The Pandemic Recession Is Wildly Uneven

The Pandemic Recession Is Wildly Uneven

The rich are all right.

Stimulus talks remain in a months-long stall, but one segment of America seems to be doing just fine in the meantime: the wealthy.

Here are three things to know about the present condition of the pandemic-ravaged economy:

  1. This recession and recovery have been wildly uneven. As Annie Lowrey put it last month: “Normalcy for some, apocalypse for others.”
  2. Meanwhile, the pandemic has created a class of super-savers: namely, high earners who aren’t spending like they used to. “We’re just rife with cash and it has led to a decent amount of guilt,” one told Joe Pinsker over the summer.
  3. Now city and state governments fear taxing the wealthy. “They worry that rich families might simply leave, no longer bound to their offices or their children’s schools,” Annie reports. The solution, she argues, is for the federal government to pitch in.