The Economics of COVID-19 and racial disparity

If income inequality is getting worse, then the economy cannot be getting better because more people are worse off. Of course, this only matters if one is concerned with the lived experiences of real people in the real economy. Perhaps the stock market is (was) getting better and the very rich continue to get richer, but the economy in which the vast majority of the U.S. population functions is not.

Any assertion that the economy was strong and will roar back to its pre-COVID levels is sheer fantasy. We will emerge into a “new normal.” Failing to prepare for it is irresponsible.

“This matters because research shows that living in high-inequality places is associated with poor health and diminished mobility up the socioeconomic ladder.”

Income inequality is clearly on the upswing in the United States, but this process is playing out unevenly across the different parts of the country.”

The data does not lie. Economic and social disparities and suffering will get much worse. The economy will never be the same.


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