Growing Disparity
A real concern with the fallout from the coronavirus is whether the disparity of wealth in our country will again increase significantly, just as it did following the Great Recession.
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With low interest rates and uncompetitive markets at the moment, it’s an opportunistic time for those with expendable sums of money to acquire even more financial assets for themselves while prices are low and to eventually cash in on these investments when the economy rebounds. A very many people aren’t in a position to do this, however, and almost surely these new acquisitions of the wealthy will be leveraged against the common citizen.
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And what about the people who, before the pandemic were already scraping to get by, now find themselves jobless and attempting to re-enter a soon-to-be severely competitive job market amongst others who lost their jobs too? And there’s the possibility for many jobs to be lost permanently to automation that may have been implemented by many companies who, forced to suspend their human workforce, discovered a cheaper and more efficient alternative in automation.
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This all may not prove to be the outcome of the pandemic one it’s over, but if it is, it will further devastate the majority of our country’s socioeconomic constituents.
Sophy Hollington
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