Like in all crises, the rich will weather the current situation and the poor and middle class will suffer. That’s really the crux of it. Everything else is noise.
From many people (black folks especially) the economic fallout from this may top what we saw in 2008. The service sector (barbers, hair salons, spas, theme parks, etc.) will be decimated by the weeks of inactivity. Next will come mass layoffs as companies react to decreased demand.
Meanwhile, the rich will tap into their reserves and hunker down until this whole thing passes, while protecting themselves with fiscal and policy actions.
For everyone else, strap your seatbelt in. It’s going to be a bumpy ride.
From many people (black folks especially) the economic fallout from this may top what we saw in 2008. The service sector (barbers, hair salons, spas, theme parks, etc.) will be decimated by the weeks of inactivity. Next will come mass layoffs as companies react to decreased demand.
Meanwhile, the rich will tap into their reserves and hunker down until this whole thing passes, while protecting themselves with fiscal and policy actions.
For everyone else, strap your seatbelt in. It’s going to be a bumpy ride.