(I’m going to try to keep this list up-to-date and at the head of the discussion thread in order to keep interesting articles in one place).
How the pandemic has split the US economy in two
I like this quote from the article…
Once again coronavirus has shown that it is far more deadly for those suffering from pre-existing conditions. For the US body politic that pre-existing condition is inequality.
It provides context to the disappearing middle-class. Each economic crisis provides increasing opportunity for the wealthy to get wealthier at the expense of everyone else. Oftentimes, this is done via the capital markets. The money supply is increased and then funneled into select pockets while the rationalization that is given is, “trickle down economics”. Unfortunately, “trickle down” is an apt turn of phrase when the bailout pointed at the top of the pyramid is a firehose. This is incredibly short-sighted given that the US economy is driven by consumers (70% of economic growth).
It is worth noticing how polarization is increasing during these crises instead of the population coming together. Makes me wonder if we will need another War or something similar to become “the great equalizer”? That was once the hope of public education but like so many other things in life it has become a two-tiered economy - one inside a walled garden and the other victim to the elements.