Data analysis released by Harvard University, Brown University, and the Bill and Melinda Gates Foundation, illustrates how COVID-19 induced lockdowns ‘destroyed the middle class and benefited the rich.’
The reports include “Recession has Nearly Ended for High-Wage Workers, but Job Losses Persist for Low-Wage Workers” and “Low-Income Employment Down in Affluent Areas.” Figures from January of 2020, prior to government restrictions and heightened unemployment, were compared to figures from March of 2021.
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Employment of low-income workers, earning $27,000 or less, declined by 23.6 percent over that time period. Earners between $27,000 and $60,000, considered middle-wage, dropped 4.5 percent in employment. Meanwhile, high-income workers, earning over $60,000, experienced a 2.4 percent increase in employment.
The Foundation for Economic Education suggests, “Some critics argue that the pandemic, not government lockdowns, are the true source of this economic duress. While there’s no doubt the virus itself played some role, government lockdowns were undoubtedly the single biggest factor. … This is confirmed by data and studies showing as much. And don’t forget the fact that heavy lockdown states have consistently had much higher unemployment rates than states that took a more laissez-faire approach.”
ARTICLE: ANTOINETTE AHO
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: HARVARD LAW