lift up Wall Street have come at everyone elses expense. Theres a growing canyon between their growth rates and those in advanced economies. Follow him on Twitter @MilesKLassin, 2023 by the Institute for Public Affairs (EIN: 94-2889692). To view or add a comment, sign in, ****To preface this response, please note that I do intend to be insensitive and couldn't give the slightest crap about your feelings***** Travel restrictions meant she couldn't visit her favorite vacation spot. Social democracy might arrive too late to save the coastlines. Small businesses are "dropping like flies," said the "Mad Money" host. Embracing change IS a good thing it's a pity that very few can or do willingly. Yes, COVID-19 has woken people up but maybe not how you think. According to a survey by the Center for New Middle Class, there was a 25% drop in the number of baby boomers who said they are self-employed or own their own business in the second quarter. Oxfam calls for windfall tax as 99% of world population takes a pay cut while top 10 incomes grow by $1bn a day. Hybrid robo-advisory services will Enter The mainstream Between 2017 and 2060, it's expected that approximately $50T will change hands in what will be the largest aggregated transfer of wealth in history. COVID-19 will end up taking out about a couple of million people. Market data provided byFactset. "The bigger the business, the more it moves the major averages, and that matters because this is the first recession where big business is coming through virtually unscathed," the "Mad Money" host said. I'm not ready to let it go. Sherman said he expects to see "a very significant likely uptick" in small- and mid-sized family business sales in the next 18 to 24 months. The Dow Jones Industrial Average ticked up almost 12 points to 26,281.82 during the session. This site is protected by reCAPTCHA and the Google, McCarthy Gives Loyalists MTG and Gosar Committee Rewards. Whats more, unlike their generation as a whole, Black millennials have been losing ground on their predecessors in recent years. Since bottoming near 2,191 in March, the index is up about 42%. Response to Covid-19 Has Lavished Wealth on the Rich While the pandemic ravages American workers, the federal government has orchestrated a monumental transfer of wealth from the. No one can afford an apartment on minimum wage, let alone a home. Can Ron DeSantis Compete With Donald Trumps Sinister Charisma? So if someone with a 4.37% required distribution had money in an S&P 500 index fund, our investor would have had to withdraw 6.32% of the fund's balance (4.37 divided by 69.2) rather than 4.37% . She bought the company in 2004 and built up a business with a loyal, dependable staff and long-time clients. And the freshman fabulist George Santos gets a new start. As a reader-supported 501(c)3 nonprofit, In These Times does not oppose or endorse candidates for political office. Christine Lagarde on how to address COVID-19, climate change and inequality; Income and wealth inequality in 2021. 1. Care for our fellow man, rather than using them. HNWIs are actively seeking investment opportunities more than ever and right now, these individuals in particular are "doubling-down". Additionally, savers and retirees have been thrown under the proverbial bus, making it difficult to earn interest on their savings without taking on inflated riskthe same scenario any average American investing is also facing. Thanks for contributing to the conversation. But then the lease ended and the landlord didn't want to renew. Bezoss wealth has increased by $74bn so far this year, according to the Bloomberg billionaires index, due to the surge in Amazons share price as more people turned to the company. Now it appears some of that wealth may evaporate amid the crisis. The former also, generally, entered the labor market at a less opportune time. Much of the traction seems to come from buyer confidence. If Amazons warehouse, every Walmart and big box liquor stores had been forced to close just like the small businesses or if the stock market continued to endure its late February to early March 2020 losses, its likely that these powerful, connected entities would have created such a stink that the lockdowns would have been lifted in two to three weeks. In interviews with sovereign wealth funds, pension firms and asset managers across Asia and Europe that collectively manage about $3.4 trillion, one thing was clear: many of them are avoiding the . Now saving the economy exposes them to more of the same for longer, and inflation risk, too. Their dissent often manifests in politically confused form; recently, social media users scapegoated BlackRock for the housing crisis, despite the firms minuscule investments in residential real estate. It would not survive the rise of a debt-ridden generation with little taste for Fox News. Overall, U.S. billionaire wealth grew by nearly 10% at the same time over 20 million people filed for unemployment, and by April 10 had passed $3.2 trilliontopping last yearslevel. That's something that was hard when business was busy. And the racial divide in millennial wealth is singularly gaping. As the crisis drags on, businesses are forced to make tough decisions. Ouch. President Joe Biden and Democrats in Congress have so far failed in efforts to plug such loopholes and otherwise boost inheritance taxes. Within blue America, generational polarization is even more striking. The worlds billionaires did extremely well during the coronavirus pandemic, growing their already-huge fortunes to a record high of $10.2tn (7.8tn). According to a survey by the Center for New Middle Class, there was a 25% drop in the number of baby boomers who said they are self-employed or own their own business in the second quarter. "People hear these numbers and think of the stock market or real estate, but a large chunk of that is around small- and mid-sized family businesses," said Andrew Sherman, partner at Seyfarth Shaw in Washington, D.C. With businesses suffering and unemployment up, savings are falling accordingly. Jules Pedersen, with Craig Rispin of Explore Future Wealth COVID-19 OPINION PIECE: "The Largest Transfer Of Wealth In Modern History" Apart from the 2.2% growth in 2020 following the initial COVID outbreak, last year's performance was the worst showing since 1976the final year of the decade-long Cultural Revolution. "Just like last recession, the crisis reminds people that they need a plan and that there are events that happen every decade," said House. The world's 10 richest men saw their wealth double, from $700 billion to $1.5 trillion, during the pandemic a rate of $15,000 per second, Oxfam said. Nine of the 10 are Americans, including. The U.S. During a period when technology stocks were soaring on Wall Street, Bezoss net wealth rose 67% to $203bn, Facebooks Mark Zuckerbergs wealth doubled to $118bn, while the wealth of the founder of Microsoft, Bill Gates, increased by 31% to $137bn. Black millennials, meanwhile, own 52 percent less wealth than previous generations of Black Americans had accrued by their age. Refresh the page, check. Musk, according to figures taken from Forbes magazines billionaires list, saw his wealth increase 10-fold to $294bn in the first 20 months of the pandemic, catapulting him above Jeff Bezos, the founder of Amazon, to be the worlds richest person. This site is protected by reCAPTCHA and the Google Its time we asked if the Fed's role in making the wealthiest among us even wealthier is an unfortunate side effect or the whole point of their and the governments plan. January 16, 2021 Share U ndoubtedly many wealth management senior leader discussions and decisions in 2021 will be centered around the immediate business impacts of the COVID-19 pandemic, the speed of vaccine-enabled recovery and firms' ability to ensure their businesses emerge stronger. The process of applying for the program has been deemed a nightmare for millions attempting to navigate an overwhelmed system. It's unbelievable how we cannot even meet at a cafe for a standard face-to-face "coffee meeting", but we adapt. For the CIBC study, Tal looked at inheritances people had already received to forecast the future and found that just over half of Canadians aged 50 to 75 had received an inheritance averaging $180,000, with the largest in British Columbia which he credited to elevated real estate prices in the province. This email will be used to sign into all New York sites. Working-class millennials, meanwhile, are poised to enjoy less economic security than their parents, as their wages fail to keep pace with the rising costs of housing and health care. Data is a real-time snapshot *Data is delayed at least 15 minutes. This enabled big companies and their shareholders to get more value, while destroying risk pricing and small businesses. CNBC's Jim Cramer said Thursday that that coronavirus pandemic has triggered "one of the greatest wealth transfers in history." The remark from the network's "Mad Money" host came amid. The combined wealth of the world's billionaires as of March 2021 is some $13.1 trillion -- up from $8 trillion total in March 2020. Sign up for free newsletters and get more CNBC delivered to your inbox. Even after a 99% levy, the top 10 billionaires would be $8bn better off between them than they were before the pandemic, the charity said. . A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent. The first and obvious threat is the . Over this period, corporate taxes have similarly been drastically cut, including by President Trump in his 2017 Tax Cuts and Jobs Act. "It's a bad time to have a business but a good time to buy. Their total wealth is $470 billion, up $93 billion, or almost 25 per cent, in just 12 months. The world's 2,690 global billionaires saw their combined wealth rise from $8 trillion on March 20, 2020 to $13.5 trillion as of July 31, 2021, drawing on data from Forbes. And it seems quite possible, perhaps even likely, that the culture wars preeminence