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>It looks like their wealth went up if you measure starting from March 2020 when there was a stock market collapse, sure, but poor people's wealth went up and t

>It looks like their wealth went up if you measure starting from March 2020 when there was a stock market collapse, sure, but poor people's wealth went up and their income has gone up significantly with pay raises since. Poor people don't have "wealth". Most lived paycheck to paycheck before the pandemic hit and they lost their jobs and were forced to stay home and take care of their children. The ones lucky enough to keep their jobs didn't have their salaries increase nearly as much as inflation, which massively eroded their ability to afford even food and other basic necessities. As cited above, the world's richest people doubled and tripled their net worth during this period. Millions of working people face eviction and homelessness, today, after the recent expiration of eviction moratoriums. Its simply a willful denial of reality to reject these easily checked facts.

astrange 5y ago
> Most lived paycheck to paycheck before the pandemic hit and they lost their jobs and were forced to stay home and take care of their children. Where they got more than $2400/mo in stimulus, and CTC continued until this year. It's certainly bad that expired, but there's time to renew it. > The ones lucky enough to keep their jobs didn't have their salaries increase nearly as much as inflation, which massively eroded their ability to afford even food and other basic necessities. No they didn't, poor people's pay raises were better than inflation. It's the middle class who are down - but that number is largely because consumption shifted from services to goods (since people stopped being able to travel/don't want to go to restaurants). If you decompose it, it still looks like the largest increases are transitory. > Millions of working people face eviction and homelessness, today, after the recent expiration of eviction moratoriums. They expired three times in the last 3 years. Each time there were news articles saying it would be a huge problem, and each time it wasn't (thankfully). That's because we managed it quietly at smaller scales. https://www.bloomberg.com/news/articles/2020-08-18/u-s-evictions-are-down-during-the-coronavirus-pandemic https://www.bloomberg.com/news/articles/2020-08-18/u-s-evict... https://www.penncapital-star.com/commentary/that-tidal-wave-of-evictions-hasnt-hit-yet-state-local-efforts-are-making-the-difference-report-friday-morning-coffee/ https://www.penncapital-star.com/commentary/that-tidal-wave-... Current numbers are up a bit, but not explosively so: https://evictionlab.org/eviction-tracking/ https://evictionlab.org/eviction-tracking/

astrange 5y ago

> Most lived paycheck to paycheck before the pandemic hit and they lost their jobs and were forced to stay home and take care of their children. Where they got more than $2400/mo in stimulus, and CTC continued until this year. It's certainly bad that expired, but there's time to renew it. > The ones lucky enough to keep their jobs didn't have their salaries increase nearly as much as inflation, which massively eroded their ability to afford even food and other basic necessities. No they didn't, poor people's pay raises were better than inflation. It's the middle class who are down - but that number is largely because consumption shifted from services to goods (since people stopped being able to travel/don't want to go to restaurants). If you decompose it, it still looks like the largest increases are transitory. > Millions of working people face eviction and homelessness, today, after the recent expiration of eviction moratoriums. They expired three times in the last 3 years. Each time there were news articles saying it would be a huge problem, and each time it wasn't (thankfully). That's because we managed it quietly at smaller scales. https://www.bloomberg.com/news/articles/2020-08-18/u-s-evictions-are-down-during-the-coronavirus-pandemic https://www.bloomberg.com/news/articles/2020-08-18/u-s-evict... https://www.penncapital-star.com/commentary/that-tidal-wave-of-evictions-hasnt-hit-yet-state-local-efforts-are-making-the-difference-report-friday-morning-coffee/ https://www.penncapital-star.com/commentary/that-tidal-wave-... Current numbers are up a bit, but not explosively so: https://evictionlab.org/eviction-tracking/ https://evictionlab.org/eviction-tracking/