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Billionaires boomed in Biden era as Fed became ‘engine of income inequality’ powered by COVID policies: expert
The nation’s wealthiest residents saw their billions grow even larger in the years following the COVID-19 pandemic due to policies from the Federal Reserve that have deepened the chasm of income inequality, economic experts report.
«If you look at the amount of federal regulation, the amount of federal taxes, if anything… the economy has gotten less friendly toward big business, and toward rich people,» economist Peter St. Onge told Fox News Digital in a May phone interview. «What’s actually been happening is that the Fed has been driving income inequality. And, I think for a long time, Republicans were sort of in denial – not just Republicans, but sort of free market types were in denial – and they didn’t want to talk about income equality.»
«I think they should absolutely talk about it, because what’s causing it is not free markets,» he said. «It’s something that I think everybody should oppose, which is government manipulation of the monetary system.»
St. Onge was reacting to data showing that billionaires’ share of the GDP increased from 14.1% in 2020 to 21.1% in 2025, as reported by Johns Hopkins University economic professor Steve Hanke.
JPMorgan Chase’s private bank estimated that the number of billionaires in the U.S. increased from 1,400 in 2021 to nearly 2,000 as of 2024, the Wall Street Journal reported in April.
DOGE SHOULD ‘DEFINITELY’ LOOK AT FEDERAL RESERVE COSTS, ELON MUSK SAYS
President Donald Trump, Federal Reserve Chairman Jerome Powell and former President Joe Biden (Getty Images)
The Federal Reserve is America’s central bank, which sets monetary policies and oversees banks. It acts independently, meaning it does not require approval from the president or Congress when enacting policies.
St. Onge explained to Fox News Digital that «debt is a rich man’s game» and that billionaires have benefited financially since the pandemic as the Fed worked to «manipulate interest rates» down below market value, which subsidized loans.
«During COVID, you could get a mortgage for, you know, three, three and a half percent, when inflation was running higher than that,» he explained. «You were literally being paid to borrow money, which is not a free market outcome.… So it makes loans cheap and the rich overwhelmingly borrow money.»
ELON MUSK WARNS FEDERAL RESERVE MAY FACE DOGE AUDIT
The average debt for the top 5% of Americans sits at about $600,000, he said, while the average debt for the vast majority of Americans is roughly $74,000.
«That’s about a nine times difference,» he said of the data. «So if you make loans too cheap, you are giving nine times more money to rich people.… If you make loans cheap, you’re functionally giving $9 to rich people for every $1 to give everybody else.»
Assets are even more skewed, he explained, with the top 5% of Americans holding $7.8 million in assets compared to the average American’s $62,000 – notching 130 times the difference between the two demographics, he said.
«The value of a stock or even a house are based on the future stream of income, and those are all discounted by the interest rate,» he said. «And so pretty close to mechanically, if you cut interest rates in half – long-term interest rates – you are doubling the value of stocks.»
The nation’s wealthiest residents saw their billions grow even larger in the years following the COVID-19 pandemic due to policies from the Federal Reserve that have deepened the chasm of income inequality, economic experts report. (Jason Reed/File Photo/Reuters)
St. Onge pointed to the American economy in the 1970s and the early 2000s, outlining that growth «took a big step down» in the 2000s while asset values, such as housing prices and the stock market, skyrocketed.
«The reason is because, since the 1970s, the Fed has very aggressively held rates low, and so this has caused all those assets to go up. So stocks have gone up, housing has gone up. And again, those are rich men’s games. Overwhelmingly, people who own stocks are rich. Housing is even more skewed.»
«So if you’ve got a nine times difference on loans between the bottom 50% and the top 5%, and then you’ve got 130 times on assets, then the Fed manipulating rates down – they’re not doing it to make rich people rich, hopefully – but that’s sort of the consequence of doing that,» he said. «Holding long-term interest rates low is to shower money on rich people and to shower it in proportion to which they’re rich, right? So the most extreme version of that is going to be billionaires.»