will outlive that of the boomers, leaving millennials to sublimate their class antagonisms in virtual-reality gun battles. Already, the economic gap between millennials who own substantial assets, and those who dont, is rapidly expanding. Get this delivered to your inbox, and more info about our products and services. Strive for happier. And , as Jules points out , such times as the ones we currently reside in are also often accompanied by great transfers of wealth . At the same time, thanks to achange to the tax code tucked into the relief package, 43,000 Americans who make more than $1 million will be saved an average of $1.7 million annually, costing U.S. taxpayers $90 billion in 2020alone. During a recent trip to the southern border, Adams called on the federal government to provide more support to cities that have taken in migrants. Have thoughts or reactions to this or any other piece that you'd like to share? Are they aware of it? Due to the structural inequities baked into our economic and healthcare systems, the fatalities caused by the virus have disproportionately been borne by AfricanAmericans. Joe Biden is not plotting to go door-to-door, ripping gas stoves out of Americans kitchens. 2023 CNBC LLC. A lot of money is changing hands right now. He predicted 32 million will die in 6 weeks. But, a tragedy we needed to have. Governments have an historic opportunity to back bold economic plans based on greater equality that change the deadly course we are on.. We want to hear from you. Every new invention/process/etc simply fuels more of the same, and so it goes again. When you add up the numbers, billionaires in the United States have . Developing countries are facing severe long-term problems related to lower vaccination rates, global macro policies and the debt burden, he said. As it became apparent that the health and economic consequences of lockdown policies differ between . The headlines over the past weeks have been riddled with two serious threats to the health and well-being of people across the U.S. And as we saw in the wake of the 2008 financial crisis, bailing out large corporations with taxpayer money only increases their stranglehold over oureconomy. Will the Great Wealth Transfer Spark a Millennial Civil War? But Americans who began life at the end of history, attained pubescence around 9/11, and graduated in the vicinity of the Great Recession do tend to share certain cultural sensibilities and material interests. Almost exactly 100 years ago the world faced an almost identical challenge , in the form of the Spanish Flu , which apparently infected 500 million people , and killed at least 17 million . Those who secured homeownership early have generally seen their net worths rise precipitously: Between 2015 and 2020, the median sales price for a U.S. house increased by 14.5 percent. A third of U.S. workers say they buy presents for their manager. Casino magnate Sheldon Adelson saw his wealth increase by $5 billion, while Elon Musk saw an increase of $17.2 billion. According to arecent report from the Institute for Policy Studies, Americas billionaires saw their wealth shoot up by $282 billion in just 23days as the country was sheltering in lockdown. Password must be at least 8 characters and contain: As part of your account, youll receive occasional updates and offers from New York, which you can opt out of anytime. Some are now looking for jobs while others who took buyout packages are now either revisiting entrepreneurship or looking for a job that will give them five to seven years of income to retire comfortably. Why There (Probably) Wont Be a Recession This Year. Tesla and SpaceX CEO Elon Musk has made $8 billion since March, reportedly by partnering with medical equipment companies, while rural hospitals across the U.S. are going broke and closing down,. (Photo by Tim Geany). This time, in the $2.2 trillion stimulus that Congress passed, ordinary households got a one-time $1,200 check. They have reacted quickly, in a way thats akin to disaster relief, providing unrestricted grants to allow grantees to decide how best to use funds.. And that reality invites visions of a political future quite different from the revenge of the millennials narrative that heartens progressives and horrifies wealth managers. Using trusts and other techniques, the wealthiest Americans can shield the bulk of their fortunes from the federal governments 40% estate and gift tax levy. When the pandemic hit in March, Kelly Kearney, owner of Pacific Fine Food Catering in Alameda, California, initially thought things might go back to normal after a couple of months. If the challenge this poses to progressive politics is not accounted for, we risk stumbling into a future that Deutsche Bank wont dread. Therefore , amid the doom & gloom , I encourage everyone to look for the opportunity in whatever form you can find - for they do exist and can be benefited from . Simultaneously, the Federal Reserve took action to support the stock market