In the three months since isolation measures were first imposed in a belated effort to slow the spread of Covid-19, the world’s largest economy has become a basket case. One quarter of small businesses and two-fifths of restaurants have closed. Some 1 in 4 American workers is out of a job. At least 40 million people have filed for unemployment. And while the virus has devastated almost every economy it’s touched, individual Americans entered the crisis in an especially vulnerable position. The planet’s wealthiest country is renowned for having one of the weakest social safety nets among developed nations. It is home to more than two-fifths of all millionaires but has the highest poverty rate and the widest wealth gap among its peers. Despite a booming stock market (increasingly disconnected from the reality of everyday people) and robust job growth (largely low-paying service jobs) in recent years, more than 38 million Americans scrape by. The causes of U.S. inequality are well known, but they have jumped to the fore now that the nation is transfixed by disease, recession and outrage.
– Josh Petri, Bloomberg