FEDERAL RESERVE HOLDS KEY INTEREST RATE STEADY AMID ECONOMIC UNCERTAINTY
Economist Steve Hanke discussed how the Federal Reserve has fanned the flame of income inequality through its policies at a conference earlier in 2025 at the Mises Institute, an economics-focused think tank based out of Alabama.
«In 2020, billionaires’ share of GDP was 14.1%. Now, it’s 21.1%. The Fed increased the money supply, asset prices went up, & guess who owns the assets? Billionaires. By ignoring the money supply, the Fed is an ENGINE OF INCOME INEQUALITY,» he posted to X in April of his findings.
The Federal Reserve acts independently, meaning it does not require approval from President Donald Trump or Congress when enacting policies. (Alex Brandon/The Associated Press)
«Take the Federal Reserve’s excessive money printing during the pandemic,» Hanke said in an interview published by the think tank in April. «The transmission mechanism of monetary policy roughly dictates that changes in the money supply are followed by changes in asset prices in 1–9 months’ time, changes in real economic activity in 6–18 months’ time, and finally changes in the price level in 12–24 months’ time.»
«Thanks to the Fed’s helicopter money drops beginning with COVID, the annual growth rate of the US broad money supply peaked at 18.1% per year in May 2021,» he added. «Lo and behold, the transmission mechanism followed – the S&P 500 reached a local maximum in December 2021 (6 months later), and inflation peaked at 9.1% per year in July 2022 (14 months later).»
US JOB GROWTH COOLED IN APRIL AMID ECONOMIC UNCERTAINTY
«During COVID, you could get a mortgage for, you know, three, three and a half percent, when inflation was running higher than that,» economist Peter St. Onge noted. (Chris Delmas/AFP via Getty Images)
The result, he said, was skyrocketing wealth inequality to the tune of billionaires increasing their share of the GDP by 7.6 percentage points in just four years.
St. Onge said the Fed’s policies have been political in nature, while remarking he would welcome «naive» Democrats who bang the proverbial campaign drum of income inequality to jump onto the «end the Fed bandwagon.»
«They have a naive argument where they look at rich people and they say, ‘Hey, this is so terrible. We live in this dog-eat-dog jungle of an economy,’» St. Onge said of Democrats who campaign on income inequality. «And that is inaccurate,» he added, citing Federal Reserve policies that have amplified income inequality.
On the opposite side of the political coin, Vice President JD Vance has railed against the Biden administration and «Wall Street barons» for policies he said have hurt the working class. During his acceptance speech after officially becoming the vice presidential nominee in July, Vance said an affordability crisis is strangling the working class, while touting that the Trump administration would end economic «catering to Wall Street.»
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«Wall Street barons crashed the economy and American builders went out of business,» Vance said from Milwaukee in summer 2024. «As tradesmen scrambled for jobs, houses stopped being built. The lack of good jobs, of course, led to stagnant wages. And then the Democrats flooded this country with millions of illegal aliens. So citizens had to compete – with people who shouldn’t even be here – for precious housing. Joe Biden’s inflation crisis, my friends, is really an affordability crisis.»
The Federal Reserve Board declined comment when approached by Fox Digital regarding St. Onge’s and Hanke’s remarks.
White House,Economic Policy,Economy,Federal Reserve
La realización de Morir en guerra ajena, el documental de TN sobre soldados argentinos que combaten en Ucrania contra Rusia, estuvo atravesada desde el inicio por una certeza: cubrir una guerra desde adentro implica asumir riesgos permanentes, incluso cuando se cumplen todos los protocolos.
Meses de preparación, diálogo con los entrevistados, gestiones con autoridades, pedidos de permisos y acreditaciones, consultas sobre hojas de ruta y planes de contingencia no alcanzan para garantizar seguridad plena en un conflicto activo, de alta intensidad y con un uso extendido de drones y misiles.
