The Great Devaluation by Baratta Adam;

Author:Baratta, Adam; [Baratta, Adam]
Language: eng
Format: epub
Publisher: John Wiley & Sons, Incorporated
Published: 2020-08-04T00:00:00+00:00

Figure 14.1

28 Trading Days Later (More or Less)

This disparity between the wealthy and poor has never been more obvious than it is today. The Federal Reserve's extreme actions due to the coronavirus crisis have put their policies front and center. From March 23 to the time of this writing on May 10, and as a result of the Federal Reserve stepping in with what amounts to over $3 trillion in emergency liquidity, the Dow Jones has risen 5800 points and increased a total of 31 percent. During this exact time frame, 33 million Americans filed for unemployment benefits, reaching levels greater than seen during the Great Depression.

The lowest-earning workers have been hit the hardest. According to Axios, the jobs that have suffered the greatest layoffs have come on the low-income side of the spectrum. The estimate is that 77 percent of all employees making less than $25,000 have been laid off due to coronavirus. On the flip side, Axios estimates that only 2.5 percent of all employees earning over $70,000 have lost their jobs. Guess which group owns stock? The coronavirus crisis has, at warp speed, directly exposed the issue of income inequality.

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