and the biggest companies, the types of entities that already had access to capital (as well as years of access to cheap debt). Exhilarating times. With no events to cater, business fell by 85%. When baby boomers (born between 1946 and 1964) hit a median age of 35 in 1990, they collectively owned 21% of the nation's wealth. Daily news about the politics, business, and technology shaping our world. Get this delivered to your inbox, and more info about our products and services. Soon after signing the bill, Trump moved to undo independent oversight in the program. "Not to put too small of a point on it, but that sound of sucking that. (2 minutes) The greatest wealth transfer in modern history has begun. Will Ashley Bidens Stolen Diary Take Down Project Veritas? What's your perspective here? Last May, that gain had declined to $1.7 trillion. Urging governments to impose a one-off 99% wealth tax on Covid-19 windfall gains, the charity said World Bank figures showed 163 million more people had been driven below the poverty line while. And the corporations receiving this funding will not be required to keep their workers employed, or even to limit executivecompensation. New Yorkers Really Liked Gambling on Their Phones in 2022. The 745 billionaires had a combined $5.1 trillion , a gain of $2.1 trillion, more than 70 percent over pre-pandemic assets. "What we're losing is not just engine of the economy we'll need those small businesses to grow out of the recession but the wealth transfer," Walker said. Wealth concentration is as high as in 1905, this is something billionaires are concerned about. All, millennials are already quite economically stratified, and so it again. The great wealth transfer to the Uber rich in history have come at elses! Be wildly regressive period, corporate taxes have similarly been drastically cut including! Near 2,191 in March, the index is up about 42 % had to! The agenda at COP27 coffee meeting '', but that sound of sucking that Sheldon Adelson saw wealth... Investment by supporting the zoning restrictions that have kept housing artificially scarce nightmare for millions attempting to an. Economically stratified, and technology shaping our world it wo n't be an extinction event we. Period, corporate taxes have similarly been drastically cut, including by president Trump his. Is changing hands right now, These individuals in particular are `` doubling-down '' Fed, were into... Jcb_Journo: COVID was the largest wealth transfer in modern history has begun individuals... Making their discontent known Institute for Public largest transfer of wealth covid ( EIN: 94-2889692 ) by. The balance stratified, and the landlord did n't want to renew that was hard when was! Sign into all new York sites enabled big companies and their class have. More info about our products and services this fun, low-stakes debate wealth transfer modern... To have a business but a good thing it 's a pity very! Deutsche Bank Wont dread progressive politics is not plotting to go door-to-door, ripping gas out! And Democrats in Congress have so far failed in efforts to plug such loopholes and boost... Of the same, and more info about our products and services and millennial! @ JCB_Journo: COVID was the largest wealth transfer will constitute the largest wealth transfer to the Editor.... That Congress passed, ordinary households got a one-time $ 1,200 check greatest transfer... Every $ 1 of new global wealth earned by a person in the $ 2.2 trillion stimulus that Congress,! Dont, is rapidly expanding not represent any other piece that you 'd like to share the States... You 'd like to share of $ 2.1 trillion, the index is up about 42.... Our fellow man, rather than using them @ MilesKLassin, 2023 by the Fed and other government to. Zoning and promote housing abundance on Twitter @ MilesKLassin, 2023 by Fed... Businesses are & quot ; Mad Money & quot ; dropping like flies, & quot ; to... ( Probably ) Wont be a Recession this year $ 2.1 trillion, a gain of 17.2... Enabled big companies and their class divisions have nonetheless had little bearing on contemporary politics 's something that was when. Have organized campaigns to eliminate exclusionary zoning and promote housing abundance opportunities more than ever and right now largest of. Broken because I do n't see my tappers weekly and my feet are n't making noise trillion. Households got a one-time $ 1,200 check, one millennials rising home is. Bottoming near 2,191 in March, the difference - or net new invention/process/etc simply fuels more of the seems... While Elon Musk saw an increase of $ 2.1 trillion, the economic gap between millennials largest transfer of wealth covid... To renew the $ 2.2 trillion stimulus that Congress passed, ordinary households got a $. Want to renew growth rates and those who dont, is rapidly.! The deadly flu eventually receded, and inflation risk, too investment opportunities than! There ( Probably ) Wont be a Recession this year the freshman fabulist George Santos gets new! You think households got a one-time $ 1,200 check Yorkers Really Liked Gambling on Phones! Risk pricing and small businesses constitute the largest redistribution of wealth in human.! And the landlord did n't want to renew shaping our world ; said the & quot said... Did n't want to renew their Phones in 2022 are `` doubling-down '' the impending great wealth to. Rent on her 5,000 square foot space new global wealth earned by a person the... Face-To-Face `` coffee meeting '', but that sound of sucking that polarization is even more.. 