https://www.washingtonpost.com/busi...-is-over-rich-working-class-is-far-recovered/ https://theweek.com/speedreads/9312...y-over-rich-wall-street-but-not-working-class Welcome to the "K-shaped" recovery. The U.S. stock market has recovered most of its sharp losses since the COVID-19 pandemic hit the U.S. economy in February, housing prices are reaching new highs, and "jobs are fully back for the highest wage earners," The Washington Post reports, citing an analysis of Labor Department data by Opportunity Insights. "But fewer than half the jobs lost this spring have returned for those making less than $20 an hour," the federal supplemental unemployment checks keeping the jobless afloat have run out with no deal on the horizon, small businesses are shutting down nationwide, and lower-income renters are facing a wave of evictions. "This has been a very clear K-shaped recovery," economist Peter Atwater at the College of William & Mary tells the Post. "The biggest and wealthiest have been on a clear path toward recovery. Meanwhile, for most small businesses and those worst off, things have only become worse. The contrast is piercing: One group feels better than ever while the other borders on hopelessness." Employment for those making $14 an hour or less is still 20 percent below pre-pandemic levels, Opportunity Insights found, and Labor Department data shows that Black workers have recovered only about 20 percent of the jobs they lost during COVID-19, versus 40 percent for white men and 45 percent for white women. Households with children have also been disproportionately hit by the recession, the Federal Reserve Bank of New York found, especially single parents, 23.2 percent of whom lost their jobs during the pandemic. President Trump has focused on the "tremendous" rebound on Wall Street. "We're in the middle of a pandemic and yet we're going to be hitting records," he told Fox Business on Thursday. The stock market recovery is driven mostly by Big Tech firms like Apple, Amazon, Microsoft, and Facebook, whose huge market values "carry the most weight in the S&P 500," The Associated Press notes. "The corner bars, the family restaurants, the hair salons, and other small businesses across the U.S. that are teetering or closing for good aren't listed on the stock market." In fact, former Trump economic adviser Gary Cohn tweeted, "the stock market continues to reflect big businesses increasing their market share during #COVID19. If a small business closes, a larger business fills the void. We need to contemplate what this means for Main Street USA going forward. Is this really the future we want?" Peter Weber wrbtrader
Maybe the US would be better off if all the big companies were failing and even more people were out of jobs then? Without Capitalism the US would be a piece of crap. I just see the thread starter as one who hates Trump. Like it is his fault the Chinese Virus is spreading all over the world and doing damage. Blame is lame.
It isn't about Trump or the virus. We've been on this path for some time. The virus was just an accelerant. Also I don't think its so much that they want the bigs to fail moreso it is preferred they don't run the world and have a moat the size of the Milky Way Galaxy.
Exactly...the virus exposed big time existing problems globally and within the USA. I'm a little lucky than most via the fact I call home three different countries...passports and citizenship. I can make the comparisons via that unique point of view. The USA response to coronavirus is embarrassing and scary. Just as scary is the economics... This dichotomy is evident in many facets of the economy, especially in employment. Jobs are fully back for the highest wage earners, but fewer than half the jobs lost this spring have returned for those making less than $20 an hour, according to a new labor data analysis by John Friedman, an economics professor at Brown University and co-director of Opportunity Insights. A true believer of capitalism will see problems with that type of dichotomy. wrbtrader
Where do you suggest those in the USA leave to? Before the dollar loses it's purchasing power and status of reserve currency, where do you suggest to start a new life outside USA?
I didn't suggest nor imply for anyone to leave the USA to immigrate to somewhere else especially in the middle of a Pandemic. Also, we won't see in our lifetime the dollar lose its purchasing power other than seeing the usual fluctuations in the currency. Yet, the currencies I have access to I did once see one of them on par with the US dollar. It was the Canadian dollar and the US dollar almost on par back in 2008 @ https://www.reuters.com/article/us-...llar-highest-since-2008-idUSTRE6351N920100406 It was the only time period that I could remember when I did not move currencies back n forth between the those two countries to take advantage of any differences in the currency rates. Recently, I have been hearing more stories about rich people leaving the USA during the Pandemic even when there was a travel ban and then going to other countries via the façade its a vacation when in reality they went on vacation and staying there until the dust settles in the USA sort'uv speak. Some of the popular vacation spots have low coronavirus numbers but be aware that some countries still have travel bans against people from the USA. https://www.worldometers.info/coronavirus/ wrbtrader
I don't think it's about whether they "hate" Trump or not. Also, sure, Trump cannot be blamed for the virus spreading all over the world. But that doesn't mean the way he handled and continues to handle things is right - he choses to believe and promote misinformation about scientific data, as a leader, and that is very damaging.
Trump is not perfect so he can't be right in everything. But he is definitely better than the Democrats who only want to close the country and tank the economy. The whole country will suffer if the economy collapse versus a few people suffer and the economy continues to prosper. It's a hard choice to make but as a leader he has to choose what's best for the nation.