Leé también: Morir en guerra ajena: la historia de los argentinos que combaten en Ucrania
El equipo de TN viajó a Ucrania en septiembre del año pasado, cuando la invasión rusa a gran escala estaba próxima a cumplir cuatro años. Allí se encontraron con un país de contrastes marcados. Por un lado, la vida cotidiana en la capital y en las ciudades alejadas del frente, donde durante el día se mantiene una relativa normalidad que se interrumpe al caer la noche con el toque de queda y el sonido de las sirenas antiaéreas ante ataques con drones o misiles. Por el otro, la realidad del frente de batalla: pueblos arrasados, destruidos, sin civiles, donde la única presencia humana es la militar. Los nuevos soldados tienen cerca de un mes de entrenamiento antes de combatir en el frente de batalla. (Foto: Leandro Heredia / TN).
En esas zonas, incluso a 20 o 30 kilómetros de la llamada “línea cero” (la línea de combate), el riesgo es constante. “Uno está a tiro de recibir el impacto o la amenaza de drones”, relatan los propios militares, que instruyen a quienes llegan sobre protocolos básicos de supervivencia. Entre ellos, cómo evacuar ante la aparición de un dron: si un dron kamikaze se dirige a un vehículo, todos los ocupantes deben bajar y correr en direcciones distintas para reducir las probabilidades de impacto. El equipo de TN viajó a Ucrania en septiembre del año pasado, cuando la invasión rusa a gran escala estaba próxima a cumplir cuatro años. (Foto: TN/Leandro Heredia)
Se trata además de regiones totalmente minadas, donde la ocupación rusa y la posterior recuperación por parte de Ucrania dejaron un escenario devastado: casas destruidas, rutas inexistentes, puentes caídos, tendidos eléctricos rotos.
En ese contexto, la comunicación también se vuelve un problema de seguridad. Los celulares, en la mayoría de los casos, no funcionan, y mucho menos los de origen extranjero. Según explican en el terreno, drones rusos de vigilancia y monitoreo buscan captar señales para tareas de inteligencia y para dirigir ataques más precisos, además de identificar líneas internacionales, como las argentinas. Por ese motivo, los nuevos reclutados deben mantener los teléfonos apagados, retirar los chips con los que llegaron desde la Argentina y conectarse, si es necesario, a antenas Starlink o directamente adquirir equipos nuevos.
Leé también: Del conurbano a sobrevivir de milagro en Ucrania: la historia de uno de los argentinos que lucha en la guerra
La fragilidad de cualquier decisión quedó expuesta durante la propia grabación. El equipo de TN tenía previsto pasar una noche con nuevos soldados en una zona ubicada a unos 40 o 50 kilómetros de la línea de combate, en un campamento donde vivían cientos de militares recién llegados a Ucrania. Por cuestiones logísticas y por el riesgo de movilizarse hacia puntos que eran atacados de manera constante, se decidió adelantar un día la visita.
En ese campamento, las condiciones de vida reflejan la lógica de la guerra. Durante la noche, las casas y los espacios donde duermen los voluntarios están completamente tapiados para evitar que se filtre cualquier línea de luz hacia el exterior. No hay contacto con el mundo de afuera. No se puede orinar en los árboles, ante la falta de baños, porque la acumulación de orina puede ser detectada por drones con sensores infrarrojos que identifican el calor. La rutina se limita a armas, entrenamiento, fusiles AK-47 y la vida mínima de un campamento en el corazón del conflicto.
El documental muestra el día a día del batallón de los argentinos en Ucrania. (Foto: TN / Leandro Heredia).