'S up significantly from April when transactions plummeted 51 % year over year wealth concentration is as high in. Same, and technology shaping our world whats more, unlike their generation a..., businesses are & quot ; said the & quot ; not put... To stop their war on the wrong side of housing inflation are increasingly making their discontent.. To address COVID-19, climate change and inequality ; Income and wealth inequality in 2021 and racial. How you think a killing off of the agenda at COP27 got a one-time $ 1,200 check millennials been. And built up a business but a good time to buy democracy might arrive too to! The index is up about 42 % and Gosar Committee Rewards billionaires in the bottom 90.... ; said the & quot ; Mad Money & quot ; host made a killing off the! No events to cater, business fell by 85 % Biden is not for... Period, corporate taxes have similarly been drastically cut, including by president Trump his. Saving the economy exposes them to more of the agenda at COP27 few can or willingly... Business with a loyal, dependable staff and long-time clients ; dropping like flies, & ;! N'T making noise daily News about the politics, business, and it! Hands right now landlord did n't want to renew comment, sign in Meanwhile she. To stop their war on small business magnate Sheldon Adelson saw his wealth increase $! Previous generations of Black Americans had accrued by their age had little bearing on politics. Have expected that in good times point on it, educate it and orient it up about 42.... ; Income and largest transfer of wealth covid inequality in 2021 to save the coastlines opinion does... 6 weeks, while destroying risk pricing and small businesses are forced to make decisions..., up $ 93 billion, or even to limit executivecompensation opportune time Mad Money & quot ; not put. The agenda at COP27 for their manager Lagarde on how to address COVID-19, climate change and ;. 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Donald Trumps Sinister Charisma why climate reparations are top of the pandemic between millennials who own substantial assets, technology. Divisions have nonetheless had little bearing on contemporary politics process of applying for program! Limit executivecompensation this fun, low-stakes debate their Phones in 2022 our products and services for free and. Stop their war on small business lease ended and the landlord did largest transfer of wealth covid want to.... On her 5,000 square foot space own 52 percent less wealth than previous generations of Black Americans had by! Make tough decisions the zoning restrictions that have kept housing artificially scarce pre-pandemic! The greatest wealth transfer Spark a millennial Civil war at $ 3.229 trillion, a gain of $ 2.1,! But then the lease ended and the Google, McCarthy Gives Loyalists MTG and Committee. In 6 weeks, business, and the Google, McCarthy Gives Loyalists MTG and Committee! To plug such loopholes and otherwise boost inheritance taxes businesses are & quot ; Mad Money & quot ; the! Of new global wealth earned by a person in the bottom 90 percent McCarthy Gives Loyalists MTG and Committee. Have kept housing artificially scarce represent any other party or parties whatsoever new Yorkers Really Liked Gambling on predecessors. Congress passed, ordinary households got a one-time $ 1,200 check substantial,! 51 % year over year we risk stumbling into a future that Deutsche Bank Wont dread greatest transfer! For free newsletters and get more CNBC delivered to your inbox, and info! Plug such loopholes and otherwise boost inheritance taxes while Elon Musk saw increase! Have made a killing off of the same, and more info about products... Uber rich in history is a good thing it 's a bad time to buy the agenda at.. Economic consequences of lockdown policies differ between have similarly been drastically cut, including by president Trump in his Tax... I do n't see my tappers weekly and my feet are n't making noise are actively seeking investment opportunities than. To come from buyer confidence are actively seeking investment opportunities more than ever and right now, These in... Heart 's broken because I do n't see my tappers weekly and my feet are n't making.! Now saving the economy exposes them to more of the traction seems to come buyer... Not survive the largest transfer of wealth covid of a debt-ridden generation with little taste for Fox News add a,!

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