The Indicator from Planet Money - Inequities Of The Pandemic

The coronavirus has devastated the U.S. economy, but it hasn't affected everyone equally. Today on the show, four ways the pandemic has deepened inequality.

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Halen station Cardiff here. This is the indicator from Planet Money if you're not me and if you're not Stacy, then you probably don't sit around waiting for the release of economic survey by the Federal Reserve may be so weird card if I mean, I feel like there are certain things that are better unsaid like we we need to leave some mystery for people too late for that. But we we can't blame you. If you did not see the latest survey of consumer finances from the FED when it came out last month. This survey only comes out every 3 years and it is one of the best Snapchats we have of how much money people make across the u.s. In the latest version of the survey uses the data that was collected last year, which means it is like a snapshot of you know before times what the economy look like just before the pandemic and what the service shows might surprise you.

After years and actually after Decades of the US economy becoming more unequal it actually became slightly just slightly more equal between the years 2016 and 2019 the incomes of middle-class household actually Rising a little bit faster than the incomes of really rich households in those three years and then came the pandemic and what is the really noticeable effects of the pandemic economy has been that his made the country more unequal again. Not just more unequal between people with high incomes and people who don't have high income but also between men and women between people with college degrees and people without them and between families of color and white families here in the indicator. We have told a number of individual stories about these Trends throughout the months of the pandemic, but there is now just a lot more data available than there was in the pandemic earliest phases so we can just provide a new snapshot of where we

So that's what we're going to do on today's show. We're going to go through four of these inequities one by one and that is coming up right after a quick break.

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Should we go for inequities of the covid-19 mc4 stop growing racial and ethnic inequality according to a recent survey by Pew research throughout the pandemic Black and Hispanic families have struggled to make payments on their bills things like Health Care bills or mortgage payments more than white families one clear reason. Why is that Black and Hispanic adults have been more likely to lose their jobs than white adults, but another big reason is that white household had so much more wealth before the pandemic here are some staggering data points as of last year. The median black household had about $24,000 in total wealth and the median Hispanic household had just a bit more about $36,000. But the median White household had $189,000 in well, that's just a huge gap. Also white families are more likely to own shares in the stock market and to own their homes and since both the stop.

Market and home prices are actually higher now than they were before the pandemic wealth inequality has almost certainly got an even wider and this also means that white families just had more of an economic cushion going into the pandemic been more savings and more stuff. They could sell to help them get by when the economy started to go bad II inequity exacerbated by the pandemic is a pretty straightforward one people who make lower wages have been much more likely to lose their jobs because of the pandemic then people who get paid higher wages a big reason for this industry's de pelo average wages, which include jobs in restaurants and bars retail stores have themselves been more likely to have shutdowns or lose business than industries that pay higher wages like Finance or law. In fact people who work in these low-wage industries are roughly three times more likely to have lost a job since February and to still be out of work then people who work in High Ridge Industries, and that's friend also overlaps with the third inequity, which is about to Livermore.

For people with different educational backgrounds for adults with college degrees. Their total number of jobs is almost back to exactly where it was before the pandemic even started but there are still 12% fewer jobs for people with only High School degrees and 18% fewer jobs for people who did not graduate high school and there is another really incredible statistic that gets of the difference between people who have college degrees and people who don't and that is this it is the ability to work remotely way from the office. So 67% of college graduates who have jobs can do those jobs from home for high-school graduates only 25% can work from home which makes it hard for them to keep their jobs at a time of social distancing and business lockdowns forth an effort is widening gender inequality. There's more than two and a half million fewer women in the US Labor Force. Then there were before the pandemic and being out of Labor Force by the way means that you don't have a job and also,

You're not looking for a job possibly because you have other responsibilities like tending to a sick relative or watching the kids and women have been dropping out of labor force in much higher numbers than men since the pandemic started. The one explanation for these differences is that women are heavily concentrated in some of the industries that have had the highest losses things like teaching Food Service working in hotels. Another possible explanation is the pay gap between men and women women earn less money on average than men do and so in couples were both spouses work. It can end up making more economic sense for the woman to step out of the workforce. If someone has to stay home and care for the children or the home working mothers of young kids have been roughly three times more likely to lose their jobs than working fathers. By the way. We're going to have more on the topic of how women and mothers have been affected by the pandemic in a future indicator episode coming next week is treated different groups of people.

Unequally, we use a lot of research and Reporting by other organizations for this episode and we will post links to that work at NPR. Org / might in fact check by Sean Saldana edits indicator and the indicator is a production of NPR.

I'm Rodney Carmichael on this episode of louder than a riot did bias against rap lyrics seal. The fate of No Limits Mac fix. This guy shouldn't be incarcerated and I know that his music got them incarcerate, but they got the wrong guy listen now to the louder than a riot podcast from NPR music.
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