Natalia Marques responds to a property developer's recent call for more "pain" in the U.S. economy by highlighting what happened after pandemic-era aid ended.
By Natalia Marques
Peoples Dispatch
Millionaire real estate company head Tim Gurner went viral (not for the first time) for his ba
What middle class? That isn’t a thing here in the US anymore it seems 😅
Specifically I’m referring to people who had stock portfolios when the government pumped up stocks.
Everybody’s income went down relative to the massive inflation, and stock porfolio values grew massively. That balanced things out for people above the paycheck-to-paycheck level, and screwed everyone below that level.
Sorta like if we said “We’re gonna take $10 from everybody, but don’t worry every pair of testicles is eligible for a $20 subsidy! It all balances out!” It doesn’t balance out at all; that would be a massive transfer of wealth from women to men.
The Covid response was a massive transfer of wealth from the poor to the rich. Probably the largest in history. And it was a vast reduction in the size of the pie, as a result of huge damage to the economy from forced business closures.