Yes. No doubt the economy took a hit at the start/height of the pandemic, but using that as a blanket statement to explain the linked article is unsubstantiated.
Edit:
Could also read the article.
The poorest 40% of households suffered an 8% drop in cash savings and the middle 40% (the U.S. middle class) also saw their bank deposits and other liquid assets topple. Only the wealthiest 20% of households are still enjoying the extra cash they stockpiled during the pandemic, with their savings about 8% above where they were in March 2020.
Given the American wealth distribution in 2023, just the top 10% of people hold 69% of wealth.
The article mentions the top 20% saw their savings increase.
I think it’s fair to extrapolate that America “as a whole” got richer (e.g. the economy is “doing better”), at the small cost of 80-90% of its inhabitants.
The pandemic has been a disaster for the average person, yet the wealthy used it as another opportunity to exploit them.
^(sidenote, “stockpiled” is a very apt descriptor…)
Yes. No doubt the economy took a hit at the start/height of the pandemic, but using that as a blanket statement to explain the linked article is unsubstantiated.
Edit:
Could also read the article.
Given the American wealth distribution in 2023, just the top 10% of people hold 69% of wealth.
The article mentions the top 20% saw their savings increase.
I think it’s fair to extrapolate that America “as a whole” got richer (e.g. the economy is “doing better”), at the small cost of 80-90% of its inhabitants.
The pandemic has been a disaster for the average person, yet the wealthy used it as another opportunity to exploit them.
^(sidenote, “stockpiled” is a very apt descriptor…)