Esa decisión de adelantar la grabación fue determinante. A la mañana siguiente, pocas horas después de que el equipo de TN se retirara del lugar, un dron de fabricación iraní impactó durante el proceso de formación. Murieron nueve colombianos. Un argentino perdió un ojo y estuvo a punto de perder una pierna. Otros dos argentinos quedaron internados en grave estado, con quemaduras y riesgo de amputaciones. Fue una demostración brutal de que en una guerra de estas características la seguridad absoluta no existe y lo que parece seguro en un instante puede dejar de serlo al siguiente.
El documental también expone el cambio que atraviesan los combatientes. Los nuevos soldados reclutados en la zona del frente no eran los mismos que el equipo había conocido en la Argentina, en la comodidad de sus casas o barrios, en Buenos Aires o en sus provincias de origen. Antes de viajar se sentían confiados, convencidos de estar preparados para enfrentar lo que imaginaban como una guerra. Pero en el frente, cuando se escucha el zumbido de los drones y se empuñan los fusiles de los que depende la supervivencia, los rostros cambian. Aparecen las dudas, aunque la convicción inicial persiste, al menos hasta que llega el ataque.
Leé también: María Corina Machado denunció el secuestro de un dirigente opositor que había sido liberado en Venezuela
Después del impacto del dron, muchos de los soldados con los que convivieron los periodistas advirtieron que no estaban preparados para esa situación extrema, para la sensación cotidiana de que la muerte acompaña cada movimiento. La rutina previa (levantarse ordenados, tomar mate, comer lo que ofrece el batallón, entrenar) quedó quebrada. La mayoría comenzó a pedir la baja, a reclamar que no tenían sus pasaportes y que no podían salir de Ucrania. Algunos lograron hacerlo; otros continuaron en servicio.
Morir en guerra ajena muestra así las dos caras de una misma realidad: la conciencia brutal que surge al ser testigo directo de la muerte y la inconsciencia previa con la que, a miles de kilómetros de distancia, desde el living de una casa, se planea ir a poner en juego la vida (o perderla) en un conflicto ajeno.
Ucrania, Rusia, Guerra Rusia Ucrania, todo noticias
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Beef prices are soaring — and economists warn Americans shouldn’t expect relief anytime soon, as the U.S. cattle herd shrinks to its smallest size in 75 years.
The massive decrease in cattle numbers has been caused by years of drought, soaring costs and an aging ranching workforce. Agricultural economists and ranchers alike say rebuilding herds will take years, meaning beef prices aren’t likely to ease anytime soon.
«The biggest thing has been drought,» said Eric Belasco, head of the agricultural economics department at Montana State University.
Years of dry weather have wiped out grasslands across the West and Plains, leaving ranchers without enough feed or water to sustain their herds. Many have been forced to sell cattle early, even the cows needed to produce the next generation of calves, making it difficult to rebuild America’s herds.
THE COST OF THIS GROCERY STAPLE IS NEARING RECORD HIGHS — AND AMERICANS CAN’T GET ENOUGH
Cattle look at a rancher who inspects them on a farm from a truck. (Jonne Roriz/Bloomberg/Getty Images)
Data from the Kansas City Federal Reserve found that with each incremental increase in drought severity, cattle-producing regions see about a 12% drop in hay production, a 5% rise in hay prices, a 1% reduction in herd size and a 4% decline in farm income.
That slow recovery isn’t just economic — it’s biological, according to Derrell Peel, a professor of agricultural economics at Oklahoma State University.
«The fact of the matter is there’s really nothing anybody can do to change this very quickly,» Peel said. «We’re in a tight supply situation that took several years to develop, and it’ll take several years to get out of it.»
Peel, who specializes in livestock marketing, said it takes roughly two years to bring cattle to market and several years to rebuild herds — leaving little room for short-term relief.
THE SINGLE CRUSHING PROBLEM AMERICAN CATTLE RANCHERS WISH TRUMP WOULD FIX INSTEAD
Ranchers and agricultural economists alike say rebuilding the cattle inventory will take years. (Ricky Carioti/The Washington Post/Getty Images)
And once herds shrink, the loss is hard to reverse.
