Coronavirus recession ends for the rich but is far from over for lower-income communities
People wait in line at a food bank in Van Nuys, California, on April 9, 2020.
Mario Tama | Getty Images News | Getty Images
The economic crisis unleashed by the coronavirus pandemic may be over for some groups of Americans — primarily the wealthy and White — even as it lingers in other corners of the country.
No group was spared from the recession’s initial shock, which pushed unemployment to heights unseen since the Great Depression.
But the wealthy, White and higher-educated were the least likely to lose their jobs. And those among them who did have largely recovered.
Meanwhile, the stock market and real estate — assets disproportionately held by these cohorts — have boomed, further boosting their wealth. Financial stimulus also helped them boost savings more readily than others.
That remarkable recovery masks deep and continuing financial …continued .
[Source: CNBC News]