America's two coronavirus realities

[Nevilledog]

https://www.axios.com/coronavirus-recession-stocks-housing-unemployment-1e26bba5-f800-4ff6-a615-7cfeb751ae81.html

The coronavirus-driven recession is creating two parallel economic realities and they are growing further apart by the day.

What's happening: Many people with financial assets and white-collar jobs have actually benefited from the economic downturn, while the rest of the country is doing its best to stay afloat.

Evidence of a "K-shaped recovery" — in which some Americans' fortunes rise while others fall — is already visible, Peter Atwater, an adjunct lecturer at William & Mary, tells Axios.

Wealthy and middle-class asset holders have retained or resumed their jobs. And the value of their assets, like stock portfolios and homes, has risen to all-time highs.

The average blue-collar worker or small business owner, and the half of the U.S. population not invested in the stock market, are witnessing unprecedented job losses and business closures.

As of Saturday, more than 20 million no longer will receive $600 a week in unemployment benefits.

*snip*

[uponit7771]

1. K&R, K shaped is VERY VERY accurate. Trump brags about passing a dementia test, we're fucked