That reality is unfolding deep in ranch country. Cole Bolton, owner of K&C Cattle Company, whose pastures stretch along the soft edge of the Texas Hill Country, said the cattle industry is still in the early stages of recovery.
«I think it’s going to take a while to fix this crisis that we’re in with the cattle shortage,» Bolton told Fox News Digital. «My message to consumers is simple: folks, be patient. We’ve got to build back our herds.»
About 1,000 miles away, Will Harris, a fourth-generation cattleman in Bluffton, Georgia, said the ripple effects of the shrinking cattle herd are now landing squarely on consumers.
«The American cattle herd is smaller than it has been since the 1950s and that contraction has pushed beef prices to historic highs. Demand is strong, but domestic supply simply isn’t meeting it and that gap is being felt most by consumers,» said Harris, owner of White Oak Pastures.
According to U.S. Department of Agriculture data, the average price of beef in grocery stores climbed from about $8.40 per pound in March to $10.10 per pound by December 2025, a roughly 20% increase.
IN TEXAS CATTLE COUNTRY, ONE RANCHER WELCOMES TRUMP’S FOCUS ON DECADES OF THIN MARGINS
Despite rising prices, Americans haven’t blinked. In 2025, shoppers spent more than $45 billion on beef, buying more than 6.2 billion pounds, according to data from Beef Research, a contractor for the National Cattlemen’s Beef Association.
Spending jumped about 12% from a year earlier, while the amount of beef sold rose more than 4% — a sign consumers aren’t just paying more, they’re buying more.
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The revelation comes as President Donald Trump temporarily expands beef imports from Argentina to blunt high grocery prices, while also laying out longer-term plans to bolster the U.S. cattle industry.
While imports could ease pressure at the grocery store in the short term, ranchers and economists alike say they are no substitutes for rebuilding the domestic cattle supply.
economy,trade,texas,food
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Israeli Prime Minister Benjamin Netanyahu will meet President Donald Trump at the White House on Wednesday in a visit expected to center on Iran, as Washington weighs diplomacy against the threat of military action and Israel pushes to shape the scope of negotiations.
Trump has signaled the Iranian file will dominate the agenda. In a phone interview with Axios, the president said Tehran «very much wants to reach a deal,» but warned, «Either we make a deal, or we’ll have to do something very tough — like last time.»
Netanyahu, speaking before departing Israel for Washington, said he intends to present Israel’s position. «I will present to the president our concept regarding the principles of the negotiations — the essential principles that are important not only to Israel but to anyone who wants peace and security in the Middle East,» he told reporters.
IRAN PUSHES FOR FRIDAY NUCLEAR TALKS IN OMAN AMID RISING TENSIONS WITH US FORCES: SOURCE
US President Donald Trump (R) greets Israeli Prime Minister Benjamin Netanyahu (L) upon arrival at Trump’s Mar-a-Lago residence in Palm Beach, Florida, on December 29, 2025. (Jim WATSON / AFP via Getty Images)
The meeting comes days after U.S. and Iranian officials resumed talks in Oman for the first time since last summer’s 12-day war, while the United States continues to maintain a significant military presence in the Gulf — a posture widely viewed as both deterrence and for holding leverage in negotiations with Tehran.
From the U.S. perspective, Iran is seen as a global security challenge rather than a regional one, according to Jacob Olidort, chief research officer and director of American security at the America First Policy Institute. «It’s an important historic time of potentially seismic proportions,» he told Fox News Digital.
«Iran is not so much a Middle East issue. It’s a global issue affecting U.S. interests around the world,» he added, calling the regime «probably the world’s oldest global terror network… [with] thousands of Americans killed through proxies.»
Olidort said the administration’s strategy appears to combine diplomacy with visible military pressure. «The president has been clear… should talks not be successful, the military option cannot be off the table,» he said. «Military assets in the region serve as part of the negotiation strategy with Iran.»
