skip to main content
skip to newscasts

Saturday, January 25, 2025

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Trump to tour California wildfire damage ahead of Pete Hegseth Senate vote; Ohio's political landscape, 15 years after Citizens United; MS gets $7M grant for supports to help crime victims heal; AL dean prioritizes bridge-building, empathy training for students.

view newscast page
play newscast audioPlay

Wisconsin voters will determine the future of a strict voter I.D. law, a federal judge pauses Trump's order to end birthright citizenship, and Democrats warn a disputed North Carolina Supreme Court race could set a chilling precedent.

view newscast page
play newscast audioPlay

Winter blues? Alaskans cure theirs at the Cordova Iceworm Festival, Trump's energy plans will impact rural folks, legislation in Virginia aims to ensure rural communities get adequate EV charging stations, and a retreat for BIPOC women earns rave reviews.

COVID-19: Billionaires' Wealth Skyrockets as WA Budget Crashes

play audio
Play

Wednesday, July 15, 2020   

SEATTLE -- During the pandemic, Washington's billionaires have made enough money to cover the state's 2021 budget shortfall -- with $85 billion to spare.

According to a new analysis, Washington's 12 billionaires added nearly $90 billion to their wealth between mid-March and mid-June -- the second-highest amount in the country, behind California. Meanwhile, the state predicts a $4.5 billion hole in next year's budget.

Frank Clemente, executive director of the group Americans for Tax Fairness, which co-wrote the report, said the shortfall means slashing budgets for education, housing, and food and nutrition programs.

"The inequities, the inequality that's happening in this era in America is astonishing, and it needs a remedy," he said.

The report was co-authored by the Economic Opportunity Institute and Health Care for America Now. Nationwide, it said, billionaires' wealth increased $584 billion between mid-March and mid-June. During this period, 1.3 million Washingtonians lost their jobs. Health Care for America Now executive director Margarida Jorge said that's bad news for their health insurance.

"We will expect that a lot of those people are going to lose their employer-sponsored coverage," she said. "Even people who are laid off, their job isn't permanently terminated; during the time that they're laid off, if they're going to retain their health care, they're going to have to pay the full cost of it."

Clemente said the CARES Act, passed in March to provide coronavirus relief, included a tax break for the country's millionaires. He said he wants the Senate to approve the HEROES Act, which would repeal that tax break.

"If we repeal that giveaway, we raise $250 billion. That's a quarter of a trillion dollars we would raise," he said. "That's money that could go directly into more services for folks at the community level, family level. It'd pay for extended unemployment benefits, things like that."

Clemente said he hopes Congress can pass the HEROES Act before its next recess begins on Aug. 7.

The analysis on growth in billionaires' wealth is online at opportunityinstitute.org, and the study on wealth growth vs. state budget shortfalls is at americansfortaxfairness.org.

Disclosure: Economic Opportunity Institute contributes to our fund for reporting on Budget Policy & Priorities, Early Childhood Education, Livable Wages/Working Families, Senior Issues. If you would like to help support news in the public interest, click here.


get more stories like this via email
more stories
No current offshore oil and gas drilling leases were affected by outgoing President Joe Biden's order to restrict new drilling, according to the U.S. Department of the Interior. (GuavaTrain/Wikimedia Commons)

play sound

Days before the end of his term, President Joe Biden announced sweeping protections for the nation's coastlines. President Donald Trump has vowed …


Social Issues

play sound

Women surveyed about why they stayed in an abusive relationship often said they did not have the money to leave. Now, a bill introduced in the New …

Health and Wellness

play sound

For crime survivors in Mississippi, the healing journey often begins with finding resources that can feel out of reach. A $7 million grant from the …


Schools implementing a "breakfast in class" policy saw chronic absenteeism go down by six points, according to No Kid Hungry. (Adobe Stock)

Social Issues

play sound

Free school lunch and breakfast may soon be the law in the Commonwealth. House Bill 1958 would require local school boards to participate in federal …

Environment

play sound

Extreme weather has hit Texas over the last few weeks bringing snow to many parts of the state. During cold weather, landlords are required to …

According to the state's energy secretary, Indiana is retiring power plants faster than replacing them, jeopardizing energy production and prompting her support for House Bill 1007. (Adobe stock)

Environment

play sound

Indiana lawmakers are advancing a plan to bring nuclear energy to the state. House Bill 1007 would establish a framework for investing in advanced …

play sound

By Jon Marcus, Brianna Atkinson, Molly Minta and Amy Morona for The Hechinger Report.Broadcast version by Nadia Ramlagan for West Virginia News …

Environment

play sound

Just like overindulging in salt is bad for your health, so too is the excessive use of road salt on the environment. Since 2020, PennDOT reported …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021