Short Lockdown Economic Update:
A revised look at who gets to work from home. Remember this the next time someone says "if only people would just listen"
A revised look at who gets to work from home. Remember this the next time someone says "if only people would just listen"
Total US salaries & wages have surpassed pre-pandemic levels, except there are now 9.5 million fewer people w jobs.
How is that possible? Simple: the rich got richer while the poor got poorer. This is the inverse of what most lockdown supporters profess to desire in society.
How is that possible? Simple: the rich got richer while the poor got poorer. This is the inverse of what most lockdown supporters profess to desire in society.
Those earning >$85k were never impacted by job losses. Those earning <$30k on the other hand nearly hit 40% unemployment in April and are still ~15%. For comparison, unemployment hit 10% in the financial crisis. Note the rate for this group tanked again during winter lockdowns.
Finally, below is the initial employment shock for various groups (light blue) vs. the remaining gaps (dark). A lot here, but note the impact in the 18-29 age. In addition to saddling this group with needless debt from locking up the healthy, we also destroyed their opportunities
Where in the above graph do you think politicians, public health officials, and the general public advocating lockdowns reside? Hint: its the only dark blue bar on the positive side of the ledger.
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