Are Billionaires Profiting Off Americans’ Pandemic Pain? No, Not Really

Another day, another highly misleading statistic credulously reported by click-seeking news media.

A recent “analysis” by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) looked at the Forbes net worth of America’s billionaires between March 18 and May 19 and found that the billionaires’ net worth grew by $434 billion. The study was widely reported by outlets on the left, right and center alike. There is just one problem: it’s nonsense.

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