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What Life Is Like for Millions of Americans Facing Financial Ruin Because of the Pandemic
Key Excerpts from Article on Website of Time Magazine


Time Magazine, May 7, 2020
Posted: May 25th, 2020
https://time.com/5833008/us-unemployment-coronavirus/

The growing gap between Americas rich and everyone else is hardly new. But the extra-ordinarily rapid economic collapse catalyzed by COVID-19 has made the chasm deeper and wider. Since mid-March, more than 30 million people have filed for unemployment. Meanwhile, after a steep but brief dip in March, the stock market rallied. The richest and most wellconnected are seeing their wealth reaccumulate, as if by magic, while middle- and workingclass families drown in debt that deepens with every passing week. The contrast isnt just between low-wage workers and billionaire bosses. Bills are mounting for small restaurants and retailers as their applications for the federal Paycheck Protection Program go unanswered. Small retailers closed to comply with socialdistancing orders while e-commerce sales, especially from the biggest online platforms, have spiked. Assistance is most readily available to those with lawyers and lobbyists on the payroll. Its not an exaggeration to say that inequality has the potential to undermine democratic society and threaten global stability. Only about 1 in 4 adults in lower-income households say they have enough money to cover expenses for three months in the case of an emergency. The majority of people laid off are workingclass and disproportionately women and people of color. One lost job or missed rent payment threatens to tip them into an economic abyss. More businesses will fail, creating more unemployment and further diminishing consumer demand. About 12.7 million Americans have likely lost employerprovided health insurance since the pandemic began. The richest are steadily climbing ever higher while workers without stable jobs, incomes or savings are sent plummeting downward.

Note: Note that the financial ruin is not caused by the virus, but by the severe lockdown policies being implemented. These policies have no scientific basis. Meanwhile in Sweden with no lockdown policies, no one is being arrested, the country has not spiraled out of control as predicted, and the economy is fairing well. Is it worth saving thousand of lives with these severe policies at the cost of hundreds of millions being plunged into poverty worldwide? For more along these lines, see concise summaries of deeply revealing news articles on the coronavirus from reliable major media sources.


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