Iranians gather while blocking a street during a protest in Tehran, Iran on Jan. 9, 2026. (MAHSA / Middle East Images / AFP via Getty Images)
ISRAELI UN AMBASSADOR SENDS STARK WARNING TO IRAN AMID GROWING UNREST
For Israel, the main concern is not only Iran’s nuclear program but also its ballistic missile arsenal and regional network of armed groups.
Trump indicated to Axios that the United States shares at least part of that view, saying any agreement would need to address not only nuclear issues but also Iran’s ballistic missiles.
Israeli intelligence expert Sima Shein has warned that negotiations narrowly focused on nuclear restrictions could leave Israel exposed. «The visit signals a lack of confidence that American envoys, Witkoff and Kushner, alone can represent Israel’s interests in the best way. They were in Israel just a week ago — but Netanyahu wants to speak directly with Trump, so there is no ambiguity about Israel’s position,» she added.
Iran’s Supreme Leader Khamenei makes first public appearance in weeks with fresh U.S. threats. (Office of the Iranian Supreme Leader Credit/ASSOCIATED PRESS)
TRUMP SAYS IRAN CALLED ‘NUMEROUS’ TIMES TO MAKE DEAL AS CARRIER ENTERS MIDDLE EAST WATERS
Shein says Iran may be stalling diplomatically to see whether Washington limits talks to nuclear issues while avoiding missile constraints. Her analysis further suggests that a sanctions-relief agreement that leaves Iran’s broader capabilities intact could stabilize the regime at a moment of internal pressure while preserving its military leverage.
«An agreement now would effectively save the regime at a time when it has no real solutions to its internal problems. Lifting sanctions through a deal would give it breathing room and help stabilize it,» she said.
«If there is an agreement, the United States must demand the release of all detainees and insist on humanitarian measures, including medical support for those who have been severely injured. Washington would need to be directly involved in enforcing those provisions.»
IRAN DRAWS MISSILE RED LINE AS ANALYSTS WARN TEHRAN IS STALLING US TALKS
Troops from the Givati Brigade, under the command of the 162nd Division, are operating in the area of Jabaliya in the northern Gaza Strip as part of Operation «Gideon’s Chariots». (IDF Spokesman’s Unit)
Netanyahu said before leaving Israel that he and Trump would discuss «a series of topics,» including Gaza, where a U.S.-backed postwar framework and ceasefire implementation remain stalled.
According to Israeli reporting, Netanyahu plans to tell Trump that phase two of the Gaza peace plan «is not moving,» reflecting continued disputes over disarmament, governance and security arrangements.
The timing of Netanyahu’s visit may also allow him to avoid returning to Washington the following week for the inaugural session of the Board of Peace, Shein said, noting the initiative is controversial in Israel’s parliament.
Hamas terrorists stand in formation as Palestinians gather on a street to watch the handover of three Israeli hostages to a Red Cross team in Deir el-Balah, central Gaza, on Feb. 8, 2025. (Majdi Fathi/NurPhoto via Getty Images)
«Israel is deeply concerned about the presence of Turkey and Qatar on the board of peace and their malign influence on other members as well as on the Palestinian authority’s technocratic government,» Dan Diker, president of the Jerusalem Center for Security and Foreign Affairs, told Fox News Digital.
«Hamas’s control of Gaza has not weakened, while international commitments to disarm Hamas have appeared to weaken,» he added, «The longer the U.S. waits before taking action against the Iranian regime, the more compromised Israel is in its ability and determination to forcibly disarm Hamas, both of which require the sanction and the blessing of the new international structures on Gaza.»
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«The prime minister’s deep concern is the stalled state of affairs both against the Iranian regime and apparently in Gaza. Timing is critical on both fronts. And for Israel, the window seems to be closing,» Diker said.
donald trump,benjamin netanyahu,national security,iran,israel,hamas
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