The Covid-19 recession is the strangest recession in living memory
For starters, it is the most unequal recession - like the virus, decimating some and untouching others.
For starters, it is the most unequal recession - like the virus, decimating some and untouching others.
It is also the most global, with practically all countries going down at the same time
The most unequal recession comes at a time when the world was already most unequal in living memory
Paradoxically, despite the most unequal recession coming at the most unequal time, the decline in spending in this recession is driven by the richest, who have been least impacted [because they can't spend on what they like to spend on]
Because those who are earning the most, are spending the least, we are seeing some of the largest $ increase in personal saving: The U.S. households saved an additional $1.56 trillion dollars
nytimes.com/2021/01/01/ups…
nytimes.com/2021/01/01/ups…
We have the biggest boom in bank accounts, while we have the longest lines at food banks
The economy is an ecosystem. It requires balance. We are not in balance.
The economy is an ecosystem. It requires balance. We are not in balance.
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