1/8
The last recession ended 12 years ago. I covered that recession full-time & my takeaway was that if you went into it in good financial shape, you came out of it richer. But if you went into it stumbling financially, you emerged substantially worse. #velshi
The last recession ended 12 years ago. I covered that recession full-time & my takeaway was that if you went into it in good financial shape, you came out of it richer. But if you went into it stumbling financially, you emerged substantially worse. #velshi
2/8
In the years after the Great Recession, the American economic tide rose, but it didn't lift all boats. It lifted the yachts & submerged the dinghies. #velshi
In the years after the Great Recession, the American economic tide rose, but it didn't lift all boats. It lifted the yachts & submerged the dinghies. #velshi
3/8
Measured by the unemployment rate, GDP growth & average wages, America in between the recessions of 2008 & 2020 LOOKED great. But what so many missed was the growing wealth gap between the rich & everyone else. #velshi
Measured by the unemployment rate, GDP growth & average wages, America in between the recessions of 2008 & 2020 LOOKED great. But what so many missed was the growing wealth gap between the rich & everyone else. #velshi
4/8
The rate at which wealth inequality is increasing, globally, may be our single biggest economic problem. As with the coronavirus pandemic, wealth inequality is another scourge in which America leads the world. #velshi
The rate at which wealth inequality is increasing, globally, may be our single biggest economic problem. As with the coronavirus pandemic, wealth inequality is another scourge in which America leads the world. #velshi
5/8
In a recession, the person buying a house at a low interest rate is on the opposite side of the spectrum from the laid-off worker facing foreclosure. That second person has no income to pay their mortgage & their credit is shot. There's NO WAY for them to catch up. #velshi
In a recession, the person buying a house at a low interest rate is on the opposite side of the spectrum from the laid-off worker facing foreclosure. That second person has no income to pay their mortgage & their credit is shot. There's NO WAY for them to catch up. #velshi
6/8
For Americans who don’t own a home, rent is due this week & yet so many may not have the money to pay. One Wall Street firm predicts nearly 12 million eviction filings by October. #velshi
For Americans who don’t own a home, rent is due this week & yet so many may not have the money to pay. One Wall Street firm predicts nearly 12 million eviction filings by October. #velshi
7/8
Hopefully, we'll have a new economic relief bill soon. It's urgently needed. But we have to realize that these bills don't address the deeper issue of the inequality built into our economic system. #velshi
Hopefully, we'll have a new economic relief bill soon. It's urgently needed. But we have to realize that these bills don't address the deeper issue of the inequality built into our economic system. #velshi
8/8
We need to make sure jobs pay a living wage & that we work to close the wealth gap. Pre-covid, America LOOKED like a thriving country with a strong economy, but we were measuring it wrong. Our nation's prosperity should be defined by how we serve the least among us. #velshi
We need to make sure jobs pay a living wage & that we work to close the wealth gap. Pre-covid, America LOOKED like a thriving country with a strong economy, but we were measuring it wrong. Our nation's prosperity should be defined by how we serve the least among us. #velshi
