Anti-poverty group Oxfam recently reported that the equivalent of 255 million full-time jobs were lost due to the coronavirus pandemic. Yet some wealthy individuals are still making BILLIONS and not facing any fallout the way the rest of us are. What’s going on?!
As the number of jobless, homeless, and hungry people swells, America’s richest are profiting off of market rebounds, the privilege to work white-collar jobs from the comfort of their homes, and Federal Reserve emergency measures that slashed interest rates – making it possible to refinance lines of credit for next to nothing! How is this fair?
It’s not. What’s worse is how extreme income inequality is hurting Black folks, especially women, the hardest.
"Women and marginalized racial and ethnic groups are bearing the brunt of this crisis. They are more likely to be pushed into poverty, more likely to go hungry, and more likely to be excluded from healthcare," Gabriela Bucher, executive director of Oxfam International, said in a statement.
What is necessary to solve this problem?
According to Oxfam, a multi-trillion-dollar economic recovery plan is the only way to make up for the losses. Looks like we still have much to demand from our elected officials! We might also think about whether an alternative economic system might be a better option than one that keeps producing these kinds of outcomes.