COVID-19 Exacerbated the Wealth Divide in the U.S.
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The Guardian Reports: Making billions v making ends meet: how the pandemic has split the US economy in two
While families across the country are struggling to make ends meet, the stock market is setting new records with soaring prices for tech companies. Overall, the total wealth of U.S. billionaires has increased by $685 billion since the middle of march; this is now a combined total of $3.65 trillion.
Yet, only 1 in 4 Americans can work from home and almost 30 million people in the U.S. are unemployed, which is about 20% of the workforce.
The recession has also further exposed the racial wealth gap. The job market ticked up again last month but 14.6% of black and 12.9% of Latinx adults were unemployed in July, versus 9.2% of white adults.
COVID-19 has only highlighted the inequalities that exist within the US. Even before the pandemic, not all Americans were able to afford rent or groceries.
We need to work to rebuild our economy and create a more equitable society.
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